Objection Handling

Why not?

• Don't just take no for an answer - find out why it's not for them.

What have you heard about eXp?

What didn't you like about it?

Have you really looked at eXp and seen what our business model could do for your bottom line?

REMEMBER:  Positive Present >> Negative Present >> Negative Future >> Positive Future

That's great!  I'm happy for you, and maybe you should stay there.  But have you ever taken a real look at eXp's business model to see if this would benefit you?  I have to tell you...the benefits here are LIFE CHANGING.

I'm curious - what is it about your brokerage that you like so much?

Do a deep dive here:  Ask a lot of questions about this.  Keep asking "what else?"  

Then walk them through the cycle:  Positive Present >> Negative Present >> Negative Future >> Positive Future

• • • Positive Present:  they are happy at their current brokerage

    • Negative Present:  point out the negatives at their brokerage

      • • No cap on their commissions

        • Franchise fee

        • Overpaying for E&O

        • No stock or Revenue Share

        • No health insurance

        • etc.

    • Negative Future:  once you've showed them how much they are overpaying to their current brokerage, project those numbers out for 5 years to show them how the negative gets magnified over time.

    • Positive Future:  Have them picture and imagine what their life would look like with the benefits of eXp's business model:

      • • Increased production

        • Netting more money

        • Financial freedom

Does the fact that you're happy at your current brokerage mean you would never listen to learn about any other opportunities?

Have you ever considered leaving your brokerage?

What would make you consider leaving?

Do you think your brokerage is the only place you could be happy?

Do you think it's at all possible you could ever be happy someplace else?

Do you think it's possible you could be happier someplace else?

Would it make you happier to increase your production?

Would it make you happier to net more money?

Would it make you happier if you were able to achieve financial freedom?

Feel...Felt...Found:

I totally understand where you're coming from...I felt the same way.  I was really happy at my previous brokerage.  We had the best split in the company, and they treated us really well.  But when we took a look at eXp's business model and realized what it would mean for our bottom line, the decision to leave became an absolute no-brainer.  We're A LOT happier now!

In fact...almost every big hitter at eXp has 2 things in common:

1. they were all happy at their previous brokerages

2. they all wish they moved to eXp sooner.

NOTE -  it's usually not a "loyalty" issue - it's usually that they just don't want to have an uncomfortable conversation with the broker; or it’s just a convenient excuse to be complacent

I can appreciate that - loyalty is super important to me too.

What makes you so loyal to your broker?  What has he/she done for you to make you so loyal?

Do you think if you left your brokerage for a significantly better opportunity for you and your family that your broker would think you're disloyal?

Leaving a brokerage for a better opportunity doesn't make you a bad person / disloyal - it's just smart business.

If your broker doesn't want what's best for you...why are you being so loyal to your broker?

What if I offered you $1m to join eXp...would you switch?  

Assuming they say "of course" - laugh and say:  Ok, so now it's just a question of how much does your loyalty cost?  Ha ha.  

That's what I'm doing here - I'm offering you a $1m opportunity!

Do you think your broker is as loyal to you?

If so - don't you think he/she would want you to do what's best for you and your family?

What about if someone offered your broker $1m to switch brokerages and leave you behind - do you think your broker would would be loyal to you and turn it down?  Would your broker even hesitate to take that deal?

Who are you more loyal to - your spouse/significant other, or your broker??

Imagine I hand you a check for $50,000, but I don't put a name on it.  You have to put 1 name on that check - either your broker, or your spouse.  Who's name are you putting on that check?  

Assuming they say their "spouse" - You're lying...you put your broker's name on that check every single year without a second thought.  Don't you think you owe it to your spouse to start putting his/her name on that check?

Loyalty is a matter of perspective:  being loyal to your spouse/significant other and doing what's best for them doesn't mean you're being disloyal to your broker. 

I tell you what - if you're REALLY loyal to your broker, then you should join eXp and bring him/her with you!  That way you could both enjoy the benefits of eXp

Why would it make you a bad person?

Let me ask you - if one of your employees came to you and said they were leaving for an opportunity that is considerably better for them and their family, would you blame them?  Would you think he/she was a bad person?

Then why would you feel like a bad person for doing the same thing?  Shouldn't your broker want what's best for you?

That's fine - you'll have plenty of company, because only about 12% of the agents at eXp take advantage of our Revenue Share program each year.

