Real estate
Sales Assessment Results
63
Developing Closer
10 questions
Maximum score: 100
Completed in
Let's get real—you’re hovering just above average, and while that’s a start, it’s not where you want to be if you're serious about crushing it in sales. Your strongest techniques shine through in your ability to acknowledge concerns and present solutions, particularly in the responses that scored 8. You’re clearly capable of effective solution-focused and consultative selling. But let’s not sugarcoat it; there’s a consistent pattern of needing more curiosity and discovery in your conversations. You often miss the chance to dive deeper into your prospect's specific challenges, which is crucial for building rapport and trust.
To elevate your game, I suggest honing in on the Challenger Sale and Consultative Selling techniques. These will push you to not only challenge your prospects' thinking but also to engage them in a way that uncovers their unique needs.
Here’s your coaching moment: remember that sales is not just about closing; it’s about opening a dialogue. Asking the right questions can turn a mediocre response into a compelling conversation. So next time, instead of just addressing an objection, ask questions that pull out the deeper fears, desires, and goals of your prospects. You’ve got the foundation—now it’s time to build on it and aim for excellence.
Question Breakdown
1.
6
/ 10Question:
"How can we be sure this investment will yield the expected ROI given the current market volatility?"
Answer:
Nothing in real estate or the world for that matter is ever a guarantee, but it is a fact that real estate, in the long run, will continue to appreciate in value. We can generate as much of an accurate assessment of the investment by using comparable properties in the area to give you the best picture on the success this property will yield.
Feedback:
The response addresses the objection by acknowledging the uncertainty in real estate investments and emphasizing the long-term appreciation of property values. However, it could be improved by showing more empathy and understanding of the prospect's concerns about market volatility. Incorporating a closing technique, such as offering a follow-up meeting to discuss specific market data or analysis, could enhance the response. The mention of using comparable properties is a good start for exploring value, but delving deeper into potential risks and mitigation strategies would demonstrate a more solution-focused approach. Overall, it lacks a bit of curiosity and discovery regarding the prospect's specific concerns about ROI, which would help build rapport and trust.
Score: 6
2.
8
/ 10Question:
"We have ongoing projects that are already taxing our resources; how do you propose we allocate additional budget for this?"
Answer:
That’s a very valid concern, and this is what most investors operating at your level struggle with. There are a couple solutions that most investors of your caliber use to mitigate this issue, both involve saving you money on the backend through taxes. The first solution is using the cost segregation technique. This allows you to use the costs associated with the depreciation of the property by writing them off. Additionally, you can take advantage of the 1031 tax exchange where you can sell a property in your portfolio and avoid paying capture gains on it if you roll it into another property of similar or greater value. You may also use the BRRRR method where you can refinance a property you’re working on once you’ve built the equity and use the proceeds to put towards the next property.
Feedback:
The response effectively addresses the objection by acknowledging the concern about resource allocation, which demonstrates active listening. It presents multiple solutions that are tailored to the prospect's situation, showcasing a solution-focused approach. The mention of tax-saving techniques and financial strategies is particularly relevant in the real estate industry, which indicates an understanding of the client's needs. However, the response could have benefited from asking a follow-up question to further explore the prospect's specific challenges or budget constraints, fostering a more collaborative dialogue. Overall, it's a solid response, but it could improve in terms of curiosity and discovery.
3.
5
/ 10Question:
"What guarantees can you provide that your service will align with our compliance requirements over the next few years?"
Answer:
Great question! I can answer this by giving you a background of my experience. I have 5 years under my belt in this industry and in that time I have sold north of 100 properties and over $25M in volume. I have handled every type of sale between a $15,000 vacant lot to a $1M+ luxury vacation property. I also have personal experience with real estate investing myself. However, I will ultimately say that I am your one-stop-shop when it comes to anything real estate related. I am backed by the number one real estate team in the area and that comes with a multitude of benefits to you as the customer. My experience working with a wide variety of clients allows me to be flexible and tailor my approach with the type of agent you need me to be. So I will end with a question. What type of agent do you need me to be in order to provide you with the concierge service you’re looking for?
Feedback:
The response provided demonstrates some solid elements, particularly in showcasing the salesperson's experience and backing from a reputable team. However, it falls short in directly addressing the specific concern about compliance guarantees. The prospect is looking for assurances related to compliance requirements, which requires a more detailed response about how the salesperson intends to meet those requirements, perhaps through certifications, ongoing training, or partnerships with compliance experts. The transition to asking what type of agent the prospect needs is good for engagement, but it should come after addressing the compliance concern. Overall, while there is some strength in the experience shared, the lack of a direct solution to the objection results in a missed opportunity.
