Win over objections: How hosting an objection-handling tournament can help you close more deals
Objections can be a stressful, albeit unavoidable, part of your job as a real estate agent. Whether you're working with a long-time client, a first-time home buyer, or a soon-to-be seller, there will always be hesitations you’ll have to work through. Buying or selling a home is a big life decision, so naturally, clients will have questions and concerns.
Objections can come from many sources, from the housing market to personal preferences. The truth is, there’s no way to anticipate every client's hesitation. However, you should know how to handle most common objections effectively and confidently.
So how can you become a more confident agent when faced with client objections? The key is to practice — and there’s no better way to prepare than an objection-handling tournament.
What’s an objection-handling tournament?
Stacey Wyatt, Founder and CEO of Stacey Wyatt Real Estate Group in Atlanta, GA, shared in a recent Homeward webinar why he prepares his agents for client objections through these rapid-fire sessions. “You shouldn’t practice on our clients,” he explains.
Stacey and his team host weekly practice sessions to ensure they can address client concerns. The market changes on a dime; these sessions ensure they have relevant answers when a client has concerns. It’s also, as he explains, a fun and engaging way to connect the team and help his agents gain confidence.
But overcoming client objections is more than just memorizing scripts or talking points. Your clients need to know you’re an expert. And that all comes with time and practice, which is why hosting a regular objection-handling tournament is so important.
Fired up and ready to host one of your own? Here’s how to do it.
How to host an objection-handling tournament
1. Find your participants
To start, you'll want to gather a group of real estate agents to participate in the tournament. You can do this by sourcing participants from your team or brokerage, social media groups, or contacting other network agents. The more agents that participate, the more diverse the objections will be, which will help everyone involved to learn and grow.
2. Write your objections
Next, you'll want to gather a list of common objections real estate agents encounter. These can include objections related to the housing market, such as "I'm waiting for the market to improve before I buy/sell," or objections related to personal preferences, such as "I don't like the layout of the house."
3. Create a bracket
Once you have your list of objections, you can create a bracket-style tournament where agents compete against each other to see who can handle objections the best. You can do this by randomly selecting objections for each round and giving each agent a set amount of time to respond. Judges can then score each response based on how effective it was in overcoming the objection.
The tournament can be a great way for agents to learn from each other and practice their objection-handling skills in a low-stakes environment. It can also be a fun way to build camaraderie and community among each other.
4. Review your answers
After the tournament, debrief with the participants and discuss what they learned from the experience. You can also use this as an opportunity to discuss any particularly challenging objections and brainstorm strategies for handling them in the future.
Become an objection-handling pro
Hosting an objection-handling tournament can be a fun and effective way for real estate agents to prepare for client objections. By practicing their objection-handling skills in a safe and supportive environment, agents can gain confidence and become better equipped to handle objections in the real world. So gather your fellow agents, create your brackets, and start practicing!
The content of this blog post was inspired by a recent Homeward webinar, “Objection Overruled: Creating Client Confidence.” If you’d like to watch a recording of the webinar and see a live objection tournament in action, click here.