Panicked due to lack of inventory? Frustrated by losing sales to the competition? There’s a good chance you’ve been deflated by fast property turnover, losing in multiple-offer situations or buyers that go radio silent.
Cleve Gaddis recently shared 12 tips to help buyer’s agents create more sales by providing greater value. As a master coach for Workman Success Systems, and a top team leader in the Atlanta area, Gaddis brainstormed new ways to convert more buyers to sold.
Here are some of his value options to keep and convert more buyers.
1. Search more generally. Gaddis shares that while most buyers think they know their target market for buying a property, they’re often unaware of adjacent areas that may offer more suitable choices. Consider exposing buyers to different geographic areas because buyers can’t know what they are saying “no” to without the proper information. Sending “automated” listings is a great tool, but somewhat limiting, as buyers may not know that their perfect fit might be just a few miles away.
2. Smart buyer’s agents cast a broader net when searching for suitable properties. Gaddis recommends not limiting the search with too many parameters from the buyer’s wish list, but rather, opening the search to view more listings. Chances are, once buyers actually view a property, they may reprioritize their wants and needs.
3. Buyer’s agents who neglect to preview properties consistently are missing a great opportunity to provide value and trust. Keep buyer confidence high by previewing properties daily and sending live updates via video or FaceTime. Share details about the possible fit so that the buyer knows you are working on their behalf. This action alone empowers the buyer’s agent by demonstrating their value and creating buyer loyalty.
4. Help the buyer understand the potential cost of waiting until next year. Work through the possible scenario of even a small increase in interest rates and the long-term impact. When you demonstrate the increase of even a 1% rise in interest rates against inflation, the potential cost over the life of the loan can be quite high. Expose them to a different way of thinking by pointing out long-term costs, and you become a valuable resource that builds the buyer’s confidence in you.
5. Multiple-offer situations* are common in a fast market. At the first meeting with buyers, savvy agents review the current inventory to address the fact that fast turnover may result in multiple-offer situations. As an example, if inventory supply is under four months, take the time to educate buyers with data and computations on price offering strategies. Offering $10,000 over listing price at a low interest rate amortized over 30 years may only impact their monthly payment by $40. This early exposure will help them move forward with confidence should they lose in a future multiple-offer situation. When they understand the process, it is less likely that they can blame you for not getting their offer accepted.
Creating value in the transaction is paramount to a successful transaction and building long-term relationships.
*For your free copy of “12 Tips to Negotiate Multiple Offers,” visit http://bit.ly/38LwDe9.
Terri Murphy is an author, TED Talk speaker and master coach with Workman Success Systems. She is the author of five books and the founder of the Women’s Wisdom Network Facebook Group. Contact her at Terri@TerriMurphy.com.