Score: 5/10.
4.
5
/ 10Question:
"I'm concerned about the potential disruption this might cause to our existing processes; can you elaborate on how your solution minimizes that?"
Answer:
This is a valid concern, but nothing that can’t be handled, I can assure you that. After addressing the root of the issue at hand, I will provide you with 3 options moving forward based upon risk levels. I will give you my personal opinion on how we should move forward, but I’ll leave it up to you to ultimately decide because you are the client and I’m here to work for you.
Feedback:
The response acknowledges the prospect's concern, which shows some level of active listening. However, it lacks depth in elaborating specifically on how the solution minimizes disruption, which is crucial for the prospect to feel reassured. The approach of providing three options based on risk levels is a good start, but the salesperson should have outlined how those options directly address the disruption concern. Additionally, while offering a personal opinion is nice, it may come off as somewhat presumptive without fully understanding the prospect's context. The tone is somewhat dismissive with 'nothing that can’t be handled' which could have been more empathetic. Overall, the communication could be clearer and more solution-focused, and it would benefit from demonstrating value by connecting the options to potential benefits. This response reflects some good intentions but lacks the necessary depth and clarity.
Score: 5/10
5.
7
/ 10Question:
"Given our existing relationship with another vendor, what advantages does your offering have that justifies a switch?"
Answer:
Great question, I was hoping you were going to ask that. Based on my assessment of your current vendor I can’t help to feel like there is too much being left on the table. Lining up my vendor’s track record to yours shows clearly that the same quality of work is getting done, however, my vendor’s margins are much more affordable which allows you to walk away with more money or gives more room to add more luxury finishes to the property making it more appealing to prospective buyers.
Feedback:
The response effectively addresses the objection by highlighting cost efficiency and potential for enhanced property value. However, it could benefit from a more personalized touch, possibly referencing specific aspects of the existing relationship or vendor performance to strengthen the argument. The tone is assertive, which is good, but it may come off as slightly dismissive of the current vendor—consider softening that approach to show respect for the existing relationship. There’s no clear closing technique employed, which could help in guiding the conversation towards a decision. Overall, it demonstrates a solid understanding of the customer’s needs but could use a bit more curiosity and rapport-building to engage the prospect further.
6.
8
/ 10Question:
"I need to understand how this purchase will be viewed by key stakeholders; can you help me articulate that value proposition?"
Answer:
Absolutely, and this is a great question. Your key shareholders are the driving force of your company and they should be given as much detail as possible when it comes to the direction the company is going. Quite simply put, this project is going to greatly drive revenue and add a massive increase to the overall valuation of the company on paper. This project has a ton of room for forced appreciation making it hard to fail, and I know the shareholders love to hear about risk mitigation. To further drive that point to them, this project also has multiple exit strategies in case things go south, ensuring a win for them at the end of the day. We can spin this in many ways depending on their views to taking risks in order to move the company forward. You tell me how you want to approach it and I’ll tell you exactly what they’ll want to hear coming from you!
Feedback:
The response effectively acknowledges the prospect's concern and provides a solid foundation for articulating the value proposition to stakeholders. The salesperson emphasizes the project's potential to drive revenue and increase company valuation, which is relevant to the stakeholders' interests. Additionally, mentioning risk mitigation and multiple exit strategies is a strong move, as it addresses potential concerns of the stakeholders directly. However, while the response is informative, it could benefit from asking more open-ended questions to better understand the specific interests and concerns of the stakeholders involved. This would enhance the curiosity and discovery aspects of the conversation. Overall, the tone is appropriate for the real estate industry, and the collaborative approach is present.
Score: 8/10
7.
8
/ 10Question:
"With the current economic climate, isn’t now a bad time to make a significant investment in real estate?"
Answer:
This is a major concern for most investors of your scale and I’m happy you asked me this. Where there can be arguments made for both sides of the coin, I personally believe that there is no such thing as a bad time to enter the market. There are always deals in any market in real estate, it just boils down to who is going to grab it. Additionally, in a historic sense, when most people are scared to make a move, that is the best time to capitalize because of the lack of competition. As we spoke about earlier, real estate is ever appreciating in the long term. So if you plan to hold this property over the next 10 years, there is very strong evidence that you can increase the value of this company by margins in the double digits. This will speak volumes to the key shareholders as well. But I also understand that some are more risk adverse than others so I’ll leave you with a question. How much risk are you willing to assume in order to drive the company above the competition?
