Here are several key points to remember when working with buyers:
Start with a logical conclusion
Identify the logical result of the buyer purchasing the home. If it makes sense for the buyer to buy, you can use logic as a powerful tool to close them. If it doesn’t make sense for them to buy based on their personal situation, don’t recommend they buy. Closes are most powerful when they are based on logic.
Buyers have two primary goals:
- Price– They have been conditioned to seek out the best possible price.
- Selection– They want the best possible home for their money.
As the market tightens, your buyers will lose the ability to get both the best price and the best selection.
All bad news is good news for sellers:
Bad news depresses sellers and motivates them to negotiate better prices for buyers. Unfortunately, buyers are also looking for good news to re-assure their decision to buy now. Buyers must be taught that good news adversely impacts their ability to negotiate a good price with sellers. Teach your buyers to seek out and fear good news.
Help your buyers identify their risk:
Be sure to do the “what if” and “is it possible” scenarios as part of their purchase analysis. Most buyers are interested in only looking at the side of the argument that supports their decision. A trusted advisor will point out the risk of waiting. If it happens and the buyer loses money, you’ve done your job. If you don’t point out the consequences and they happen, it’s on you as the agent.
Full price is cheap, if it’s what the buyer wants:
Buyers have been conditioned to focus only on price. Money is a vehicle to achieve happiness. When a buyer finds a home that is going to bring joy and happiness to them and their families, they must remember not to get hung up on price.