By
Audrey Sweeten, CRS

Closing is a process that begins at your first meeting with potential buyers and continues until purchase agreements are signed. And while prospecting, qualifying, previewing and showing are necessary earlier in the process, it's the final closing that makes it all worthwhile - for sellers, for buyers and for you.

Yet, many sales are lost because the buying signals sent out by the buyers are not picked up. Why not? Some sales people avoid recognizing them because they may be afraid of being too pushy, aggressive or assertive. Some may suffer from a fear of failure or rejection that stands in the way.

A big danger is that rejection can lead to frustration, anxiety and even hostility. As a sales person, you have to realize that potential buyers are rejecting some aspect of the proposed transaction, not you personally. You must remain objective and maintain a positive attitude. Direct the conversation to the property, asking who, what, when, where and why questions to ferret out the reasons for the rejection.

Analyze Your Performance

The remedy for these impediments to closing, as taught in the educational courses offered by the Council of Residential Specialists, lays in self analysis and even includes role playing with colleagues. Perform as objective an analysis as you can as to why you don't close as often as you think you should.

Learn to carefully monitor your potential buyers so that you know when they reach the state of acceptance. Consider direct approaches and techniques to ask for the order. Learn and practice closing techniques that seem to work best for you.

Of course, the easiest close comes when buyers immediately fall in love with a property and are ready to sign quickly. Most of them, however, need more or less time, and reassurance that they've found the home that's right for them. Buyer rejection usually is not outright, but the acceptance process is slowed down by objections that you must identify and overcome.

Consider Trial Close

Whenever and wherever prospects show buying signals, begin the close. Don't wait for a better time or place. And don't necessarily jump to an outright request for the order, which can scare some people off. Rather, ease into the final close with a trial close that will help determine the actual level of buyer interest. Ask questions that will reveal buyers' readiness to close.

Ask questions to identify specific items that you think they already have accepted as fulfilling some of their needs - such as: "If we can get this home, when would you need possession?" Or "How do you feel about the landscaping?" Or "What do you think of the house itself?" Or "Does the location fit in with what you wanted?" Find out what the buyers already like in terms of what they are seeking; reinforce that and then ferret out any objections that might stand in the way of the final close."

Head Off Frequent Objections

Buyers raise these three objections - most frequently - as the closing approaches. They are "We want to think it over" or "The price (or interest rate) is too high" or "I need to consult a friend first."

These three stumbling blocks come up often enough that you should always anticipate them and head them off early on. Ask, for example: "If we can find a home meeting all the requirements you have outlined for me, when would you be in a position to make a final decision?" As well, ask up front: "Is there anyone else who will be involved in making your decision?"

Find out in the beginning what potential buyers think they want to handle in terms of price, terms and payments. And if price becomes an issue later on, point out how few more dollars a month it would cost over the years if they increased their offering price to get the home they really want.

The "We want to think it over" response is most difficult to handle until you find out what it really is that makes buyers defer a decision. Ask outright if it might be price, terms, possession date or condition - whatever. And ask how they would feel if another, better offer comes in while they're still thinking it over.

Give them a little time alone in your office to frame their questions, even suggest that they write them down, so that you then can offer the answers promptly. Make sure that potential buyers fully understand that their offers can be accepted, rejected or countered with another offer to the seller.

Indeed, if you want to improve your closing performance, make sure your buyers are serious and find out what they really want on both practical and emotional levels. Find out who all the players are that will be involved in their decision-making process (parents, attorney, accountant, friend?). Encourage them to make offers that are likely to be accepted; reduce the difference between the asking and bidding price to the few cents a day it would cost them to get the home they really want. And gently remind them that they always run the risk of losing the home to a competing buyer who acts more quickly.