Feedback:
The response effectively acknowledges the prospect's concern about the economic climate and positions the speaker as knowledgeable and confident. It uses a combination of a consultative approach and elements of the Challenger Sale by challenging the notion that now is a bad time to invest. However, while the speaker did a good job of discussing the potential for appreciation and lower competition, they could have further explored the prospect's specific situation with more tailored questions to understand their risk tolerance better. The closing question is a good touch, encouraging dialogue and engagement, but it could be more directly related to the prospect's specific goals or strategies. Overall, the communication is clear and maintains an appropriate tone for the real estate industry. A bit more curiosity and exploration of the prospect's unique needs would elevate the response further.
8.
4
/ 10Question:
"I worry about the long-term value of this purchase in terms of employee adoption; what support do you offer in that regard?"
Answer:
That is a great concern and good on you for taking your employee’s wellbeing this seriously. That’s exactly why your company is operating at the level it is. The best way I can answer this question is with a question of my own as I’m not on the ground with your employees as often as you are. What exactly are your employees looking for when it comes to the longevity of the company and how bought in are they to the core values of the company? Because if they are not completely behind the idea of the necessary actions this company has to take in order to drive it forward then it will be difficult to get them to agree with this purchase. However, if your employees are 100% bought into your vision to move forward, as I think most are, then they will accept your decision. Even if they don’t see it in the short term, they will certainly understand your decision in the long term. And on top of this, if certain employees cannot get behind this decision then the right employees will stay while the ones that aren’t completely behind the company will leave. At the end of the day though, you will have lost nothing and you’ll have made the culture even better with the only the strong employees being left.
Feedback:
The response begins positively, acknowledging the prospect's concern about employee adoption, which is a good start. However, it quickly shifts focus to questioning the prospect instead of addressing the concern directly. While the use of a question is aligned with a consultative approach, the responder fails to provide any concrete support or assurance regarding employee adoption, which is what the prospect is seeking. The answer lacks clarity and does not effectively outline what specific support or resources are available to ensure long-term value and employee buy-in. Additionally, the response could benefit from a more structured closing technique to reassure the prospect and guide them toward a positive decision. Overall, the response feels more like a philosophical discussion rather than a solution-focused conversation.
Score: 4/10.
9.
6
/ 10Question:
"What if the return on this investment is slower than anticipated; how can you alleviate those concerns?"
Answer:
I’m very happy you asked me this and I think this is a great concern you have. This really depends on your goals for the company. Can your company survive the overhead of this project if it doesn’t yield you the return we think it will? Will your shareholders accept it as well? One this I will say however, is that after the deep research that we have conducted, even if it takes longer to get the ROI we were looking for, we know for a fact that this deal will be a winner which will directly benefit the shareholders. Moving forward on this deal will guarantee the forward movement of this company both for revenue as well as increased market share. If I were a key shareholder, this would sound like a win to me even if it takes longer than anticipated.
Feedback:
The response effectively acknowledges the prospect's concern about the potential delay in ROI, which is a good start. However, it lacks a deeper exploration of the prospect's specific situation and doesn't ask probing questions to assess their unique circumstances. The questions posed seem more rhetorical than engaging, lacking a collaborative tone that could build rapport. While the assurance of a positive outcome is helpful, it could benefit from more specific examples or data to support the claims. The closing technique is somewhat implied but could be more direct in guiding the prospect toward a decision. Overall, the response could improve by focusing more on the prospect's needs and concerns while providing tailored solutions or reassurances.
10.
6
/ 10Question:
"We’ve had prior implementations that didn’t meet our expectations; how is your approach different from those experiences?"
Answer:
Great question. This would be my main concern if I were you too. As we discussed in those prior implementations, we agreed that those were going to be a bit riskier but with higher rewards. We knew the risks going in and the shareholders backed us completely. Unfortunately, they did not pan out the way we expected, but this is why we created the backup plans we have set in place. It’s my personal opinion that we go the route of risk aversion with guaranteed results, that way, next shareholder meeting, we can tell the shareholders that we hit the goal of the company right on the head. I just ask you, since the final decision falls on you, what is your vision moving forward? To me we have a couple options, as I said we can take the risk adverse approach with guaranteed results, or we can continue the higher risk approach with chances of higher rewards but run the risk of falling short again. What would you like to do?
Feedback:
The response effectively acknowledges the prospect's concern by empathizing with their past experiences, which is a solid approach. However, it leans too heavily on discussing risks without adequately showcasing how the current offering is different and more reliable. The mention of backup plans is a positive aspect, but it lacks specific details on how your solution is tailored to avoid past failures. The open question about the prospect's vision is good for fostering dialogue, but it could have been more impactful if you had directly connected their vision with the benefits of your approach. Overall, the communication could be clearer, and the solution-focused aspect could be stronger by detailing the unique value proposition.
Score: 6/10.