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Handling objections vol 3 of 3 (buyers)

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This is the third in a series of three compilations that cover scripts on how to handle a range of objections that agents face on a day to day basis when dealing with buyers and sellers in the purchase of a home.

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Handling objections vol 3 of 3 (buyers)

  1. 1. Handling Sales Objections (In real estate) Vol 3 of 3 “Buyer’s Objections” Tony Morrison
  2. 2. Handling Real estate objections • The idea behind this power point is to give real estate agents ideas on how to tackle the many objections they have to face on a day to day basis when trying to convince people to list their house with them or buy a house through them. • Each slide has an objection or an issue as a heading and comments below on how to respond to put the clients concerns to rest. There are often several different responses for similar situations. • The examples which are often abbreviated due to space restrictions should not be memorised but should be put into your own words. The main idea is to understand the meaning behind each script.
  3. 3. “I’m only in town for the day, can you show me everything you have for sale” • “If we find a house today that meets all your requirements are you in a position to make an offer?” (Once having qualified what type of property the buyer wants always qualify their capability)
  4. 4. The first hurdle is to qualify your buyer’s interest in the house you’ve shown them 10 9 8 6 5 4 3 2 1 (A simple rating out of ten from the purchaser will tell you whether to persist or move onto the next property.) 7 (If the purchaser rates the house 7 or less, this is most likely not the right house for them.) Don’t waste your time trying to convince people to buy houses they don’t want to buy. It never works.
  5. 5. “I’m not sure how I feel about this house?” • “Is it the property or the price you are not sure about?” (If it is the property, move on, if it is the price then get an offer.)
  6. 6. Trying to get a purchaser to buy your home instead of a competitor’s cheaper home • Which is a. Not as good b. Might require a lot of maintenance c. The purchaser might outgrow in the future “Wouldn’t you agree Mr/Mrs …… that is better to invest a little more than you expected in your home than a little less than you should.”
  7. 7. “I like the house but it is way over priced.” • “At what price would the house be of interest to you?” • or • “Is there a price that would excite you to purchase this property?”
  8. 8. “Have there been any offers?” or “Is there any interest in the house at the moment?” • “There is a buyer at the moment but he is price limited, he is talking to the bank, but I don’t think he is a threat to you.” No reason for concern Or is there?
  9. 9. “I’d like to offer (Low offer) on the house you showed me yesterday.” • Agent -“Thank you for your offer but the price has already been tested at this level and it is unlikely to be accepted. If the owner was to say no, what would your next offer be? • Purchaser – (hopefully an increased offer) • Agent – To avoid putting the owner off side and therefore less likely to negotiate why don’t you make that offer now.”
  10. 10. “I’d like to make a verbal offer.” • “Thank you, but we are under strict instructions from our vendors to only take serious offers in writing. If you are serious then I’d suggest we document the terms of your offer in writing and then I will make sure that it gets treated with the respect that it deserves.” (Verbal offers are a way of buyers testing the water before they get serious and are a waste of time)
  11. 11. Your first response to a buyers initial offer • “Is this your final offer?” (It is amazing how many times buyers will tell you that it is not)
  12. 12. “I’d like to make an offer but it will have to be subject to the sale of my home.” • “You are most likely to pay considerably more if your offer is not cash. • You’d be far better off financially to sign a long term cash contract. • Even though it is a bit scary to buy before you have sold the money you save by offering cash will cover a lot of interest if your house is not sold prior to you having to settle on your new purchase.” (Even worse for you as an agent though is the high subject to sale price will set a value in the seller’s mind that may not be reached again with a cash buyer.)
  13. 13. “I simply can’t afford to increase my offer.” • “I understand that you have already increased your offer but you are so close to being able to call this house your home. • If you could come up another $10,000 I am fairly certain that the owner would accept your offer. • I know $10,000 sounds a lot but when you break it down over the span of a 25 year Principal and Interest loan it isn’t nearly as much as you think. • The extra $10,000 would equate to an extra $64 per month in payments * • This would equate to an extra $14.70 per week • Which would equate to $2.10 a day, the price of a chocolate bar or packet of chips.” • (This is called the reduction to ridiculous close) * Based on 6% interest Principal and interest loan
  14. 14. “I simply can’t afford to increase my offer.” • “Wouldn’t it be a shame to get so close but still miss out on your dream home.”
  15. 15. “I simply can’t afford to increase my offer.” (When negotiating with a buyer in a rising market) • “I understand you have already increased your offer but I feel that you can’t afford not to increase your offer as in 3 to 6 months this property will most likely be worth considerably more again. • As much as I know it seems a lot at the moment you may never have the opportunity to purchase this home this cheap ever again.”
  16. 16. “I simply can’t afford to increase my offer.” “I know this is more than you wanted to spend but it is now or never as the opportunity to buy ……. is simply not going to come up again in a very long time if at all.”
  17. 17. “But I’ve already come up ….” • Buyer – “I’ve already come up $20,000 and the owners have only come down $10,000.” • Agent - “You may not know it but the owners have previously dropped $30,000 off their initial starting price so they have actually come down more than you have come up. • If you started your initial offer $30,000 lower than where you did you could say you’ve already come up $50,000. It is not about who has come up or down the most, it is about whether we can reach some common ground that it mutually acceptable.”
  18. 18. As a last resort if negotiation has stalled • If the agent gives a little of his commission it is amazing how both the seller and buyer will budge from their irremovable position. Agent Owner Purchaser
  19. 19. Market research is not just for the education of sellers • “If I could show you evidence that you are not paying too much would you consider increasing your offer?” Sometimes buyers need some research to give them the confidence that they are actually not paying too much.
  20. 20. If you have a purchaser who is playing hard ball and just won’t come up in price • Take it away from them. (e.g. “the owners have decided not to sell anymore”) • Buyers invariably just about always come up in price when they fear that they have lost the chance to buy the property they have been playing hard ball on. Fear of loss is a powerful tool in the negotiation process. • (There is always a risk involved in this approach though in that the buyer might just walk away so you need to know your buyer’s mind set well before trying this.)
  21. 21. Next time you get frustrated with unrealistic buyers and sellers • Remember if owners were to ask a reasonable price • And purchasers were prepared to make reasonable offers we would all be out of a job.
  22. 22. Check out other power points on www.slideshare.net by Tony Morrison