There's absolutely NO obligation to recruit other agents, so we can take that off the table and focus on other aspects of eXp that will be more important to you.

I'm curious though - what don't you like about recruiting?

Are you against receiving residual income / having alternative streams of income?

You don't like helping people you care about to achieve financial freedom?

If you had a friend who found an opportunity that considerably changed his/her life for the better (not just financially), would you want that friend to share that opportunity with you?

If you're just uncomfortable recruiting other agents, but you like the idea of having a residual alternative income stream, the good news is that we'll do most of it for you!  Our organization's Concierge Agent Attraction System makes it really easy for you to earn Revenue Share without all the discomfort you personally might feel doing recruiting.

I totally understand why you'd feel that way...I felt the same way...but what I found was that MOST agents at eXp don't focus on recruiting at all. 

Only around 12% of the agents at eXp take advantage of Revenue Share each year - the other 88% just sell real estate.

eXp was No. 1 in the US in closed transactions the last 2 years in a row.

Check out our Quarterly Earnings Report - those numbers are from SALES - not from recruiting

What makes you say that?

Do you know what a pyramid scheme is?

Tell me.....  (most people don’t actually know what it is - make them actually explain it)

Can you name a single company or organization in the world that isn't structured like a pyramid?

• the government is

• the church is

• the girl scouts is

• every company is - including yours!

Almost every brokerage in the industry has some type of "referral rewards" program, where the agents get something if they bring another agent into the company.  These rewards range from Starbucks gift-cards all the way up to % of the commission.  Ask them about this:

Do you think Keller Williams is a pyramid scheme?  

Guess what - we stole the idea from them!  The only difference is they have profit sharing ($ comes off the bottom) whereas we have Revenue Share ($ comes off the top), which pays much higher than profit sharing.

Let me ask you about YOUR broker:

Your broker hires agents to work at your brokerage, right?

And your broker takes a commission split on the transactions done by those agents, right?

Is your broker running a pyramid scheme??

Let me ask you this - do you have a referral rewards program at your brokerage?  (i.e. do you get anything if you bring another agent into the brokerage?)

Do you think your brokerage is a pyramid scheme?

If not - then why do you think eXp is??

eXp is actually the opposite of a pyramid scheme:

In a pyramid scheme, old investors get paid off by new investors, and there are no goods/services actually exchanged.  The only people who make money are those at the top

At eXp, the people at the top are sharing the wealth with the people who helped the company grow (the agents)

For a great (and very funny) video discussing network marketing vs. pyramid schemes - CLICK HERE

What do you mean?  What makes you say that?

Which brokerages do you consider to be "luxury brands"?

What makes them "luxury brands"?

Do you realize that you can make similar branding on Canva - for free!!

I totally understand how you feel...I felt the same way...but I've learned something about this business since making the switch:  The brokerage doesn't make the agents...the agents make the brokerage.

Here's what I mean - think about the top agent in your area.  Do you think [he] is the agent [he] is because because [he's] at ______ brokerage; or do you think that ______ brokerage is the brokerage that it is because [he] and other agents like [him] are there?  Let me clue you in - it's the latter!!

Now imagine this - think of a brokerage that you would consider to be "luxury".  If the top 5 agents / teams at that brokerage left, moved into a burned out building next door, and put up a crooked sign that said "Acme Real Estate" - that's the new luxury brokerage in that area, and the place they left would likely go out of business in a matter of months.

The truth is - there is no such thing as a "luxury brokerage" - there are only luxury agents - it doesn't matter what brokerage they're at.

Let me ask you - are YOU a luxury agent?

Let's take it a step further:  If someone tells you they went to Harvard, you're going to assume that they're smart, right?  Why?  Because there are qualification to get into Harvard.

Let me ask you - what were the qualifications you needed to get hired at your brokerage?  After they stare at you blankly for a few seconds - Would you agree that it was nothing more than:

1. 1.  a real estate license, and

   2.  a heartbeat - and nowadays this is probably negotiable.

You may think you're at a luxury brand, but the truth is, they'll pretty-much take anyone who wants to work there.

