Overcoming Objections – Your Family Is Worth It
Most buyers and sellers recognize the importance of asking two questions involving any real estate transaction:
1. Is the price I’m paying to buy or sell the property a fair price?
2. If I were to buy or sell the property today, what would it mean to me?
There’s a third question that can easily be overlooked if a buyer or seller doesn’t receive a subtle reminder;
3. If I were to buy or sell today what would it mean to my family?
The decision to buy or sell real estate almost always has a profound impact on all family members, including a spouse, children, and even grandchildren. It would be difficult to argue that the happiness of the people closest to us doesn’t have a direct impact on our own happiness.
This quality-of-life consideration is just as important as the financial and/or price considerations. For example, if the home costs more than expected but it’s the perfect home for the family, the additional cost associated with the purchase may easily be justified by the emotional benefits the purchase will provide. The purchase price can still be justified even when a buyer is paying more than a home is worth. More often than not, the home is appreciating in value every year and the purchase price that is a little high today, could easily be made up in a matter of a few months. Giving up the happiness that the perfect home could provide to the family to save the additional cost may not make sense.
Considering the quality of life for family members also applies when a seller is selling a home for less than it may be worth. Getting the sale behind the family allows everyone in the family to minimize stress and move into the next phase of their lives. Any additional profit lost when selling a home can be made up with the purchase of the next home. When the loss isn’t made up, the emotional benefits for the family usually still outweigh the financial loss associated with selling quickly instead of waiting to get a higher price.
Most people like to think that they are considerate and compassionate, especially as those qualities apply to our families. Sometimes a subtle reminder of what’s really important in a buyer or seller’s life can help them make the best decision for those that are closest and most important to them.