A common problem for real estate agents in the current market is “flaky buyers.” Since these are sincere purchasers, there is uncertainty in negotiations and real estate sales because they are not moving quickly. What steps can you take as an agent to effectively manage these situations then?
Join me in Episode 115 of Coaching on the Go as we dissect the three actions that buyers need to take in order to feel urgency.
Click to watch the video below to learn more.
In Episode 115, Navigating Flaky Buyers: A 3-Step Framework to Keep Them Engaged
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Real estate can be unpredictable, especially when genuine buyers are acting flaky The ‘Buyer Drought’ – 6 Key Strategies to Thrive in a Market with Fewer Buyersand indecisive. In Episode 115 of “Coaching On The Go,” we discuss how to address these situations effectively. Often, buyers are either lacking urgency or they’re not truly in the market to buy.
Recognising Unreliable Purchasers
Buyers typically act in this manner for two reasons:
- Lack of Urgency: Buyers adopt a “wait and see” strategy because they believe they have time and don’t worry about missing out on a property.
- Not Quite Ready to Purchase: These people may not be serious purchasers; instead, they may be conducting research or using their objections as a pretext for other motives.
I’ve created a three-step framework to assist sales agents in navigating this: Find the emotional charge, assess If they’re active buyers, and create urgency. Agents can influence buyers and close deals more quickly by first figuring out what emotionally pulls them to a property, then determining whether or not they are ready to act, and finally instilling a sense of urgency.
The Three-Step Structure
Step 1: Find the Emotional Charge.
Determine the Emotional Tension Discover the main reason the buyer came to see the property in the first place. Increase the benefits that first drew them in rather than allowing them to concentrate on the drawbacks. “What made you want to view this property today?” is one example of a question to ask. By doing so, you can draw their attention to the things that really excite them and direct the conversation toward the property’s advantages.
Step 2: Assess If they’re active buyers.
Determine Whether They Are a Buying Activity It’s time to discover if they are actually able to make a purchase at this point. “If you found the right property, is there anything preventing you from making an offer?” is a direct question to ask. This makes it easier for you to tell who is just browsing from those who are prepared to take action.
Step 3: Create urgency.
Instill a sense of urgency and FOMO (fear of missing out) As soon as you locate an interested party, create a sense of urgency. Make allusions to their intense feelings and evoke a sense of impending loss. For instance, “Let’s schedule another inspection soon since this property has the large outdoor area you’re looking for. I would hate for you to miss out because there are other people who are interested.
You’ll be in a better position to maintain buyers’ interest, shape their choices, and guarantee that they stay focused on the property at hand if you adhere to these three steps.
Summary:
In Episode 115 of Coaching On The Go, Caroline Bolderston discusses the difficulty of working with ‘flaky buyers’ in the present real estate market. Caroline provides a three-step framework for influencing the behavior of buyers and maintaining their engagement. Agents can enhance their capacity to close deals and guarantee that buyers remain focused by identifying their emotional charge, evaluating their readiness to purchase, and establishing urgency.
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Caroline Bolderston
With over 20 years of industry experience Caroline has a track record of personal high performance and exceptional results. Taking her passion for Real Estate sales and her genuine interest in sharing her expertise to develop others, she was the creator of the Belle Property Academy which has delivered many $1M agents and high performing sales teams.