Condo Artist: The Other Side of Real Estate

Overcoming Objections

June 22, 2021 Uri Vaknin Season 2 Episode 7
Condo Artist: The Other Side of Real Estate
Overcoming Objections
Show Notes Transcript

Objections raised by condo buyers can often be a challenge, but for the expert salesperson, they are a welcome sign of interest. It's all in how you handle them. In this episode of Condo Artist: The Other Side of Real Estate, condo sales and marketing experts Uri Vaknin, Shahn Douglas, and Mark Bunton discuss how objections, properly met, can result in a condominium sale. They explain the five stages of handling objections, give specific examples of how to address them, and reveal the four reasons why customers raise objections. After this episode, condominium specialists will feel more confident in handling objections and understand how to leverage them to sell a home.

This episode is brought to you by Juhl Las Vegas, loft-style condos located in the heart of vibrant, downtown Las Vegas. From the low $200s to  over $1M. Learn more at JuhlLV.com.

This episode is also brought to you by One Las Vegas, luxury high-rise condos featuring two and three bedroom plus den residences. From the mid $400s to over $1M. Learn more at theonelv.com.

Questions or comments? We'd love to hear from you! Contact us at CondoArtist@gmail.com.

Uri Vaknin  0:00  
Remember so when answering the objection, the answer to an objection should be at least one of the following things. It has to be feasible, plausible, practical, and it must be understandable and believable. You can't just make stuff up.

Welcome to another episode of Condo Artist: The Other Side of Real Estate. I'm your host, Uri Vaknin, a condo sales strategist who has developed and sold out 1000s of condos in Atlanta, Las Vegas, Florida, Detroit, Texas, Nashville, and all across the United States. Each week I along with my co hosts and colleagues Mark Bunton and Shahn Douglas will bring you the latest insights, best practices and sales techniques to sell out more condos faster no matter the market. At times, we will delve into architecture, design and urban planning, as they pertain to condos and condo living. I am an admitted podcast junkie. But in our search for podcasts about condos, we all realized that there really weren't any out there. Throughout the series, you will get to know more about me, Shahn and Mark and our 53 years of combined experience in the world of condos. One of the things that has become glaringly obvious to us is that most people, including real estate agents, buyers, architects, and even condo developers don't fully understand condos. This podcast will pull back the curtain on the world of condos. Welcome to another episode of condo artists, the other side of real estate. Today's episode is about the thing that drives most people crazy, both real estate professionals and buyers. And that is objections. So what do we know about objections? I know for you know, all of my fellow colleagues, for some reason, they freak out or hate when objections arise. Guess what? I love it. I love it when I hear it objection. Because I know that that means that the buyers really interested. And what do we mean by objections?

Mark Bunton  2:39  
Oh, there's so many of them. You know, the mic, you said that you know that this bedroom is too small. The HOA fees are too much. This is overpriced.

Uri Vaknin  2:51  
Exactly. And so, you know, we're actually going to make this a several episode, sort of like mini podcast in our podcast because objections are a really big deal. And in selling, you know, you've got the meet and greet to qualify, they're

Mark Bunton  3:08  
there. They're a hurdle to get over.

Uri Vaknin  3:10  
They're hurt to get over. But they're they're one of the five components of a sale, which are Meet and Greet, qualify, demonstrate, handle objections and close that six or that five 600 On

Mark Bunton  3:28  
one hand, so it must have been six

Uri Vaknin  3:30  
know me. qualify, demonstrate handle objection, close, it was fine. Okay, so but I think handling objections, obviously. I mean, obviously, they're all important, but they're the one that for some reason people have the hardest time with. So we really want to delve into this. Today we're going to be a little bit high level, but we're going to really get sort of granular about handling objections. So first of all, we have to realize that objections are natural and unexpected. And for me, a desire part of the buying process. Sometimes objections, they rise out of fear, or a lack of understanding. Sometimes, they're stupid, and then they're just said to be sad, you know, and it's just people want to be obnoxious. And buyers know this too, like when they're looking at real estate. You know, sometimes, if you've done your homework, and you've done your qualifying, and you understand the hot buttons, like if so if you ask someone specifically like, you know what's important to you in a kitchen and they'll say, Oh, well, we went quartz countertops, we want stainless steel appliances, we want undermount sink, we want a lot of storage, and then you take them to the kitchen and it has all of those things. And they say oh, but we want to cherry cabinets. Oh, I'm sorry, but when we in our discussion when asked you It was really important to you and your kitchen that never came up. And so it seems like that that, you know, you have to then like, put in a box, and maybe that's not. But we'll get into details about how to deal with that. So let's talk about objections properly met can result in the close of a sale? And what do we mean by properly met? There are several steps to when someone brings up an objection. So first of all, when they bring up an objection, you may listen with empathy. Listen with empathy, you feed it back to them. Number two, what do we mean by feed it back to them? Oh, so you want to cherry cabinet? Three, question the question. So it's my understanding that you want cherry cabinets. But when I when we discussed what was important to you in a kitchen that never came up, or cherry cabinets really important to you? Three, confirm and close. And then they may say something like, Well, you know, we prefer cherry cabinets. But you're right. The other things that we mentioned were the things that we really wanted. Oh, great. So now that the kitchen really has everything that you really want, you know, isn't this the perfect kitchen for you? So those are the five key things. Listen with empathy, feed it back. And when you feed it back, it makes them question themselves. It's really important to me question the question. Handle the objection. Confirm and close. So once you've confirmed it, remember, this is your opportunity to close. It may not be a big close, but it's a small close. You know we Yeah.

