Increasing sales can be a big challenge in any industry. Therefore, some brokers use innovative sales techniques to achieve success and keep up with new consumption habits.
The buyer is increasingly demanding, and the old sales model is no longer suitable for closing a good deal in the real estate market.
One of these sales techniques is spin selling, internationally recognized for its efficiency in leveraging the most complex sales. How does this technique work? If you don’t know it and are looking for answers, follow this post and get the best tips to become a versatile broker, we at sky marketing islamabad are here to help!
What is the spin selling technique?
The technique was developed by Neil Rackham in the 1980s, after a series of researches that sought to know how to increase the effectiveness of more elaborate negotiations. Spin selling goes beyond the plastered model of open and closed questions between client and broker. And the sales team at Blue World City has been using this technique to sell as much as possible.
It is necessary to consider the changes in the buying and selling scenario. Developing and nurturing a good relationship with the customer is essential to offer the best shopping experience. Nowadays, it is necessary to add value, show the customer the advantages of closing the deal and the solutions that your product offers.
Spin selling appears to fill this gap, by customizing the offer. In other words, it is necessary to know the customer and understand their real needs, with the feeling for the process to be completely natural. A broker who “pushes” the sale without caring about the customer has no more space in the market.
The technique is based on 4 steps that are related. They are: situation, problem, implication and need compensation (in English, the names of the steps form the acronym SPIN). Let’s talk about each of them:
Situation(S)
The situation is a probing step. It is here that the broker can absorb the greatest amount of information about the client in order to understand their moment in life.
For example: in which neighborhood does he live? What motivates you to get out of there? How is his apartment? Does he look for ease of transport? How is the family routine? What are your leisure options?
This gathering of information helps the broker investigate the client’s financial and psychological situation—key points to understand before making an offer. Without this knowledge, the broker can offer properties that are out of reality and out of the client’s desires, which would be a great deal of wasted time.
Problem (P)
Problems can arise in any type of negotiation, so you must be careful so that surprises do not spoil or delay the process. Being prepared for problems avoids conflicts in your sale.
Some questions serve as an example: do you need a bigger apartment? Is current funding too high? Are you dissatisfied with the neighborhood? Is the location too far from the children’s work or school? Looking for a more or less commercial neighborhood? The answers serve as a guide for the broker to offer the ideal property.
Implication (I)
The implications are the consequences of the issues that were raised earlier. It is through them that the client becomes aware of the extent and inconvenience that the problems cause in his life — and, obviously, he has the desire to get rid of these setbacks.
The solution (that is, the choice of the property to be offered) starts to be thought out and developed from there, but it should not be presented yet. Concentrate a lot on this phase, as it will give you mastery of the situation.
Need Compensation (N)
Up to this point, the broker must not have shown any property, everything is in the survey phase — which must be done carefully so that the correct indication happens at the right time. That’s what will make the offer as personalized as possible, generating the feeling that the solution was really thought out and saved for him. The customer feels special and valued that way.
At this stage, it’s time to know what he’s really looking for: what is his dream property? What could satisfy all your needs? What does he think is important about an apartment: number of parking spaces, security, space for children, proximity to work or leisure areas?
None of the steps are magical solutions or need to be followed in that exact order. What the broker needs is to listen and ask questions carefully, so that the client feels welcomed and well attended, developing more confidence in the business.
Technical assistance for the success of brokers
The technique makes the client see the broker beyond a simple salesperson who is investigating his life with a bunch of questions. With the proper posture, the broker is seen as someone who is not just looking to reach a goal for the month, but someone who cares about the client’s well-being.
Also, when the negotiation is not cold and distant, the client is attracted by the levels of empathy provoked by the broker.
How to measure results
The technique can transform prospects into opportunities, but how to measure these results? A great way is with the help of customer satisfaction surveys. You can consult it in the after-sales service about the service, trying to find out if something displeased you and how you can correct the errors (if any).
This research can also be done through forms on your website or via email. Find out if the customer would recommend your services. The result can be measured using the NPS (Net Promoter Score) technique.
“From 0 to 10, what are the chances of you referring our company to your friends”. From 0 to 6 the client is considered a detractor, 7 or 8 he is neutral, and 9 or 10 he is a promoter. From there, it is possible to establish strategies to neutralize dissatisfied customers.
3 other sales techniques you can use to become a versatile broker
To help you sell with more quality, we’ve listed some extra tips to put into practice on a daily basis:
1. Don’t be pushy
There is a fine line between sticking with the sale and insisting on it. Trying to get the customer to accept your proposal even if it looks perfect to him will only make you a boring broker. This posture hardly works in making sales.
2. Be organized
Before closing the deal, avoid bureaucracy for the customer and get everything prepared. Copies of necessary documents, collection of signatures, verification of the legality of the property: everything can be facilitated by you. Taking the commission and letting the customer worry about the rest is not indicated.
3. Always be informed
The more you learn, the better professional you can be. Staying well informed is a competitive advantage. Read books in the field and watch movies and series about negotiations, as they can provide inspiring content.
With using the SPIN technique, the sales team at capital smart city Islamabad has been able to sell a number of plots. As we have seen, it is with excellent sales techniques such as spin selling that business can take off. These are the right questions that will lead you to success!
Take advantage and also get to know tips to become a real estate agent with a difference in the market!