Real estate prospecting is all about rejection.
Rejection is as much a part of sales as cold-calling: even those who excel at real estate prospecting won’t win every client or close every deal. The key to remaining successful is overcoming the negative feelings that go along with rejection and getting back on the proverbial horse. But how?
- Expect rejection. It’s a part of the real estate prospecting, so expect it and don’t overthink it. One way to help cope with it is to calculate your sales ratio. For instance, you may determine you need to approach 20 prospective clients in order to get one to sign and set your expectations for how many ‘nos’ you are likely to get before reaching ‘yes. Realistic expectations can keep you from getting down on yourself.
- All rejections aren’t equal. There’s a difference between the cold call prospect who hangs up on you and the prospect who says the time isn’t right. Because someone turns you down once, doesn’t mean there’s no business to be had in the future. Put that prospect in your tickler file, stay in touch, and when they get ready to act, chances are you will get their business.
- Learn from the experience. Gain all the knowledge you can about why the deal didn’t work. Ask the customer or prospect why they chose not to work with you. Talk with other agents about times they’ve been unsuccessful. Turn rejections into opportunities to learn from experience and hone your skills.
- It’s not personal. It’s crucial that you not take sales rejection personally. When a prospect chooses not to work with you, many reasons can be at play: maybe their best friend is in real estate, maybe the timing isn’t right, or maybe you caught them in a bad mood. Whatever the reason, it’s not a reflection on you as a person. Shake it off and keep going.
- Focus on long term goals. One bad day or even a handful of rejections won’t torpedo your long-term mission. Make sure you’ve set long term goals and plans for yourself and stay focused on those, or to use a popular expression, keep your eyes on the prize.
- Focus on your successes. Every day brings small successes. Some professionals recommend you write down two or three accomplishments daily to keep you motivated and focused on positive action. Remember: if you never get rejected, you probably aren’t pushing outside your comfort zone.
Finally, acknowledge your emotions. Yes, rejection is an expected part of life and particularly in sales-oriented industries likes real estate, but it never feels good. It’s fine to acknowledge it, but don’t let it impact the rest of your day. See it for what it is, and carry on with your mission.