Are you struggling with converting your buyer prospects and/or even keeping them and you don’t know why?
Here are some common buyer objections that you may have experienced but haven’t known how to handle or what to say. Study these in depth if you want to learn how to look credible in your next buyer consultation and create confidence with your new buyers.
Don’t skip that Buyer Consultation
But before I impart all this wonderful information on you, let me ask, are you even doing a Buyer Consultation or are you just flying out the door to show a home?
If you aren’t, shame on you. Skipping a Buyer consultation is not how top producers make big money.
Be cognizant of the fact that your Buyer Consultation provides a foundation building opportunity to foster and build the relationship with your new potential client which is oh so important!
Your potential buyer will have a lot of questions during the Buyer Consultation especially if they are a first time buyer. This is most likely a scary new step for them. Sitting down in a pleasing and quiet environment like your office conference room or a quiet coffee shop will give you an opportunity to answer all of their important questions about the home buying process.
This will also help the buyer understand the value they will receive when working with you and the opportunity for them to establish trust in you so they feel confident and assured you will do a great job and be on their side. Do not skip this step.
represent their best interest
Not scheduling a Buyer Consultation (BC) is how inexperienced agents lose their buyer clients further struggling with lost or no sales. The consultation is also an opportunity to get your buyer agency signed. This way you have complied with state regulations in representation and now you are fully able to represent their best interest in the capacity you have stated in the agency agreement.
Are you aware that in most states you are just a transaction broker until you have something signed appointing you to be their buyer’s agent? That means you cannot negotiate on their behalf but legally must represent the contract.
This is very important to take note of.
First time home buyers
If you are working with first time buyers, understand that they are the most vulnerable of all buyers and they may be a bit high maintenance since they have never purchased a home. They may need some extra hand holding to get them through the process. They will certainly want to know that you will be representing their best interests at all times!
I have pinpointed three very common objections that I would love to share that many buyers express and may be causing your lack of sales if you have not learned to handle them.
But I want you to know that if you do an excellent job of explaining the process to them during your BC and you have a positive reinforcing attitude they won’t have very many objections.
Why? Because when people trust you, they lose their fear and gain more confidence that you will be on their side doing what needs to get done to protect them during the transaction, make the deal happen and get them what they want…their dream home!
Here are 3 objections:
1. Why do I need to sign a buyers agreement? (Exclusive Buyer Agency).
It is critical to explain to your buyer why they need to sign this contract. Are you proficient in understanding what the BA means and why they must sign it? If not, get busy and study this document and ask your broker questions if needed so you may thoroughly understand this document. This way it will be easy for you to explain and convince the buyer to sign.
Simply put, you must explain how you will be representing the client.
“The BA document states that I will only be representing you and your best interests! You want that …right?”
There are other important aspects of this document including the fees charged for service which needs to be addressed at the time of signing. People don’t like money surprises at the end. Make sure they understand the entire document while being light hearted in your explanation always ensuring them that this is about them and just part of the process to stay legal and in compliance with your state statutes.
2. “I want to look at every home out there in my price range.”
We know as Realtors, that is not really realistic, but a buyer can sometimes get like a kid in a candy store and go wild at the prospect of getting into a lot of homes. You might not see that happen as much in lower more affordable price ranges in a sellers’ market, but I have seen that happen where the inventory is higher and there are more homes on the market to choose from. It can be rough to deal with.
Again, The buyers consultation is where you should have determined their special wants and needs. You should have discovered specifically what they want, how many bedrooms, bathrooms, garages, a fireplace, a basement and what location they want to live in.
This way you can guide them and keep them centered in their search and when they start to go rogue outside their search criteria and begin looking at homes that in no way fill their needs. Using the consultation as a backup, you can reel them back to reality with what they were really looking for and trying to accomplish.
This is not to say, however, that you must to be so rigid with them that recognizing that needs and want can change for your buyer from time to time if they are absolutely not finding the right home.
But if you detect the buyer just wanting to look at homes that don’t come close to filling their needs or their price range just to be looking, you can get them back into focus by always going back to your initial conversation and asking questions as to whether criteria has changed.
3. “We want to wait!”
You think you’ve done everything right so far and you find the home they love. All of a sudden the brakes go on and you are scratching your head as to why.
This is when I go into full question asking mode. There is a reason they stopped. Did they lose motivation? Are they scared to make the investment? Is someone whispering in their ears that have made them uncomfortable about the purchase. Have you done something wrong?
Many times it can be all these things, or a situation has happened recently that may have them unnerved for the time being. I was guilty of inadvertently saying something that disturbed a buyer that I had no idea bothered them. I noticed a change in their attitude towards me during a showing and so I called that night to find out what was going on.
According to my buyer I had made an offhanded remark about something that was a sensitive spot to them. I felt terrible and apologized over and over as they had taken what I said the wrong way. Once I explained what I meant they agreed that it had been something that was completely misconstrued. I had a completely different meaning for what I said than they understood. I nearly lost a good client from a misunderstanding.
***Please note that I am NEVER argumentative or confrontational with my clients. My conversations are always engaged in with understanding and compassion for their thoughts and feelings. That is the best way to learn was is really bugging someone.
I hope this helps you see how people can get off the track and confused which results in misunderstandings and lost sales.
Communication is critical
Effective communication is so critical to what we do as Realtors.
So always be ready to confront any issues right away and don’t wait to let them fester. Find out what is bothering them, get to the bottom of what they are unnerved about, listen carefully and without judgement to defend yourself, address the issue, find a solution and move on to a happy ending.
Practice these scripts in any situation that calls for it, provide a lot of service and value to the client and make them feel like they are the most important client you have and you will never struggle with getting and keeping sales ever again!
Visit the home page of Cyndasellscoaching.com and sign up for my FREE 15 Day Challenge which will help guide you through some the challenges of a struggling Realtor and teach you how to lead generate to get more sales!