How often have you come across a perspective buyer requesting the impossible? This can be a million dollar bay front property for a fraction of the price or a buyer with a large dog demanding the perfect condominium. Working with difficult buyers that have unrealistic expectations is always frustrating.
It can be even more frustration trying to determine which unrealistic buyers are willing to compromise and move forward. For many uninformed buyers, it’s just a matter of educating them about local market inventory and pricing. In other cases, you could spend days, weeks, even months and years but it wouldn’t make a difference. These buyers will never be realistic. With the right strategy, you can determine which buyers you should work with and which you should avoid because they will just be a big waste of your time.
Once you’ve identified that your buyer’s expectations are unrealistic, a simple question could help you determine whether you can turn them around or not.
“Based on existing market conditions and pricing, it doesn’t appear as though we are going to be successful meeting all of your expectations, as the type of property you’re looking for (or the price you’re willing to pay) is not attainable. What do you suggest as being our next step?”
Depending upon their response, you may want to offer suggestions on how to change your buyer’s criteria such as, “Should we increase the price you’re willing to pay?” or “Should we expand the geographical area you’re looking in?”
Remember, the goal by asking the above question is to put the ball back in your buyer’s court. Many buyers will be willing to compromise to get the next best property. These will continue to be your “hot” buyers, whereas the buyers that refuse to be realistic should immediately be moved to a lower priority status.