Giving up too easily can be the downfall of many real estate agents (as well as individuals in other types of sales). No one likes rejection. Hearing “no,” “not yet,” and “not now” is never pleasant. But a “no” can sometimes turn into a “yes” and a “not now” can sometimes mean “later on.” Likewise, a prospect who seems a bit hesitant may just need more time, more information, or a little more encouragement.
According to Realty Times, approximately 92 percent of people in sales give up on a prospect after trying to seal the deal one to four times. Now, that statistic might not sound too worrisome. After all, four attempts does sound reasonable. The problem is, however, that some studies demonstrate that over 60 percent of sales are closed AFTER four attempts have been made. This means 60 percent of prospects say yes on attempt number five or so, but most salespeople just don’t hang around long enough to get to the desired answer.
Even more concerning is the fact that many in sales of all types, including real estate, never even get as far as hearing four “no’s.” Almost 45 percent of people in sales give up after hearing no just one time. This means they walk away and leave money on the table that might have been theirs had they been persistent. Another 22 percent of people in sales give up after being told no twice. Far fewer ever make a third attempt. Only about 14 percent make it that far before giving up. Finally, about 12 percent hit resistance four times before they consider it a done deal.
There’s an important lesson to be learned from the fact that 60 percent of prospects say yes AFTER four attempts. The most important is that sales goes hand and hand with rejection. You can’t expect to hear yes at every attempt, and you’ll miss out on sales if you let rejection get you down. Instead, consider why the prospect might have said no. Maybe it’s bad timing and he’s just not ready yet, maybe he needs additional details in order to make a sound decision, maybe he’s unsure about the terms. No matter what the reason, 60 percent of the time, hanging in there will pay off. By refusing to give up too soon, you can be right there when a prospect does decide he’s ready to say yes.
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