The real estate market seems to be “on the hop.’ One of the things that Realtors can do to generate even more activity is to assist potential buyers to overcome some of the stalls to purchase that even they don’t realize they are creating. Below are three that are common, along with suggestions on ways in which the realtor can help.
1. Buyer: “Can you just email me some listings that you think are right for us?” This is sometimes a request by a buyer who is sensitive about “wasting your time.”
An appropriate response: “Well my experience has been that I can email and speak with you forever about what your ideal home may be, but until I actually show you homes in person, it often becomes a “crapshoot.” Allow me to make an appointment to see a few of the ones that I have in mind for you. If none of them is exactly on target, I’ll at least have a razor sharp idea on exactly what you’re looking for so we can be right on it as soon as it’s listed. Do you have anytime today or tomorrow?”
If the buyer is resistant to your suggestion, it likely tells you something about their motivation to purchase.
Well Done
You find them a home that they are excited about; once again a job well done. You then are faced with another stall.
2. Buyer: We would like to think about it before making an offer.
An Appropriate Response: “I understand that this is a big step for you. What is it that you need to think about?” (Remember, from your buyers’ perspective, all of their thoughts are valid. Not realizing that could result in a lack of confidence in your ability.)
The broker continues…
“So far this is unfolding as we hoped – a home new to the market that I’ve alerted you to right away. Yet as we’ve seen from the sign in sheet and business cards, there’s already been a lot of showings. It’s still available, but do you understand that if we wait and another offer is procured, we’ve then essentially lost any leverage that we may have had? Would that be disappointing to you?”
If their response is anything other than “no”: “Then perhaps it would be prudent to write an offer now and at least we’ll be the first one in. There are times when, all things being equal, a seller will give priority to the first offer.”
If their response is “no”: “If you are not concerned about losing the home, perhaps we need to “fine tune” your search even more. Is there something else you want in a home that I haven’t shown you?”
3. The last one or two percent:
Negotiations typically come down to a differential of one or two percent of the seller’s and buyer’s last counter offer to one another. Some of the ways in which to help the buyer understand that it’s in their best interest to at least meet the seller half way:
- Re-visit their motivation to purchase and place the focus on that.
- If they are obtaining a mortgage, explain to them that the delta is “real” money to the seller but is much less to the buyer as it’s spread out over 30 years.
- Price is only an issue if you can’t afford something or if you really don’t want it. The affordability is certainly there, so encourage them to decide how badly they want it.
- In most cases the enjoyment of the home is much more memorable than the selling price.
What buyer stalls have you encountered of late?
How did you respond to them?
Please let us know in the comment section below.
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