Are you able to manage your emotions around buyer sentiment when some buyers are “playing the game”?
During this transitional climate, It’s time to challenge yourself and be prepared to manage these opportunistic buyers in a positive way.
How are you handling opportunistic buyers?
Click to watch the video (or simply read the transcript) below to learn more.
Here is another Coaching on the Go Moment from real estate coach Caroline Bolderston.
Today I wanted to tap into what is potentially a real challenge for you right now – How to manage the emotions around the buyer sentiment and how buyers are “playing the game”.
Are your buyers playing the game?
The message today is that if you look at 100% of the buyers in the marketplace the feedback from most of the agents that I’m talking to, is that they really do feel there is still the balance in favour of serious buyers compared to buyers who are opportunists.
That balance is looking like it might be around 60/40 or even 65/35. What that means is, there is still a vast proportion of your interested buyers who are serious about purchasing real estate right now.
Buyers are looking for a bargain!
Now let’s couple that with the fact that this is a market that they’ve been waiting for.
This is a market where buyers feel finally, they can get something on their terms and they don’t have to overpay or pay a premium.
Everything that we talk about in a boom market has really turned for them. It’s no doubt that any buyer right now looking to purchase, naturally wants to pick it up at the best possible price.
I challenge you – If you were out there looking to purchase a property and maybe some of you are, what are you doing in terms of offers?
- Are you just paying full price?
- Would you be prepared to go crazy at auction?
- Are you considering your level of interest and how far you’re prepared to go?
The whole purpose of talking to you about this today is that you need to accept the situation – 35% of interested parties might be those opportunistic purchasers. You should be running this little filter when you’re talking to your buyers!
Try and understand which camp they are in, then you can manage your own expectations around where their offer might come in or where their interest might lie.
The best one I’ve heard so far is a property with a recent comparable sale around the $1.4 million mark. The vendors are looking to achieve around $1.3 – $1.35 million. They had an opportunistic buyer put an offer forward of $850K, the emotions that the agent had were pretty intense as you can imagine. So how do you deal with this?
Dialogue for the opportunistic buyer
I want to encourage you to be prepared for that – If that happens you could say the following to opportunistic buyers:
“I understand this is a market where you might want to make an opportunistic purchase. I’ll keep you posted and let you know how it goes. I’m certainly dealing with a number of seriously interested parties who also want to pick it up at a fair price, and are prepared to actually pay something that represents more fair market value”.
You could then follow this up with something similar to:
“I’ll certainly come back to you if anything changes, and if something happens on your end and you actually decide this is the property you want to secure, I’d love to hear from you and see how I can help you out from there”.
A response like this, where you’re in control of your emotions, letting them know what’s really going on, might be the best way to go so you can manage the ups and downs of this transitional climate.
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