The real estate industry is finally beginning to return to normal. Over the coming months, real estate agents will find both buyers and sellers becoming less interested in focusing exclusively on price and more interested in focusing on the emotional benefits of owning (or selling) real estate. Real estate has always provided far greater emotional benefits than investment benefits. For years now, because of the declining values, every article discussion and opportunity has focused exclusively on real estate prices. The American Dream, in most cases, was becoming a thing of the past. In the coming months, this will change and real estate ownership will once again be appreciated for the emotional benefits it provides to owners.
As Trusted Real Estate Advisors, it’s our responsibility to help our clients improve the quality of their lives by identifying and exploiting the emotional benefits of ownership. This will mean taking advantage of every opportunity to show your buyers and sellers how their purchase or sale could dramatically improve their lifestyles. There are two approaches that should be used with every client:
- Ask the question, “If you were to buy (or sell) today, what would it mean to you?” At the beginning of every relationship, developing a deep understanding of your clients motivations is critical to helping them reach the best possible decision based on their situation. The answer to the above question will provide you great insight into your clients motivations. This insight can provide critical keys to help your clients move forward with their real estate plans and enjoy the next phase of their lives.
- During the course of your relationship with your clients, on multiple occasions your buyers and sellers will express frustration with their lack of progress in achieving their real estate goals. When this frustration is expressed by your clients, they can be diplomatically encouraged to “own the consequences of their actions,” by asking another simple question, “And, how does that make you feel?” By asking this question at the right time, it will be far easier for both your buyers and sellers to realize how foolish their actions may be.
Consider the following examples:
- Seller- Complains about having to keep their home in perfect condition for over six months in preparation for showings.
Question- “And, how does that make you feel, having to go through this preparation over and over again?”
- Buyer- Complains about spending the last year looking at homes and being beat out by higher offers several times.
Question- “And, how does that make you feel, spending so much time on this process and not having much success?”
By focusing on the disadvantages of not moving forward, you are likely to motivate your buyers and sellers to realize that making a decision on the right home, or offering more than they have in the past for the home they like, will provide great relief.