MASTERING THE INITIAL CLIENT CONSULTATION
When you’re in your initial consultation, let the seller do 90% of the talking. Ask suggestive and leading questions to get the answers you need. You need to get them to tell you whether the property is even an auction candidate. You are a professional consultant, do not try and talk them into an auction. Listen to what they need then offer the right service for that need.
SPIN SELLING
Suggested Reading “SPIN SELLING” by Neil Rackham
You might believe the fastest way from point A (your conversation) to point B (booking the auction) is to jump straight to the solution right? Nope. You need a complete view of your seller to understand their motivations and you need to put in time to listen so you can better qualify the auction and allocate your time with them moving forward.
This is where we introduce you to SPIN selling.
SPIN selling eliminates uncertainty and struggle in closing sales opportunities. It helps in dealing with challenging situations and shows you the path of creating healthy connections. It teaches you how to lead conversations with sellers. You transition through four different types of questions: Situation, Problem, Implication and Need/Payoff.
Before we get to the process of SPIN selling, there are some important facts and ground rules you should keep in mind:
- Salespeople trained in the “SPIN” model showed 17% improvement in sales results.
- SPIN is a blueprint not a bible. Do not use this as a checklist of questions, questions should flow naturally into a conversation. The time you spend on each letter of SPIN depends on where they are at, listen to them carefully. Pay attention and really listed to their words, tone and schedule. Reply with something meaningful to show that you’re digesting what they say. It could be validating their frustration, clarifying, or sharing a similar customer situation.
- Do your research. Asking questions you could have easily found the answers to before your meeting implies they’re not a priority of yours. Don’t make them uncomfortable with too many questions by doing your research before connecting.
- Keep an agenda. If they’re giving you valuable information, schedule a follow up meeting for the rest. If they’re off-track completely, reel them back in.
Provides the context you couldn’t get through research and helps you qualify them. Ask questions to gather facts about what’s currently going on in their world while having a meaningful conversation. Do not talk business yet, introduce yourself and ask them about themselves with sample questions like:
- Where are you from?
- What do you do for a living?
- How long have you lived here / owned the property?
- How did you acquire the property?
- Why are you considering selling?
- What is your experience with auctions?
- What is your time frame?
- What can you tell me about the property? … and? …and? …and?
- What are you looking for the sale?
- What are your timing and pricing expectations?
How It Works:
It works through pacing and leading. You set the pace of the conversation by starting where they’re currently at. Mirror their tone and language to gain a connection. Then you start to change your behavior and they follow. You’re asking questions and they stay in line with you to you guide them to. This leads them toward your ultimate solution that you will introduce.
Shows what’s top of mind for them, what they need the most. You will only be valuable if you can provide a solution. You must understand what is troubling them in order to provide that solution. The information you collect in this phase can help in stimulating interest in your solution. Your job in this phase is to be a subtle guide for them to point out their pain points on their own with questions like:
- Do you need to sell?
- How long has the property been for sale?
- Was the property previously advertised? Where? For How Long? With What Results?
- What are the monthly holding costs/maintenance fees?
- What are your plans after the sale?
- Do you have any flexibility in the sale price?
- Do you have the ability to sell absolute?
How It Works:
Asking questions helps them figure out their pain points on their own. You’re a stranger, people don’t trust strangers instinctively - but they do trust themselves. Instead of trying to convince them, this technique allows them to be their own agent of change.
Uncovers urgency to fix the problem. Using implication questions, you can explore the source and severity of their problem. By helping to unravel root of the problem and highlighting the impacts their problem will have, you will motivate them to take quick action with your solution.
- What will happen if you don’t sell?
- How long can you afford to hold the property?
- Is the property priced accordingly to its current condition?
Keep In Mind:
Asking a ridiculous question with an obvious answer can and will backfire. It’s counterproductive to ask patently manipulative questions because sellers will immediately put up their defenses and will be skeptical of your intentions – and intelligence. Instead, ask questions that demonstrate genuine curiosity, empathy, and a desire to understand
Determines general interest, lets you transition to your sales pitch. Need-payoff questions help your seller understand what they will gain by having an auction. Ask the seller to visualize what they will do once the property is sold. You don’t need to put in much effort here, the need-payoff questions automatically lead the seller to the end of the sale and give them a reason to see the benefits of an auction for themselves.
- What will you do after the sale?
- What impact would eliminating the holding costs have for you?
- If you could sell your property quickly, how would that help you achieve what you want to do after the sale?