OBJECTION - agency


CONFIRMING MUTUALLY AGREED POSITIONS
Communication between the agent, buyer and seller is the key to confirming mutually agreed positions. When mutually agreed positions have been confirmed then the sale can be closed. To reach these positions the agent acts as a catalyst and mediator between both parties. This is done by addressing both seller’s and buyers’ objections.


SELLER’S OBJECTIONS
The agent’s role in confirming mutually agreed positions starts in the negotiation phase of the sale process. During negotiation the agent tries to bring the buyer and seller “together” in intentions and requirements. The main objection that the seller may have is when there is a need to reduce the asking price or change the time for settlement.
If a proper and professional appraisal of the property has been completed (which is essential for a private treaty sale) there should be little problem in having the seller agree to a fall in the asking price to market value. Most sellers would understand this and the agent should have explained at the start of the sale process, that the asking price is just that and normally the final price is less than the asking price.
The problem of date of settlement is a matter up to the seller and should be conveyed to the buyer during negotiations. Of course the seller may make an offer on different terms and conditions. If this happens the agent must advise the seller of the offer and it is up to the seller whether or not to agree to the offer. The agent is a conduit between seller and buyer but a conduit that also conveys expert advice to both parties.
Almost all seller objections are overcome with good communication and liaison with the parties and transparency of actions and costs.


BUYER'S OBJECTIONS
The agent’s main concern and skill is required in overcoming buyers’ objections. These will include the location of the farm, size and potential land use. If the property is a hobby farm it will also include the state and quality of the house.
The agent should qualify the prospect further on each objection. This is because prospects themselves often do not know their true wants and motivations.


EXAMPLE
The prospect who is requesting a large farm my in fact not be capable of broadacre farming. However, their intended intensive land use may be perfectly suitable on a small farm.
Many objections can be overcome with further questioning and discussion. Therefore, it is well worthwhile for the agent to spend time on the initial qualification period as this will not only help you sell the property but may save you a great deal of wasted time later. This type of “preplanning” is more important for a rural agent than an urban agent.
The agent when dealing with buyers’ objections will find that detail is really not that important. During inspection and as the prospect has time to think about certain negative features they may come to the conclusion that these features are not that important or can be easily rectified. The agent can encourage this thinking by suggesting alternatives to the negative feature or expressing the opinion that it can be cheaply rectified.


EXAMPLE
The prospect on inspection is concerned about the poor state of repair of the yards. The agent can make the suggestion, “you know that more people now are using portable and mobile yards rather than putting up with the inconvenience of fixed yards”.


EXAMPLE
The prospect is concerned with the poor state of the internal fencing. The agent can say, “more people are using movable electric fences nowadays as it is cheap and a better method for managing stock”.
When a buyer pursues a negative feature of the property the agent can respond by emphasizing positive features.


EXAMPLES Agent: “There is a very good school bus service” or “the road is good and all weather. It doesn’t take that long in time really.” Agent: “This property doesn’t have a good machine shed but being $50 000 cheaper than the other one means you can build a new shed with what you save.” Agent: “During this dry spell you can bulldoze the dams out. I reckon you could double their capacity with a good clean out.”
It is human nature and understandable for a prospect to criticise the property particularly during inspection and this is one reason why the seller should not be there during inspection. The agent should see this as A natural part of the haggling and negotiation process. Often the prospect does not really believe the negatives that they are taking pains to point out! The experienced agent will learn to recognise the difference between real and unreal objections.
It is better to have a prospect pointing out negative features than one who remains silent. If the prospect remains silent then it is probably an indication of complete lack of interest in this property. It is also better to have a prospect pointing out faults than politely agreeing to everything the agent says. The agent in this case has no way of knowing what the prospect is thinking and is unable to offer remedies of positive comebacks to perceived faults in the property.
Remember the retail rule, “a complaining customer is a good customer” because they want your business, all you have to do is fix their complaint. It is difficult to close a sale without objections because without objections there is no communication.