Recently, Anita and I were on the hunt for a lounge suite for our new house and spent a great deal of time looking for it. After visiting at least six stores, we discovered that although there is a huge disparity in quality depending on how you much you wanted to spend, when it comes to style and design, all stores and all ranges were incredibly similar. It’s as if all the manufacturers and brands got together and decided that this is how lounge suites need to look.
Obviously, it became very difficult to choose a lounge suite and we found ourselves back in one of the six stores that had the biggest range. After entering the store, the salesman, Saheen, came straight up to us and offered his help. We then tried to explain what we were looking for and he LISTENED intently. He then asked a very important question, “When do you guys need it?”. Without thinking, we both replied that we were having a housewarming party soon and would preferably like something before that. Saheen then went out the back to see what they had in stock and returned to announce he had three different suites for us to choose from.
All of a sudden, our search criteria had been narrowed from literally hundreds, to just three. Believe it or not, once we only had three to decide from it was a simple process of elimination. Just like Goldilocks, one was too small, the other was the wrong color, and the third option was just right.
The amazing thing was, he then proceeded to tell us that that particular suite was the last one in the state and the twenty other stores could sell it at any time. All of a sudden, we went from confused and not being able to make up our minds to, WE HAVE TO HAVE THIS LOUNGE SUITE! I don’t think I have thrown my credit card at someone that quickly in my life. We bought that lounge suite and it was delivered in time for the housewarming party.
Now what does this have to do with Real Estate?
First of all, when buyers go looking for a property, they are spoilt for choice. We’ve all been through newer suburbs where the majority of the houses look similar to each other. It can become quite confusing and overwhelming.
However, when it comes down to it, by asking direct questions, qualifying buyers, and finding out exactly what their WHY is, you’ll be making your job and their lives much easier. As with our lounge suite hunt, Saheen identified exactly what was important to us even though we hadn’t realized it ourselves. Deeply, Anita and I, without even discussing it, would have preferred to have the suite prior to our housewarming. Once Saheen knew this, he knew our WHY and was able to narrow it down to just the three that were available.
If buyers need to be close to a certain school, this will help narrow the search down to maybe only a few available properties. You would then show them the available properties and find out which one they like best. Or, it could be that they really need an activity area and back garden for the kids. That specific criteria would probably narrow down the selection quite considerably allowing you to show the properties that meet the criteria, allowing them to choose one. It’s that simple. The key is to identify the WHY. If you can do that, you can really help buyers find what they are looking for.
Then it comes down to motivation. As with our lounge suite, Saheen was able to quickly take us from undecided and unmotivated, to decided and downright desperate to have the suite. This is where the sales process comes into it. Meaning, if the property is new to market, then that is the competition. You will then have to explain to the buyers that the property will be going onto the market and will attract a lot of attention. This will motivate the buyers to make a move. Similar to if the property is going up for auction or if the property is going to be priced. These strategies create motivated buyers as they will be worried about losing the property to someone else.
If you’re looking for more tips on how to narrow the search and get buyers motivated, make sure you register now for my upcoming FREE half-day Real Estate Brilliance webinar. If you attend, I will share with you the strategies and systems that will allow you to win the business 80% of the time and how to work with buyers. Make sure you don’t miss out and register today!