Learn how to combat one of the most popular home buyer objections, and discover why now is actually the best time to be a buyer’s agent.
One of the most popular home buyer objections right now involves waiting to buy a house. Buyers feel like they can “wait it out” when it comes to the high prices they are seeing in the market. This is a dangerous belief, because truly, prices are only going up from here. Now is the best time to buy, so let’s dive into some ways to help your buyers overcome these objections.
VIDEO: Home Buyer Objections: Should Your Buyers Wait to Buy a House in 2021?
You need a new buyer consultation script
This low-inventory market that we find ourselves in requires that we change up our buyer consultation. Because listings are flying off the market so fast, buyers get spooked. They feel they can’t compete, so why try? Home buyer objections like “I think we are going to wait until the market cools down” are running rampant. So what are some things you can tell your buyers to help them feel like they have a fighting chance?
- Do you have a source of hard money? Ask your client if they have a family member or close friend that has cash. This will allow you to look more appealing to the seller. You can close faster and without a loan contingency. It is getting much harder to buy a house with a traditional home loan. It’s just not as attractive as all cash offers, which are becoming the norm. A hard money loan is also a viable option, and the rates are low.
- Appreciation is increasing. This should give your client a sense of urgency. We are looking at appreciation rates that we have never seen before. Check out the infographic below (and share with your clients.) I’m expecting the possibility of a 20% appreciation rate over the next year. Buying right now is the most affordable option! We are going to see prices jump like you wouldn’t believe.
- Now is NOT the time to sit and wait. The money in your bank account is going down in value as the housing market appreciates. Investing your money in real estate is the best thing you can do!
It’s the best time to be a buyer’s agent
Believe it or not, it is the best time to be a buyer’s agent. A low-inventory market makes your job as easy as it will ever be! Home buyer objections aside, you have less property to go out and show. In fact, right now, most offers are being made before a property is seen! Yes, you will have more offers to write. But that is the least time-consuming part of your job as a buyer’s agent. Easily, 80% of a buyer’s agent’s time is usually spent going out and showing property. Right now, that percentage is much, much lower.
As a buyer’s agent, you can’t let yourself get frustrated when your offers aren’t accepted. Right now, for every four offers you make, you’re likely to have one accepted. If you can allow yourself to be okay with that success rate and realize that is the norm right now, you can adjust your mindset and be the best buyer’s agent you can be for your client. Educate your client and explain that it is going to take more offers to get them a home. Set their expectations so they aren’t frustrated either!
The best advice for buyer’s agents? Get more buyers. Fill up your buyer inventory pipeline. This is a numbers game — the more buyers you have, the more buyers you’ll have going under contract at a time.
Want to learn more about ICC?
- Take our Buyer Lead Conversion online course. Learn how to leverage your networks to get buyers on your side. We’ll teach you all the tips, scripts to combat home buyer objections, tools and techniques you need to address buyers’ unique needs. You’ll learn how to get them in the door for a proper appointment, make the most of your consultations, and get them on board as your clients.
- Join the Real Estate Agent Round Table. We are always posting fresh content, including market updates, free templates, and host dynamic discussions with the industry’s top producers.
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