In this extremely crazy seller’s market, buyers are subject to high levels of stress, and now more than ever it’s all too easy for them to feel discouraged. How can you prevent them from feeling ‘buyer fatigue’? Here are three tips to remember.
Be the market expert
Take the time to deep dive and cultivate a rich understanding of what’s happening in the market. Whether you’re scanning news articles on Google, or combing through the local MLS to find the statistics for the past 30 days, create habits to ensure you’ll be the most up-to-date person in the room.
Don’t forget all of the amazing resources that you can pay for, like Inman News, CoreLogic, and Keeping Current Matters; I’m not suggesting you go out and spend oodles of money on such things, but I’m simply highlighting what awesome tools are available to you in the digital age. All that matters is that you understand the impact of key features in a given market, like the historically low interest rates we have now.
Once you have that knowledge, it then becomes important to convey it transparently; don’t be afraid to tell your buyers that an option they hadn’t even considered will save them the most money in the long run. Demonstrate your expertise. If you don’t have the answers, be honest about that too, then refer to your third-party resources. A true expert is the combination of two types of people: the one who does all the work, day in and day out, and the one who acts like a student of the game, collecting as much information as they can.
Understand the client’s motivations
Is it to save money? Is it to create a legacy? Is it because they want a first home in which to grow their family? When things get tough in our lives, we have to remember our big ‘why.’ For example, if I were to ask you why you’re in this business, and your response lacked a clear and passionate motivation, then I’d group you into that category of agents who will likely give up whenever things get tricky.
We have to ask our buyers what their ‘why’ is. Recently, I said this to some buyer clients of mine: “Look, when we originally started with this, we talked about how you wanted something smaller that could still fit your family. Is that still the case?” It brought them back to that moment three or four months ago when they felt their No. 1 goal so clearly in their hearts. It’s almost like shaking someone out of deep sleep and saying, “Wake up. Remember why you’re here.” Once they remember, be right there to clearly lay out the next steps for them. It’s time to move them forward.
Find out what the real issue is
Why are your buyers so reluctant? Why are they struggling with the process? Like an onion, peel back the layers of the situation. Ask questions like, “What makes you feel like that?” and “Is there anything more you’re feeling?” Instead of assuming what the issue is, be a good listener, make them feel comfortable, ask the right questions, and let them come out with the answers.
So often as salespeople, we fire off answers and are quick to diagnose. We need to approach our clients with this mantra: “Help me understand.” Once you identify the real issue holding them back, it’s infinitely easier to implement a solution.
I promise the market won’t always be this hectic, but helping those discouraged, distracted, or fatigued buyers into the homes they truly want will be such a blessing in their lives. It’ll help your business in both the short and long term, as those clients will never forget your words of encouragement and expert guidance.
As always, reach out if ever you have questions or need anything at all. We’re here to help, and would love the chance to chat with you one on one!
