Recession is something that all of us who sell for a living will experience. Having been involved within the Timeshare Industry, I have seen more than my share of cancellations.
Here are a few tips on how to lower your cancellation rate:
ANTI- RESCISSION STRATEGIES:
Rescissions are a part of doing business; however, there are many different techniques you may use to reduce the amount you are currently getting.
- Be sure to disclose all fees and costs during the presentation:
Far too often when the customer is in button-up they are hit with a fee that they did not know about, and this blows the deal, if not then later, as they are sure there are more hidden fees somewhere that we failed to mention. Be sure that they are aware of the MF’s , the exchange fees, the annual RCI fee, the last call fee, and any fees that they will have to pay.
- Eliminate any “surprises “in the paper work.
Be sure that all of your calculations are correct in the deposit amount, the monthly payment amount, and the annual interest rate, if they are taking our financing, even right down to the date of their first payment. Everything must be accurate.
3. NEVER EVER USE A RESCISSION CLOSE:
Never suggest to a guest that they have the right to cancel a deal if they are not comfortable with their decision to purchase. This is a very weak method of attempting to close a sale, and if you offer them the right to change their minds THEY WILL 100% of the time. Become stronger in your closing, and do a takeaway to reduce any fears they may have.
Such as (“are you 100% sure that this is what you want to do, you seem unsure about something,”) and then continue to close the deal.
4. Always radiate confidence and conviction during the presentation:
Watch your body language, maintain eye contact, and use verbiage such as (your decision to join Elkhorn), avoid words like “buy; purchase; and sell”
5. Always actively promote our referral program and participation with giving referral names on the table during the paper work.
It should be mandatory to collect 5 names and phone numbers of referrals on all sales, suggest that this will assist them in achieving funds to pay off maintenance fees or other fees associated with their choice to join our program today. This is in place of the guest passes.
6. Handle all paper work with confidence:
Be sure that all paper work is legible and handed in immediately so as to avoid a long wait in getting the documents. Customers do not like to wait forever to sign the paper work
7. Remove the ETHER after button-up.
Let your customers know that they have made a good choice for them and their family. Let them know that they will have ongoing questions about the program, and it is normal to not remember everything. Let them know that you are here to help them with anything they require right up to assisting them in booking their first vacation.
8. Cover buyer’s remorse during the paper work. Do a strong takeaway.
Let your customer know that they will go home and wonder if they made the right choice today, let them know it is normal to feel that way and that they will not fully understand what it is they have done for their family until they take that first vacation. And then they will wish they had joined years before they did. Use a strong takeaway during the button-up such as (are you 100% comfortable in your choice today to become a vacation owner with our company) (are you 100% committed to taking your family on vacations with your new ownership?)
9. Organize owner book so that 5 Reasons I became an owner with Elkhorn Today, is at the top of the paper work:
Complete the form “5 reasons I decided to become an owner Today” be sure that this is the first thing they see when they open up their owner work book.
10. Walk your new clients to their car, and finish with a helpful hint on using the product:
Again let them know that they will not know what they have until they use it for the first time, tell them that you will have an RCI pin number for them in about 2 weeks and that you will call them to get them set up on the RCI system so that they can plan their first vacation.
11. Send your thank-you card:
Be sure to send out a hand written thank-you card to all new owners, there will also be an email that will go out from the VLO office. Say something like “it was a pleasure to meet you today, and I look forward to seeing you up at our resort again in the near future. If there is anything I can do in helping with your first vacation plan please call” – keep it simple.
12. Make your follow-up call within the first 24 hours.
You must let your guest know that you will be back in contact with them in a day so as to answer any questions that have come up, and get any remaining information on the referrals that they have given us.
13. Meet with your new Owner the next morning:
Take you new owner for breakfast if they are on a Mini-Vac and on site.
(This should be MANDATORY if your guest is on site…at all resorts )
14. Follow-up issues:
When making your follow-up call if you encounter a problem, take the attitude that we can fix it. Let them know that Buyer’s Remorse is normal and that everyone gets it. Focus on the benefits that are meaningful to them, not you. (Remind them of the 5 reasons they decided to join) read them what they filled out. Re-sell if you need to in order to keep the deal.
There is no one technique that works better than another or is right for everyone, but the more you do after the sale, the better chance you have of not only keeping the sale, but in making another sale either through the referrals they have given us, or in an upgrade to this new owner. Remember COMPANY/ RESORT’S belief should always be a “Customer for Life “
** RULE TO REMEMBER IS THAT **
You will never lose the deal you didn’t sell, so simply put, continue to practice your trade and continue to close the sale and you will ultimately soar to success.