Tips on How to Close a Deal

Closing is the last and final step in completing a real estate transaction. It is the last step in the sales process, the purchase, and financing of a property. During the closing, the ownership of the property is passed on from the seller to the buyer, the customer. There are places where the closing or the transfer of ownership is completed only when the deed, the title of the property, is handed over to the buyer.

So you want to sell your property and you know that it is a sales process that you have to go through. Even if you have a potential customer in mind, you are uncertain of achieving your goal, to close sales of it. You do not know any sales tactics nor how to make a sales pitch or sales closing techniques, and most of all, nothing about customer relationship management!

Then you decide to approach a real estate agent to do it for you because the agent is the expert and knows the ins and outs of the sales process. You don't need to look far. Barry Jenkins - Better Homes & Gardens Real Estate | Real Estate Agents in Virginia Beach, VA will guide you in every step of the sales cycle and ensure that you close the deal on your property.

The Closing Process

The closing transaction undergoes a process that involves different departments or specializations in the real estate industry. The official commencement of the process is the acceptance, and return of a signed purchase agreement. There is a negotiation phase wherein the closing date is set, usually after several weeks following the formal acceptance of the offer. The closing generally has the following participants - the seller, the buyer, the real estate agent, the lawyer (if required by the state), the mortgage lender, and the settlement agency, aka the title company.

State and regional laws can affect the closing process, which may be differentiated by the location of the property. Typically, the process goes through these major steps.

1. Order Opening. The real estate agent or the lender order the closing and the settlement agency informs the parties concerned that the closing is handled by them. The following are ordered, issued, and sent to the lender: Title Search, Title Commitment, Closing Protection Letter (CPL). The escrow is opened at this period.

2. Closing Prep. During this time, any issues concerning the title that have arisen during the title search are resolved. Before the closing, the settlement agency will produce the closing documents, a closing package that the buyer and seller will sign at the closing. Before this, the settlement agency ensures a match between the monies the lender and buyer expect to send into escrow with the total amount expected by the seller and real estate agent. This means the financial information is gathered and the order is balanced.

3. The Closing. On this date, the buyer and the seller sign the contract, and the seller may hand over to the buyer the keys to the property, aka delivering possession to the buyer.

4. Post-Closing. The signed documents are registered in the recording office, and at the same time, the Title Insurance is issued. The loan is capitalized on the funding date, the money is disbursed from escrow on the disbursement date. The business of the property sale is now complete.

Types of Closing Techniques

As in most things in life, there is more than one way of getting things done. Let's take a look from the real estate perspective. Real estate agents are, after all, sales professionals too.

1. Assumptive Close

Assumptive selling is a technique that is grounded on positive thinking. Most salespeople start out their business with optimism about their prospects, even before they close a sale. They study the prospect's mind (or the decision-maker, if the buyer is a couple), his/her interest, involvements, and objections, even unspoken or hidden objections during their meeting. Before ending the meeting, the agent clarifies if the buyer's expectations had been met. If not, these would be pain points that have to be handled.

2. Soft Close

In this closing type, the agent presents the prospect with all the beneficial features of the property, with no conditional requests made. A question of not-much influence (on the decision) like a lower cost from downsizing the kitchen which could allow the buyer to get a new appliance like an upgraded refrigerator would be posed for the buyer to consider. In contrast with the now-or-never closing because this question is posed with no urgency of response. The agent then has the door open to gain additional time to learn more about the prospect's business and family and any further concerns that could arise.

3. Now or Never Closing

This is the technique where the real estate agent's sales pitch is a short-time proposal. The potential customers, when met with this offer, need to decide immediately because of the expiration of the offer in a matter of 24 hours, a really limited-time offer.

4. Sharp Angle Close

In this type of closing, during your sales conversation, the customer might make a request and you agree---If you get a signed contract immediately. Possible questions could be you as the agent, covering the costs of closing, or a lowering of the property price. In this closing, the agent would respond so agreeably, "...if you sign the sales contract today. You okay with that?"

5. Question Close

In this technique, the agent poses a question. It could be their opinion on the potential house compared to their current house, something to make the buyer reflect on their interest in that house. Most prospects won't mind answering as long as the question makes sense. Asking the "right" questions will turn into a smooth transition to answering significant questions, handling objections, and giving solid answers that could get the buyer to sign on the dotted line.