Shahn Douglas  7:00  
Well, you give me another example of handling the objection. Like how do you handle it? you question the question. I heard that but like handling the objection, what do you say? cherry cabinets?

Uri Vaknin  7:10  
I would say you know, and everything you said to me, you know, you said you've really wanted you know, quartz countertops. As you see this home with beautiful quartz countertops. You said you wanted a lot of storage. As you could see this kitchen has an amazing amount of storage. And actually you can see the cabinetry goes all the way to the ceiling. You said you went to stainless steel appliances. Aren't these Viking stainless steel appliances? It was your top of the line exactly what you want. Oh yes. Hey are you know and you said you wanted an undermount sink that was really important to you because you came from a place for check that attack you think that sat on top of the countertop? And then then you get them to realize that that wasn't really an objection that wasn't truly you know, in sure they may have preferred to cherry cabinets. But that wasn't truly the objection. Until you get them to kind of see that.

Shahn Douglas  8:04  
This podcast is sponsored by Juhl Las Vegas lifestyle condos located in the heart of vibrant downtown Las Vegas, featuring a variety of floor plans including flats, two storey Lofts, brownstones and penthouses as well as an amazing variety of amenities, such as full service concierge resort Pool and Spa, wine deck and Co Op working space. live the life you deserve. At jewel Las Vegas condos from the low to hundreds to 1 million. For more information, visit us at juhllv.com. that's spelled juhllv.com.

Uri Vaknin  8:56  
Remember, objections are good. They are very, very good. If you're not getting objections, guess what? They're not interested. Right? And part of the reason why people, you know, bring up objections is because they are interested. And guess what they're trying to do? justify the purchase, or the opposite. They're trying to talk themselves out of the purchase. So there are essentially only four reasons why customers raise objections and listen to these carefully. They want more information. You haven't given them enough information to they are afraid. What are they mostly afraid of?

Shahn Douglas  9:46  
making the wrong decision?

Uri Vaknin  9:48  
We're actually buying a home. Yeah, both things. But half the time or more than half the time. They're afraid of who's like oh my gosh, this is exactly what I wanted. Let me figure out negative things. Shawn used to do that with your boyfriend's you. So now you're married, so you don't have it. Or they're just blowing smoke. And you know, I've done this as a buyer, you know, I just want to hear what they spent here. How are you gonna respond to it? You know, it's like they're testing you. Or number four, it's a negotiation tactic. And this one's important to me. Because what they're trying to do in some way, is trying to devalue the home, not because they don't want it. But they're trying to show you that there are things that are wrong with the home. So it shouldn't be priced at the price that it is. And the one that we get, you know, a lot of the time marquees, he said one of them, what's a major objection that we often hear

Mark Bunton  10:56  
about the price price of the home?