Finally, you'll be happy to note that we recently launched eXp Luxury

See About eXp Realty >> Features & Benefits >> eXp Luxury for more details

And we have numerous luxury agents at eXp, including:

• Jana Caudill

• David Lawson

• Dennis DeSouza

• Tina Caul

• Monroe Herington

• Gary Massa

• Carlos Gutierrez

• Jim McInerney

• Cade Silva

SEE ABOVE:  "eXp Isn't a Luxury Brand" - same response:  "The brokerage doesn't make the  agents...the agents make the brokerage"

Why is that important to you?

What if you could keep your branding?

eXp wants agents to brand themselves.  You can keep you brand, logo, color scheme...everything.  You just have to comply with your state's marketing requirements.

Fantastic!  What is it?

Would you agree that the split itself doesn't really matter - what really matters is net income?  Assuming they agree - So let me ask you a few other questions:

Do you have a cap?  How much is it?

Do you have a franchise fee?  How much is it?

How much do you pay for E&O?

Do you have a monthly fee?  How much?

What other fees do you pay?  How much?

• Desk fee?

• Transaction fee?

• Technology fee?

• Any other fees?

Does your brokerage provide you with health insurance?

Does your brokerage provide you with a CRM and website, or do you pay for those yourself?

Do you guys receive stock awards?

Does your brokerage have Revenue Share or something similar?

How much do you do in GCI on average each year?

Once you have the answers to all of those questions - DO THE MATH FOR THEM.

Figure out what they pay to their current brokerage vs. what they would have paid at eXp

If they are paying less at their current brokerage than they would at eXp (apples to apples), it's important to compare ALL of the benefits at their current brokerage vs. what they would get at eXp:

• training / education

• support

• tools and resources

• Stock

• Revenue Share

• etc.

** Odds are, eXp offers way more opportunities for them to make significantly more money than their current brokerage.

SEE:  "I Have a Great Split" (above)

The only number that really matters is NET INCOME

Do the math for them and compare what they pay - IN TOTAL - to their current brokerage vs. what they would pay at eXp.

The beauty of eXp is that it gives you the ability to make more than 100% through stock and Revenue Share.

Also compare the benefits that they get at their current brokerage vs. what they get at eXp.

Really?  What makes you think that?

Have you ever changed brokerages before?

How long did it take you to switch everything over?

What would you have to do to switch brokerages?  Have them list everything out

Realistically, how long do you think that would take you?  A day?  2 days?

Wouldn't it be worth it for everything you would gain?

We'll even help you do all of it, and give you a checklist to make it easier.

I totally understand why you would think that.  I thought it would be a hassle too.  But we got our entire team of 18 agents switched over in 2 days.  It was a lot easier than we thought it would be.

Why do you say that?  What have you heard?

What is it about some other brokerages that makes you think they would be better for new agents?

** The typical concern about eXp's cloud-based model is that there is no office for them to go to, and no manager on site to hold their hand.

Given our cloud-based model, I can understand why people would think that eXp isn't good for new agents.  But the truth is, eXp is an excellent brokerage for the right new agent.

Why eXp is great for new agents:

• more training than any other brokerage

• higher quality training than any other brokerage

• training programs specifically designed for new agents

• more support (from both staff and your peers) than any other brokerage

This is a really tough business for new agents to break into, regardless of which brokerage they join.  An agent's success depends on how coachable they are, and how well they implement what they learn.  At eXp, you'll get out of it whatever you put into it.  All of the training and support you'll need are there to help you be successful - the only question is - will you take the action necessary to be successful?

So let me ask you - are you the right agent?

Why?

How often do you actually go into the office?

Do you "need" an office, or just prefer it?  It's important an important distinction

What did you do during Covid?  They managed to work without an office then

Point out that they can do everything without an office

Solutions:

• eXp World - enables you to do virtually everything you would do at the office

• Regus

• Branch offices

  • • if they are in San Diego, CA, we have several branch offices they can use

• Additional solutions: 

  • • affiliates (mortgage, title, escrow, etc.) often have conference rooms you can use when needed.

    • With the amount of additional money you'll be netting, you could rent your own office - if applicable

I totally understand if you prefer to go to the office, but looking at everything else you would gain by joining eXp, is it worth it?

Typically, agents who have this objection say they want to be around other agents to "collaborate".  The truth is, not much "collaboration" happens at the office - usually they just prefer going into the office and being able to talk to people, rather than being lonely at home.

Why is that important to you?

How does that benefit you / help your business?

If they're looking for "collaboration" - I'm assuming you're talking about collaborating with the top agents in your office right?  Those are the people you want to learn from.

