Reducing an objection to the ridiculous can be a great approach to use with a buyer or seller that is putting too much emphasis on one concern. It is especially helpful with price objection. This close involves taking a big number and minimizing it so it is much easier to swallow.
For example, a buyer refuses to get a mortgage for more than $300,000, even though he’s qualified for more. The home the buyer wants requires a mortgage of $325,000, and your buyer objects to the extra $25,000. This is understandable because $25,000 is a big number. Watch what happens when you reduce this price to the ridiculous.
A $25,000 mortgage at a rate of 5% interest will cost your buyer $131.00 per month more than a $300,000 mortgage. Reduce the amount even further by dividing 131 by 30 days. Your buyer will actually only be paying $4.36 more per day, or about the same as a latte every day. It’s very common for all of us to spend money every day on luxury items that we don’t need, like a latte. Find out what your buyer is wasting money on and suggest they give up this habit and replace it with even greater satisfaction and additional financial security that purchasing a home they want will bring.
The same approach can be used for a seller that is stuck on achieving a specific price. you can suggest they forego the difference between what they want and what they can sell their home for by comparing this amount to the cost of a vacation or other luxury purchases. The benefit of getting a sale behind them will far outweigh one vacation they skip to make up the difference between asking and sales price.
Keep this close in mind when price is an issue.