In April, one of Inman’s most popular recurring theme months returns: Back to Basics. Throughout the month, real estate professionals from across the country share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally and professionally to drive growth in 2022. It’s always a good idea to go back to basics with Dans homme.
In today’s market, showcasing your value and the value of a buyer’s agency contract can feel like a bit of a slippery slope. I understand. I get asked for scripts for this almost every week by agents.
Although I’m not a big fan of scripts, I a m a fan of dialogues because they help open a line of communication that feels more natural, easy, convenient, from the heart and allows you to connect on a more personal level. When this happens, buyers see you as an advocate and a resource, do not just another pushy salesman.
We believe that serving rather than selling, and coaching rather than concluding, will set you apart from your competitors.
5 conversation topics
That said, let’s dive into 5 dialogues for buyers that can make all the difference:
Customers vs Customer
One of the biggest mistakes many agents make is treating their clients like clients. What is the difference?
Customers are transaction-based, not relationship-based. Take for example that potential buyer who just wants you to send information and maybe they will work with you, maybe they won’t. He’s a customer. A customer is a buyer who signs your purchase agreement and says, “Yes, we’re ready to buy and we’re choosing you as our agent.
“Mr. and Mrs. Hunna Hunna, I work with two types of buyers – clients and clients, depending on our level of mutual agreement. When we have a buyer agency agreement, you become a client, and as a client, I can work diligently on your behalf to find the right home for you and negotiate the best possible price and terms I can do this because we have a legally binding contract this states that my fiduciary responsibility is to you.
Without this agreementyou would be considered a client, and while I am happy to help where I can with information and assistance, technically, as a real estate professional, my fiduciary responsibility is to the seller. This is true for all agents. If there is no deal, their responsibility is on the list side of the equation.
This agreement also helps to protect you and your interests should anything happen when we visit properties. As a client, you would be covered by my insurance policy. As a customer, you wouldn’t. Make sense ?
That said, let’s make sure you get the best possible benefit and support to buy the home you want in this market by establishing our agent/client relationship, and get that agreement out of the way so we can start finding the property for you. of your dreams!”
Open House Tracking
Open houses are a great source of buyer leads and following up will help you decide if you want to continue prospecting with these potential buyers. When you follow up with them, you can email a valuable article and then call.
“Hi it’s [Name] with [Company]. How are you? The reason I called you was to thank you so much for coming to our open house on [date] at [address]. This house, if you recall, was a ___ bedroom, ___ bathroom in [price]. If it’s the style and price range you’re looking for, there are some new listings on the market that are seriously awesome. Is this the style of home you were looking for?
I have a proven buying process designed to help you find the right home with as little hassle as possible. What I’d like to do is find a time when you can come into my office so I can share this valuable process with you, and we can go take a look at these amazing new listings before they’re sold. . What time suits you? »
Handling objections to current market prices
The market is still very hot and competition for a home is fierce. Buyers throw their hats into the ring, often bidding against multiple bids, most of which are well above the asking price. It’s natural for buyers to fear paying more than the house is worth. While it can be frustrating, “waiting for the market” also has its downsides. When they say they want to wait, your job is to go back on their commitment – their Why or reason for purchase and help them stay clear about that commitment throughout the process.
“Hunna Hunna, the only time you should be worried about overpaying or underpaying is if you are buying real estate as a short-term investment. Someone who wants to buy and resell a property. When we started looking for homes, you all told me that you were looking to move into a home for (insert reason i.e. raise their family, be closer to their children, ideal neighborhood, etc.). This is what is important to focus on now.
In my experience, when someone tries to “time the market” they will lose elsewhere. For example, look at everyone who said last year that they wanted to wait for prices to drop. Not only have prices not fallen, but the interest rate has gone up! Let’s not try to time the market. Let’s stay true to your goal and find that house. It sounds good ? »
Break down the dollars
Sometimes when trying to get buyers back on track to deliver on their engagement, it takes more than just tapping into their goals. You need to analyze their decisions and options regarding what it might cost them financially.
“How much do you want prices to drop? What does that look like in a number to you? Is it 5%? OK, let’s look at that. $25,000.
Now, let’s divide that by a 30-year mortgage at our current interest rate (say 4.5%), which comes out to $137 per month. Assuming the properties go down this a lot – and interest rates remain at this level (which is unlikely), are you willing to put off buying your new home now to save just $137 a month?
Look at it from the other side of this equation. If you don’t buy a house on those terms, what might that monthly increase look like if interest rates were to go up even 1%? Let’s do this. Let’s go back to your original goal of buying a house in (area) and make it happen. What are you saying?”
Website Form Tracking
Do you have lead capture on your website that allows buyers to contact you when they are interested in a property? Impressive! You have a lead! Now what? Follow up immediately with a call or text.
“Hi, Hunna Hunna! I saw you were on my website, I will contact you soon, but do you need anything else in the meantime? I have some new greenhouses that have just arrived on the market. Would you like to let me know the area you’re looking in, so I can narrow down the list? Let’s schedule a time to meet, and I can walk you through a proven buying process!”
In today’s crazy market with multiple offers and incredible competition, it’s important to have the right words to help you stay on track with your buyers. One of the best things you can do to improve your ability to communicate is to practice creating dialogues for different scenarios.
Write down the top five questions or objections you get from buyers, then write down at least three answers that you think would work for each of them. The best agents don’t wait to be mute. They anticipate what they will hear on their calls and dates so they can create answers, metaphors and analogies that will help them communicate more effectively next time and the next time.
We go through this process of role-playing and practicing a lot on our coaching calls, and it’s wonderful to hear the “ah-ha” moments click when agents realize, “I can do that too! You absolutely can.
That buyer on the other end of the line or sitting across from you is someone just like you. They want to be seen, heard and understood like all of us. If you approach every conversation with this as a starting point and come from a place of service, you will be surprised and delighted at what you can accomplish.
Darryl Davis is a speaker, coach and bestselling author of How to Become a Power Agent in Real Estate, as well as the CEO of Darryl Davis Seminars. He currently hosts free weekly webinars to help agents navigate the changing market and craft smile-worthy careers. Learn more about his website or cConnect with him on Facebook or Youtube.