As an agent you will be well aware to categorise your buyers. They will range from time waster, mildly interested to a hot buyer needing something now. Managing your time and how you spend your efforts with each of them is essential, here are some tips to help move resistant buyers in to active searchers.
Resistance 1: Consumers believe market has tanked and will do so again.
Consumers reluctant to buy now are reminded of the GFC and how property prices fell, whilst we didn't experience as much pressure as the US it did put a lot of people in to a save and rent mentality. The idea being that outlaying no deposit and not having a mortgage prepared them for future crashes.
Explain to buyers the long term of why to buy property. Draw on the data below
ver the last 35 years property has gone from a median value of $37,500 to a national average of $540,000 dollars. Explain that holding over the long term has proved successful.
Resistance 2: Money
Put simply, consumers see big numbers and get scared. They worry they won't be able to manage the payments on large numbers. The biggest concern is generally the length of the loan and the overall impact on their lives.
Explain to consumers that it can be broken down and make sense for them in how it is managed. Also explain it compared to their current expenses and emphasise the difference not the total. Many consumers forget they are paying rent as an expense. Minus the rent from the mortgage repayments and focus on the difference not the total figure.
Resistance 3: There may be a more perfect home coming on the market soon.
Agents get bombarded with consumers saying that they are holding out from buying because their dream house is around the corner, and once that passes them buy another will be around the corner. They don't have urgency. Explain to consumer to look at their home and the facts. Their costs on the mortgage, location, lifestyle- the true nuts and bolts. The rest can be worked out later, such as interior. When consumers are caught up on their dream home, they will never find it and you will certainly waste your time.
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