How to create buyer urgency
Have you ever felt like an unpaid chauffeur when your buyer clients just ask you to show them more and more homes and just can’t quite seem to narrow their search down?
As inventory increased in the years following the “sub-prime meltdown” and we switched from a seller’s market to a buyer’s market, many buyers experienced MORE DIFFICULTY in making a purchasing decision.
(OK, hold it, wasn’t it supposed to be easier, now that there are more choices available…??)
The fact is that having MANY options sometimes OVERWHELMS our buyer clients and causes them to experience BUYER PARALYSIS!
Buyers are comparing different types of homes (private sales, short sales, lender-owned, foreclosure auctions) that have different advantages or disadvantages. In addition they must compare homes and value propositions to make up their mind. This process can be trying for some buyers…
To keep the buying process organized and prevent confusion, try this technique: Tell your buyer clients that the process of finding their perfect home will be like taking a city-tour in a helicopter:
1. Have them imagine they are flying HIGH ABOVE THE CITY – tell them they’ll be choosing their PREFERRED AREAS first! They can use criteria such as commute time, property taxes, school districts, etc. Help them eliminate areas of the city that would not be ideal according to their own criteria.
2. Once they have chosen preferred areas, tell them that you’ll now fly at a lower level where they can better choose their PREFERRED NEIGHBORHOODS within the selected areas. This process may include riding around at different times of the day, researching demographic and crime statistics, engaging in conversations with neighbors, asking people they know, etc.
3. Once they have chosen their SELECT NEIGHBORHOODS (not more than 5 or 6) then and only then should you focus on picking the right home for them! This may involve comparing size, curb appeal, number of bedrooms/bathrooms, age, construction, style, upgrades, price, condition, lot, taxes, etc.
By following this simple 3-step process you will find that your buyer clients can select the right property among available homes, and avoid confusion and paralysis.
Remind them that they can always change the roof, repaint the walls or fix the air conditioning…but they will never be able to change the location, the character of the neighborhood or the driving distance to work.
By focusing on the BIG DECISIONS first, your clients will be able to compare one home to another more effectively, knowing that the BASICS (area, neighborhood, schools, crime, etc.) are all taken care of…!
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