Why do you think they would want to help you?

Do you think you're part of their business, or just competition to them? 

The unfortunate reality is that the top agents at other brokerages will have no interest in helping you.  You're not part of their business - you're just competition.  You're wearing the same color uniform, but you are NOT on the same team.

One of the things that makes eXp so special is that our business model fosters an environment of collaboration and cooperation amongst the agents because our agents are in financial alignment:

• With each other - through eXp's Revenue Share Program, agents are financially incentivized to help one another

• With the company - through eXp's stock awards, agents gain an ownership interest in the company, so when the company wins, we win.  A rising tide raises all ships.

Through our platforms (eXp World, Workplace, etc.) you will be WAY more connected to the agents at eXp than you are at your current brokerage.  eXp is by far the most collaborative place I've ever worked

SEE ABOVE:  "I Need to Be Around People".

Same response applies - to the top agents that are at your brokerage, you're just competition to them - they have no incentive at all to help you

I totally get it - I'm not great with technology either.

Would you agree that we live in a technology driven world?

And would you agree that technology isn't going anywhere / going backwards?

And would you agree that technology makes businesses more efficient?

Our technology platforms are extremely user friendly (very easy to use) - and it will make you much more efficient in your business

There is a ton of support at eXp to help you get better at using technology

What other questions do you have?

What's holding you back from switching over now?

Isolate the objection - Whatever their response is, ask:  Is that the only thing?

So if I could solve that problem for you, would you be ready to join?

Then show them how eXp will help solve that problem

If you solve that problem and they still don’t want to come, that wasn’t the real/only objection - keep digging

Most of the top agents at our company have 2 things in common:

1. they said "no" at first and/or took time to think about it

2. they wish they didn't wait!

I know multiple agents at eXp who delayed joining and it's cost them millions of dollars in missed opportunities:

• increase in stock price

• other agents joining eXp who could have been under them

• losing money on deals / fees

• deals closing at their current brokerage would have counted towards their cap

Let me ask you this - when was the last time your ducks were in a row??  For me, it was the summer before my sophomore year of high school.

Your ducks will never be in a row.  You're a good agent - you're always going to be busy.  There might never be a "good time" to move.

No problem!! - eXp will honor your cap reset date at your current brokerage.  

You can come over now at 100%, and you'll reset to 80/20 on the reset date at your current brokerage.

SEE:  About eXp Realty >> Commissions & Fees >> Comission Split >> Cap Deferment

Why?  - get specific reason(s)

Compare their current benefits with the benefits they would have at eXp.

Then ask:  Wouldn't all of those additional benefits at eXp make it worth it?

What if I could help you convince your broker / team leader to join eXp under you so that the broker and everyone else in the brokerage would be in your down-line - would you be interested then?

** This is how we do the "up-sell" - instead of just getting the 1 agent to join eXp, we try to get the whole team / brokerage

Why?  - get specific reason(s)

Do you actually think other people/agents care about how many times you switch brokerages?

So if a better opportunity came along, you wouldn't even look at it?

Personally, I would switch brokerages every week if an opportunity as good as eXp came along!

Just because someone at eXp already spoke with them, doesn't mean they have "dibs" on that agent; however, if someone has already committed to joining eXp under someone else, it's against eXp Policy to try to "steal" them away.  

It's important understand the nature and duration(s) of the previous conversations they've had.

If they have already committed to joining under someone else, you should back off.

Are you committed to joining under that other person?

Why haven't you joined yet?

What services / assistance did they offer you if you were to join eXp under them?

Would you be interested in hearing what services our organization offers to agents who join with us?

That’s a great question!

Then ask them questions about their brokerage:

Let me ask you, what made you start your own brokerage?

How's it going?

What do you like about owning your own brokerage?

What are the negatives?  What would you change if you could?  Anything else?

Is it as profitable as you hoped it would be?

I totally understand your hesitation, but you should know that brokerages like yours are joining eXp every week.  

What if we could offer you all the benefits of owning your own brokerage, with none of the negatives - is that something you'd be interested in?

SEE:  About eXp Realty >> eXp for Broker/Owners

No you haven't.  eXp is a cruise ship - it keeps coming back to the dock...drops off the trash...and picks up new passengers.

We're still on the ground floor.

We haven't even scratched the surface of our growth potential yet.