May 25, 2022
I think we all agree that in this market environment we have some buyers sitting on the fence. There are some key reasons why they stay there: the fear of change and selling their home; the finality of the decision; the fact that they might see something better after they agree to purchase; or prices may drop down in the market.
You also have buyers that don’t have any real interest in purchasing a home, but love to look at staging and decorating ideas. The later are shoppers not buyers, and you need to identify the difference quickly.
What a true professional provides to the buyer is comprehensive market history, clarity through current statistics, information, and an enthusiasm for real estate.
Buyers can be very demanding of your time and energy, so teach them how to independently look at homes the right way, armed with your business cards.
Set the tone for the buying process by educating them on how you work. Discuss the virtues of getting pre-approved, and how a buyer Representation Agreement in place before viewing houses is a benefit to them.
Encourage them to drive around communities and neighbourhoods that initially appeal to them and eliminate the ones that don’t. Look at styles of homes and determine what they like best. Once they know the area, neighbourhoods, and style of homes that appeals to them, then book appointments to view these homes together. There are only 3 criteria to be concerned with: location, style and condition, and price. An updated kitchen should never trump location.
Support your buyers in helping them make an educated decision. Sometimes they may need a
little nudge, so find the courage to be honest with them.
Finding a home is not a process of selection; it’s a process of elimination.
Always remind your clients of the reason they want to move. It may be for a work transfer. They may have outgrown their current home, or need to be closer to their work or child’s school district.
It is the REALTOR®s role to bring them back to their motivation and “wish list” for their perfect home. Help them consider the cost of procrastination and getting further from their dreams and goals.
By working with buyers in this way you will quickly uncover their true motivation. The REALTOR® has succeeded in his or her job when they have helped educate the buyer to the point where the client walks into the home and knows they like it and that it is a good deal. That is when you know the client is ready to buy.
A year ago, representing a buyer was a difficult task, as properties were moving so fast that buyers didn’t have any time to make a selection. If they waited a day or two to make a decision, the house ,was either sold already or in multiple offers.
Here’s the great news today. This is a sensational time to buy. “Mr. & Mrs. buyer there are a lot of great inventory available, so you’ll have more choices. You will more than likely find more than one home you like that you can choose from. When I’m negotiating on your behalf I’ll be telling the Seller, ‘Your home is what my buyer decided to write an offer on FIRST’.” Let them know your buyer has choices. You can leverage choice.
It’s always a good time to buy real estate.