Uri Vaknin  10:57  
price of the home, but HOA fees, you know, maybe HOA fees? Or one of the things, you know, an objection that, you know, so often I hear is Oh, but the second bedroom is so small. Oh, yes. I like to respond affirmatively. Oh, yes, it is, you know, as you said, in our discussion, the second bedroom wasn't really important to you, it was going to be either a guest bedroom for the few guests that come or you were going to use as a home office. And what was really important to you was having a really wonderful open concept, great room. And my dog agrees with that as well. Oh, and having a large master bedroom. And as you can, as you saw in this home, you know, you've got the large master bedroom, you've got the wonderful open concept, great room, and therefore the square footage is not wasted in the second bedroom. So you tried to take back, you know, their negotiation tactic. What they're trying to say to you is that since the second bedroom is so small, it shouldn't be priced this way, right. And so don't fall for that trap. And oftentimes, you know, we hear so many objections. And oftentimes homes do have objections. We know that, but it's our job to help buyers overcome those objections. So how do we overcome those objections? First of all, let's repeat this. We said, we hear the we hear the objection out. And we listen with empathy. We really listen to what they're saying. And we let them we want them to know that we'll listen to him because part of what is that also do that does it mop fees them? And I know we talked about mob fee all the time, make other people feel important. And it's important to do that, because people will buy from you if they feel valued by you. And as we've learned from the National Association of homebuilders, you know, year after year, when they've done their surveys of homebuyers, and they ask converts, why does it you know, the top reasons why they bought the home that they bought. And the number two reason is they liked the real estate agent. Fair. Remember that mop fee the buyer, listen to them, don't fluff it off. Most of the time, don't fluff it off. Sometimes you do it, feed it back. So you repeat the objection? almost word for word inquisitive fashion? Oh, you want to cherry cabinets? So, you know, in confirming the answer, you know, let's use an example, you know that we discussed mark, which was about, you know, the second parking space, you know, we have a building one Las Vegas where typically you get one covered parking space, and one uncovered parking space. In so many buildings, you only get one parking space and half the time they're not even covered. And in most, you know, resort markets, you really only get one parking space. And so we often hear the objection of people say, Oh, I only get one covered parking and the other not covered. And you know, Mark, what would you say to that?

Mark Bunton  14:04  
I would say that, um, I guess I would point out that, you know, the majority of high rises on the strip, like our property is, comes with one parking spot only. And to view the second parking space, even though it is outside, there's a bonus space there for you to use when you want to. And I think a lot of people are opposed to that outdoor parking space because it gets so hot here during the summer, you know, 110 115 degrees. And of course, that Sun's beating down on their cars. But in the big scheme of things. That's what three and a half, four months out of the year, and the rest it's nice,

Uri Vaknin  14:40  
right? So what you want to do is but you want to confirm the answer with them. Again, when we talked about you will get other buildings you were concerned because they only came with one parking space. Wouldn't you view this as being really wonderful positive that you actually get two parking spaces here at one Las Vegas Yes, one is outside, you don't want to shy away from the objection, you want to handle the objection. But more importantly, you know, you do have a covered, you know, parking space in the garage. Is that acceptable to you? And you really want to only ask that last part is that acceptable to you, when you know that they're really it is acceptable by their body language or so forth, or because you've done your homework, and you know that the other places that they looked at, only came with one parking space. And so this is actually the second parking space is more of a bonus parking space than anything. Anyway.

Shahn Douglas  15:39  
This podcast is sponsored by One Las Vegas, luxury high rise condos, featuring two and three bedroom plus den residences, starting from the low four hundreds, located on South Las Vegas Boulevard, just minutes from Allegiant Stadium, McCarran International Airport, and the famous Las Vegas Strip. Discover your own private Oasis with unparalleled amenities, including resort Pool and Spa, full service concierge to story, state of the art fitness center, tennis court, dog parks, plus much more, visit us online today at theonelv.com or call us at 702-405-9020. Call one Las Vegas home today.

Uri Vaknin  16:34  
So but so when you feel that you have answered this is really important. When you feel that you've answered the objection and you've handled it, move on with your presentation. A lot of people you know, both buyers, and you know, sales consultants get hung up on these objections. If you're a buyer, you want to know and you have objections, you have a right to the answer. If it's truly important to you. If you are the you know, the sales consultant, you want to be able to fully answer it, confirm that it's been answered, and then move on. And that will really you know, help you with your presentation. And you don't want to get stuck. You know what's interesting in talking about handling objections in today's market is the market right now is on fire. And interestingly enough, we haven't had to deal with as many objections as previously because people know that they have to buy now, you know, we've been so fortunate in the past several weeks, you know, the past month, we've actually, you know, written 15 contracts here in Las Vegas, until we have been a little kind of crazy busy. But nonetheless, you know, you still want to be able to handle objections because you can still, you know, our whole purpose of this podcast is to help you understand condominium sales, whether you're a buyer or a real estate agent. And if you're a buyer, we want to help you buy the best condo possible. If you're a real estate agent, we want to help you sell more than ever. And also one of the things that we're doing with our podcast is by changing up the format a bit, we are making them a bit shorter, more easily consumed. And to the point, and we'd love to hear back from you if you do like this new format at condo artists@gmail.com. Thank you for listening to another episode of our podcast. The Condo Artist: The Other Side of Real Estate