Working with buyers can be rewarding. There are times, however, when it can be frustrating to handle buyer reluctance. Too many homes available and reasonable prices will inherently create hesitancy. Questions in a buyer’s mind build over finding a better-priced home, or even the potential of a lower price for the home they want to buy.
Transitioning a client into a buyer takes a realtor with finesse and knowledge. There are three main aspects of stirring energy around urgency in a buyer: be the local economist of choice, help the buyer tap into their why, and addressing buyer reluctance.
Be the Local Economist of Choice
A knowledgeable realtor helps a buyer understand what the current market is doing, how fast options can disappear, and provide insight into what may happen a month from now. Work with a couple of lending officers to understand available financing options and how buyers can get the most money.
Help the Buyer Tap into Their Why
Define the features versus the benefits by appealing to the emotional side of amenities using words such as cozy or spacious. Reiterate the advantages of homeownership like how it builds equity and is an investment. Discuss how continuing to ‘wait it out’ will result in a need to view more listings, delaying the chance to build equity, the home they like may not be available if they change their mind tomorrow. The market will shift, making great buys of today disappear.
Addressing Buyer Reluctance
To overcome buyer reluctance, work on dispelling myths and reassure confidence of the buyer through calming fears. Yes, real estate markets change constantly. Deals and amazingly affordable properties do occasionally list after a buyer has closed on a home (learn to manage buyer’s remorse).
One way to ease your buyers to be more decisive is by using social proof. Show them that homes on the market (in their price range) are selling. This proves that other buyers are taking action, which is removing listings from the market.
All real estate markets have good buys at any time. Knowing how to guide your buyer to yes will help your bottom line and drive a successful real estate career. Feel free to visit our blog page for more tips about buying and selling real estate.