I already have offers. Your fees are too high. I’m going to wait for the market.
Sound familiar? When you’re talking to a prospect and trying to establish a relationship, there are a number of common excuses you’ll hear for why they don’t need you.
The truth is that not every prospect needs what you’re offering--or more likely, you’re not demonstrating the value they need to see. Most objections are really nothing more than a request for more information, or a need to have greater confidence in you or your organization. When responding, don’t be afraid to ask direct questions and show off the expertise and value you’ve added in similar situations.
Here are some common objections and the follow-up questions you need to ask. While broken down into investment sales, landlord rep, and tenant rep, the lines of questioning can be adapted to similar situations.
Objection: I already have several offers.
- What was the property appraised at?
- Where have the offers come in at?
- It’s important to obtain several opinions of value. How many appraisals have you received?
- Were you given a list of comparables used to determine the value of their property? If not I can show you a few.
- What type of marketing did you use? I can show you our strategy and vast network.
Objection: We have in-house landlord services that takes care of that.
- We often work alongside internal teams, and have helped large and small companies in similar situations. Does your team know the value of their current tenants and spaces in achieving maximum cash flow?
- How has your team branded the property, and are they aware of its place in the local submarket?
- How does your team attract new tenants?
Objection: I can represent myself.
- How do you go about finding the spaces that meet your criteria?
- How are you informing yourself on the city codes and regulations that may affect your ability to operate your business?
- How do you ensure you are paying fair market rent?
- How have you handled right of first refusal, termination options and renewal options in past leases?
These questions can help continue the conversation, and even if you don’t land the deal, you’ve continued to build the relationship and will better understand your prospect the next time you’re positioned to win their business.