How to identify and resolve some of the most common excuses buyers and sellers will pose in a transaction.
As a real estate agent, one is bound to encounter numerous client objections before closing a deal.
Handling objections tactfully is truly an art! First of all, the aim should not to try to win or convince the other party but instead, one should endeavor to meeting client’s emotional and transactional needs, and doing the right things and holding crucial conversations with clients in building longterm relationship.
When working with today’s buyers and sellers, one is likely to face the following objections. But how do you activate your wits to handle them with care and professionalism?
- “I’m afraid to start the homebuying process.”
The buyer isn’t ready to commit, and isn’t sure when they’ll be ready to jump into the market. Aim to isolate their concerns and address them in ways that boost the buyer’s confidence.
- “It’s a bad time to buy.”
Concerns over current events and the economy have made the buyer hesitant about purchasing now. You’ll need to use your market knowledge to ease their concerns and help them understand what the market conditions really mean for their circumstances.
- “The home I want is too expensive.”
The buyer feels the home is overpriced, and doesn’t believe they can afford it. In this case, you must remind the buyer of what they’re looking for in a home versus the fair market value of a property with those amenities.
- “Agent commission is too high.”
A common problem area with sellers: they feel that they are paying the agent too much for their guidance, and want to try and sell the homes themselves. You’ll need to reiterate your value as an agent, so the seller understands that they are getting tremendous service that goes beyond the sale alone!
- “Another agent will list the house for more.”
Your seller does not feel you priced their home appropriately, and believes that another agent would be able to get more for it. Engage the seller to determine what they believe the house is worth and explain your goal once again — to sell the home quickly and at a price that leaves them with the most of disposable money.
- “I’m not willing to make renovations on my home.”
The seller believes the home is fine as-is and does not require any updates despite being asked to fix some elements. Explain to the seller how making some updates is the standard, and applies to many homes.
- “I don’t want to lower my price.”
Your seller does not want to reduce the price, even if the home has been on the market for quite some time. Let the seller know it’s typical to drop the price at least once or twice, especially when the home is dwindling on the market.
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