Get over common Buyer challenges!
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Some buyers don’t see value in working with a dedicated agent! Be someone worth knowing, worth working with, and worth your pay! It all starts with TRUST, if a person does not trust and see value in your business they will not work with you. Build trust in two ways: 1) Be genuinely interested in them, their problems, family, life and more. 2) Be someone they can view as a valued advisor that will help them.
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Get over these fears with facts and stats! People who are removed from the industry make assumptions based on the media or personal experience. By being a knowledgeable professional you can navigate the conversation towards other paths that lead to agreement. Understanding your unique market conditions is key to success in overcoming these misconceptions.
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We know the market and we know what is going on! Use : “Days on Market”, “Number of Listings”, inventory numbers, market trends and more to highlight your point. Remember, humans are emotional animals, going to far in this direction can cause the buyer to go in the other direction and feel like the market is bad and they shouldn’t engage!
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Buyers dont know what is going to happen! They are afraid or uncertain about interest rates, the economy or other factors. Take into account the buyer anxiety! Overcome this with one simple question …. “I totally understand that John, now remind me again why you wanted to buy a home in the first place?”. Make it about them and their : Hope, dreams, goals, challenges and fears!
Phrasing Keys
“John, what concerns me is …”
This phase a led to more meaningful conversations than I can remember. It show genuine concern and care, and furthermore, it points out that I am WORRIED! If I can follow up with a fact I can build more trust and confidence in me as a value advisor.
USE THE PERSONS NAME, THIS IS POWERFUL WHEN YOUR DOING THIS WITH CONFIDENCE!
“I totally understand … What alot of my clients are seeing is that …”
I use this when the client tells me something WRONG or that I DONT AGREE WITH. I dont immediately need to shoot them down and correct them. That is more confrontational and I want to be cooperative! I simply say those words and move on.
MAIN IDEA: ITS NOT WHAT YOUR SAYING, ITS WHAT YOUR SEEING FROM PROVEN RESULTS AS A SUCCESSFUL AGENT!
“Remind me again, what made you want to buy a home in the first place?”
This is my go to way to bring the buyer back to main idea “WHY”. Now he is think “Whats my goal” and this makes them convince themselves of the reason why. They are now talking themselves into the sale!
REMEMBER: EMOTION IS A STRONG DRIVING FORCE IN SALES!
“So when I start to …”
PRESUME THE SALE …. PRESUME AGENCY! Using this line starts to solidify YOU as their person! I use this embed myself into the process as their agent!
How can I build urgency with a lead?
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Use facts like market stats, recent trends and comparable sales to build credibility.
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Be in front of your audience with a consistent message in order to drive them to act.
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Find similar properties to present. These should be presented as limited opportunities.
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Tap into the emotion of fear. People act when they are afraid to lose out on an opportunity.
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Advertise programs, opportunities or listings that NEW and EXCITING! Use video to market these!
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Be an expert in the market and lending! LISTEN TO THE BUYER! Match needs and wants.
Increase your negotiation and pending success rate by following these tips:
Do your research on the seller and the property.
The more you know about the other party, the better equipped you will be to negotiate effectively. This includes understanding their needs, goals, and BATNA (best alternative to a negotiated agreement).
Set clear goals with your client.
What do you hope to achieve from the negotiation? Once you know your goals, you can start to develop a strategy for achieving them. What is clients bottom line and how do you get the seller the agree to it?
Be prepared to walk away.
If you are not willing to walk away from the negotiation, the other party will know that they have the upper hand. Be prepared to walk away if you are not getting the deal you want. The Sellers will easily pick up on desperation.
Be willing to compromise based on market conditions.
No negotiation will ever be perfect. Be willing to compromise on some things in order to get what you want on others. What will your client accept to enter the home and avoid adverse markets conditions …. whats the cost of waiting?
Build rapport. Reputation is everything!
The better you get along with the other party, the more likely you are to reach a successful outcome. Take the time to build rapport and create a positive atmosphere for the negotiation. Remember, its a small world and your reputation will precede you!
Be assertive. Be confident.
Don't be afraid to stand up for clients, and assert their needs and terms in the contract. However, be assertive in a respectful way and attempt to convey clearly the Buyers needs.
Be flexible and creative.
Things don't always go according to plan. Be prepared to adapt your strategy as needed. By knowing more about the needs and capabilities of the parties you can craft and offer that makes both parties happy and feel satisfied with the deal.