2013 Salesmanship – Dealing with Stubborn Buyers
The tide has turned and what was once a perfect market for buyers is now becoming an ideal market for sellers. With the projected boom in sales activity next year, market conditions will become even tighter for buyers. For agents representing buyers, negotiations could also become more difficult because many buyers will continue to cling to the notion that they are still in the driver’s seat.
Anxious buyers may have the mistaken impression that they can impose artificial deadlines on sellers when they present offers. They may demand that sellers respond immediately. Although this strategy has been effective in recent years, it won’t be a good strategy to employ as the market conditions tighten for buyers.
How should you deal with a buyer that demands immediate response? Scot Karp, the director of Ultraluxury condominium sales for Premier Estate Properties in Boca Raton, and one of the best in the business, has a great approach. When Scot’s buyers want to use artificial deadlines to create urgency, he uses the following script:
“Mr. Buyer, if you’re willing to pay full price, the property is yours today. But, if you want to get the best possible price, give me time to work the offer on your behalf.”
The logic with Scot’s approach is sound. So, the next time a buyer says, “If the seller doesn’t let me know by 5 o’clock today, the deal is off”, using the approach above should overcome the objection.