Buyer Close — The Good Taste Close
The good taste close is great to use with a buyer that really likes the home, makes a low-ball offer, and is out bid by another buyer. The fact that someone else was also willing to make an offer is a good indication that your buyer has very good taste. When your buyer finds a home they really like, it’s the kind of home that other people also like. Your buyer should be reminded that as activity increases, the best homes always go first.
We also know that the definition of insanity is to keep doing the same thing over and over again. Once a buyer has made a low offer on a house that sells for more, it’s likely the next quality property that they select because of their good taste will require that a more attractive offer be made to the seller, as the better quality properties can’t be purchased for a “steal” price. You should suggest your buyers change their strategy by offering more to avoid the definition of insanity.
Here’s an example where The Good Taste Close can be applied on a home listed for $300,000:
$249,000—offered by buyer and rejected by seller
$275,000—sold price offered and accepted by another buyer
[-$26,000 ] – additional amount buyer should have offered
If your buyer finds another desirable home offered at $300,000, its unlikely he can buy it for less than $275,000 because the best selections are usually not available for a “steal”.
After congratulating your buyers for their good taste, and using the above approach, it is strongly recommended that you transition immediately into the Hot Button Close and Quality of Life Close by asking the buyer “If you were to buy this home today, what would it mean to you?’
Note: The Good Taste Close is not a verbal close. You must present this close in writing to your buyers. Remember, If it isn’t in writing, it doesn’t exist.