Buyer Close – “If You Were The Seller” Close
As we know most buyers have been conditioned to place a heavy emphasis on pricing. How often do you hear a buyer say, “I want to steal the property?” Many buyers are unrealistic with the price they’re offering.
An effective way to address this issue is to encourage the buyer to look at the offer from the seller’s perspective. Here’s an example of how this can be done:
“Mr. and Mrs. Buyer, I can appreciate you wanting to get the best price possible. But, if you were the seller, based on all of the recent closings, increasing prices and drop in homes available for sale in our area, would you be willing to accept the offer you’re making if you were the seller?”
Your buyer may still respond by saying that if the seller is desperate enough, he will consider the offer. Don’t let this response deter you. Insist the buyer answer the question by asking it again:
“I understand that there could be sellers that are really desperate, but if you were the typical seller, would you accept this offer or possibly even be a little annoyed at someone trying to steal your property?” “And, if your annoyed as the seller, will you be as willing to negotiate with the buyer that annoyed you?”
Also, ask the Buyer:
“If you were the seller, under what conditions would you be motivated enough to take a substantial loss by selling for a lot less than your home would be worth?”
“ How many sellers do you think are that desperate?”
“And, do you think it’s likely that there are that many sellers that would be willing to accept such a low offer when their home is one of the best one’s available?” (Remember, this is the home that your buyer wants. If they have good taste, it must be a desirable property.”
Most importantly, encourage your buyer to look at the transaction from the seller’s perspective. It makes it much more difficult for your buyer to justify unreasonable offers. Finally, if the buyer still insists on making low offers, track the results. When the strategy doesn’t work, suggest the buyer modify the strategy.