6. Takeaway Close

This is a technique that's not expected by many buyers but many salespeople, after years of experience, do this quite effectively. It appeals to an aspect of human nature. People don't realize the value to them of something or someone until that something is out of their grasp. This technique is usually made when the customer seems overwhelmed by the price, despite seeming to like the product features. The agent would then offer the property at a discounted price - without one attractive feature. That will make the prospect rethink his/her hesitation and weigh the absence of that feature + discounted price versus the original price with all the features. That could clinch the business and hasten the closing of the sale.

7 Summary Close

This is an effective technique where, during the sales call, the agent presents the prospects with the property's benefits and values, or offers a package deal of, say, a fully furnished house. The point is to present in a summarized version everything the house has, that is unique from other properties, which as the agent, makes him/her the right person doing the selling presentation and could convince the customer to close the deal at the offered price.

Simple Steps to Close Real Estate Deals

Trust and Confidence in Yourself

This is the key because if you believe in yourself and in the sale you are about to make, it will happen. You already have the upper hand in the deal. This confidence must be consistent every step of the way in the process, from the first viewing up until the contract signing. Your confidence and enthusiasm about your deal will radiate to your prospective clients.

You may not like all your company's offerings, you don't feel good about this property, or the prospects are quite a bit to handle. But as long as you hold on to believing in yourself, you are in the right direction, you will be able to meet your set expectations. You'll learn to carefully choose a new solution and close that sale. Quick reminder, though - confidence, if stretched will come across as cocky and become a turn-off!

K.I.S.S. (Keep it Short and Simple)

Be direct, straightforward, and pleasant. Put a lid on unnecessary information and figures that are irrelevant to your prospect's decision-making. Only when the clients express interest should you give them more information, but still, only those facts and figures that will help them decide on closing the sale with you or not. Wait until they do.

Listen

If your clients have expressed disinterest in the current property, don't waste your time and push for a sale that's not coming through. Hear out your clients, listen to what they want and their conditions, and work hard to get that to offer to them.

Giving your clients what they asked for from the very beginning grants you their trust and respect because it indicates you listen and pay attention to them. Thus, there is more likelihood of closing sales with them.

Develop a positive relationship with your prospects, it is to your advantage in your current deal and will surely lead to more sales in the future because your current clients will refer you to their family and friends. It is crucial that you Listen!

Be Reliable

Be the one your clients can depend on to sort out any hesitation from your clients, that is only to be expected, people second-guess their decision when it comes to big amounts. Whatever concerns they may have, handle these, and talk them through. But if the concerns they raise are valid and impossible to change (like location), keep moving to the next deal. Present your clients with something that suits them better.

Do not be disheartened. Resolve the issues, encourage your clients and reassure them. You have to be honest in your encouragement, or you might have to deal with buyer's remorse. Feeling overwhelmed by the looming financial responsibilities is to be expected but that won't last long - if you can get them through it, one way is to remind them of why they liked the property, to reassure them they made the right choice with you.

Make Your Own Story

Do not use sales closing phrases that you find online! You are going to come out phony and cannot be trusted, mouthing someone else's lines. Your words must be your own, based on your personality, so speaking them would be just natural. When you speak naturally, your sincerity will come out and you will be credible to your prospects.

At the same time, preparing a set dialogue like a script is not going to be really helpful to you. Each client is different from the next. You would need to be quick and creative to adjust your lines with every client to effectively close your sale. You can't make and use one template for all.

Make a Carrot Deal

If you see or feel that your client's interest is not yet firm enough to make a decision yet, think of something so tempting to offer them. Think of an additional feature that you can put in the house, or in the deal that they will find so irresistible.

Even if you are working with another real estate agent, talk it out so the deal will be so appealing that the clients cannot think otherwise but sign the contract and close the sale!

Be Yourself

You cannot be anything but yourself. Coming across phony is not going to get you to close a deal, the current one, or go to the next deal. A phony cannot be trusted - that is among the first things your client must feel and get from you - someone they can rely on to help them get what they want, someone who will take their interests at heart.

