Are buyer and seller objections keeping you from closing deals? Would you like some fresh ideas for a closing gift or how to overcome objections? If so, try some of these proven trips from members of the Greater Boston Association of Realtors.
When you think your property should be listed at a higher price.
Colleen Kelly of William Raveis went on a listing appointment where every comparable sale was less than the average price per square foot for the neighboring area. Of course, the seller didn’t understand why her house was not worth more.
Kelly did a comprehensive price-per-square-foot analysis for each comparable sale. She then showed the seller that the average price per square foot for her area was substantially lower than that for neighboring areas. She also showed the seller the spread between the list price and the final selling price. This detailed analysis persuaded the seller to list her home realistically.
Are they “satisficers or maximizers?”
Betsy Boggia of Fairway Independent Mortgage Corp. in Newton said it was important to identify whether your clients are “satisficers” or “maximizers.”
In the “Paradox of Choice,” Barry Schwartz defines a “satisficer” as being someone who makes a decision or takes action once his or her criteria are met. In other words, if your buyer says they want four bedrooms, three baths, a specific school district and a two-story traditional that has been recently updated, they will purchase when they find that home.
In contrast, “maximizers” want to make the optimal decision. Using the same example as above, they may really love the house, but will want to continue to look until they have seen every other possible option.
Diane Maloney with the Higgins Group Realtors had a great question that can help you identify whether your buyer is a satisficer or a maximizer: “How many homes do you feel you to see to make an educated offer?”
If the buyer says, “I want to see everything!” chances are you have a maximizer. This means you will probably have a very long search process.
Rona Fischman of 4 Buyers Real Estate in Somerville asks, “Is there something unique about this house you like and that you would be unable to find in another property?”
If the maximizer can’t find that feature elsewhere, he or she may be more likely to purchase.
It’s cheaper for me to rent.
Fischman also had a simple way to handle the buyer’s objection: “It’s cheaper for me to rent.”
Rather than launching into a long explanation about the benefits of homeownership, Fischman asks a simple question: “Something brought you into this office to discuss buying. What was it?”
This is a powerful question, since it helps you to understand the buyer’s real motivation.
Give a closing gift that matters.
Kim Patterson of Coldwell Banker in Needham had two interesting ways to serve your clients after closing. In Massachusetts, you can provide your clients with a “property card” to keep with their closing statements. This card shows the chain of ownership, what improvements were made to the property, as well as permits and other salient information.
Patterson also gives her clients a website either for their home or community. It includes information about their home, the local community, as well as her personal “team” of resources for home improvement contractors, dog-sitting resources, and other types of service providers. One of her clients shared it with over 300 people.
Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author. Email: Bernice@RealEstateCoach.com
