Making the best decision regarding when to buy or sell is usually one of the most important life-changing decisions a person can make. Ben Franklin was considered both one of the most innovative inventors, and greatest statesman ever in the United States.
When Ben had to make an important decision, he would take a blank piece of paper, draw a line down the middle, and put the pro’s on one side of the line and the con’s on the other side. He would then carefully compare the lists to determine which side made the most sense.
This is a great approach for agents to use to help their buyers and sellers make the best decisions. All you need for the Ben Franklin Close is a blank sheet of paper and a pen. Draw a line down the middle of the paper and on one side, put a “plus” sign and on the other side put a “minus” sign (see attached template). Ask your client to write down all the reasons why they should buy (or sell) the home. Don’t forget, you must help them come up with the “plus” list as much as possible. Then, ask your client to think of the reasons why they shouldn’t move forward. Don’t help them with the negatives. Don’t say anything! If it’s logical for them to go ahead with the transaction, it will be obvious, and you didn’t say it, they wrote it. It’s surprising the number of times that an agent will say, “I had a conversation with them, and I explained all that.” You cannot violate the written law. Quite simply, if it isn’t in writing, it doesn’t exist.
For a Seller – Help the seller fill out all of the reasons it makes sense to sell now. Of course, you help the seller identify as many reasons why they should sell now. Then, ask them to write down the reasons why they should wait (again, don’t help them). They are likely to put just a few down. By comparing the two lists, it becomes obvious to the seller that they should sell now. Leave a copy of the list with them, so it sinks in.
For a Buyer – Help the buyer fill out all of the compelling reasons it makes sense to buy right now. Of course, you should help the buyer identify many reasons why they should buy now. Then, ask them to write down all of the different reasons they should wait (once again, don’t help with this list). By comparing the two lists, it becomes obvious to the buyer that it would be foolish to wait. Leave a copy of the list with the buyer so it sinks in.