Clients nowadays do not get a real estate agent, or even a broker, for their property needs because they know zilch about it. After all, technology has advanced so much that they know that any information can be available at their fingertips, the internet. So, theoretically, they would know, or at least have an idea of how the real estate market works. You and they are equals, in a way. You're just the expert. Just give them your pleasant, trustworthy self and close your deal.

Finally, Go Out and Sell

Collect and keep the information you get on your prospects and maintain contact with them, via email or calls. But contact them only when you already have something to offer, lest they think you're just drifting along. Plus, you must stick to the closing technique that you choose and use what that entails.

Your first house showing is usually not the sure be-all-end-all deal. That gives you time to figure out the approach to make these clients want to buy that property. Whatever objection or question your client raises, do not ignore these. Acknowledge their concerns and deal with these, and consequently gain their trust.

It could be difficult, especially in the beginning, but these simple tips have been acquired through the years and could help you meet success to make a sale in the property market. These could be applied even to other fields in the sales business. It's just that your customer could be overwhelmed by the larger sums involved in real estate. Reassure them with your personality, by being straightforward and trustworthy.

Closing deals and successful selling in real estate calls for a balance, it's a skill (even an art) that will take time for you to ace. Along the way, you'll make mistakes and lose sales, but with every deal you get experience. With acquired experience and advice from experts Mr. Jenkins, barry@yourfriendlyagent.net, you're sure to get there eventually!

Closing Phrases to Seal a Sales Deal

It is important that you close your deal in a meeting. Face-to-face is the best way to handle and deal with all possible objections and concerns. Even if you need to clarify technical details or a price that's available only from your office, handle the situation as far as you can in the meeting.

Let's move forward. I can have the contract here now. This closing is an implication of progress and drive. The unstated "the contract is ready right now" suggests that going forward is easy and smooth. You can soften this statement by making it a question, "shall we move forward?"

Would you like to get going with this solution? A straightforward question to find out their acceptance of your company's offer as you laid it out directly. It is straightforward and therefore, honest and authentic. Likewise, putting your offer (product/service) as a solution manifests your confidence in what you're offering, which confidence will translate into a deeper trust in you.

Is there any reason that you would not do business with our company if we gave you the product at this price? This is referred to as a reverse close. A "no" response is an indirect acceptance of the contract. A "yes," on the other hand, provides a chance for you to address concerns or objections and move forward in the process.

It seems like our offer is a great fit for your family. What do you think? A closing statement that ends with a question on their opinion puts you and the client into one team, working together. It also gives a positive context to the discussion, the client gets thinking of the advantages and benefits of your offer. A supporting or agreeing response can then be followed up with you taking out the contract or saying you will send it over immediately. Even if the prospect's response is ambiguous or expresses some objections, there is still the chance for you to handle these, the meeting does not have to end on a negative note for you.

You mentioned you would like to move in by this date, let's look at our calendars and set the timetable for when we can start. This is a closing you can use if the client has specified a particular date of moving, if the property needs some tweaking done in repairs or if it's a real fixer-upper. And that phrase demonstrates your awareness of time and momentum which is important. Your client will see it as you helping to make things happen quickly and thus appreciate you more.

Would you like my help? Your statement puts you across as a reliable trusted adviser instead of an aggressive sales-oriented guy. With that question, you are exhibiting more confidence in your offer.

Looking at your needs and requirements, I believe either of these solutions would work for you. Would you like to go with X or Y? This question presupposes that the client has chosen to go with your offer, just having to choose between two alternative options in it, which s/he will eventually say "yes" to.

If you don't have any more questions or concerns, I think we're ready to get started. This is a closing statement that takes out being pushy, giving your prospects a chance to ask questions although, around this time of the discussion, issues and concerns had been addressed and so your client will agree to move forward.

I'm aware you may have another meeting and are pressed for time so, shall we move to pricing and actual agreement? It puts you across as someone giving more time to their needs over yours. That will either prod them to sign the contract right then and there or at least, schedule it for the next meeting.

Thank them for a good (or bad) close. Always conclude the meeting with thanks. There will always be the possibility of future collaborations. It is impossible not to see someone again. Remember what you have is good and you are selling something great!