About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Finding the Perfect Home: Keeping Buyers Motivated

Inventory is at a record low in much of the nation right now and we hope that spring will bring more homes onto the market.

Your buyers have their financing in order; have a general idea what they want in a home and where they want to live. Unfortunately, after looking at house after house, or losing houses with multiple offers, they are getting discouraged.  Perhaps they can understand losing one house, and maybe even two, but when they keep losing properties they can easily get discouraged. Even when they are escalating as much as they can and cutting the length of their contingencies, they are still losing.

As REALTORS®, it is your responsibility to help keep your buyers motivated through even the toughest home buying process.  So how do you keep them encouraged? Here are a few tips to help you through the process.

  1. Observe buyers while viewing listings. Every home produces a reaction in the buyer – excitement, boredom, disgust, admiration, tenderness, coldness. What do your buyer’s body language, facial expressions, and conversation say to you? A buyer might light up like a Christmas tree over a skillfully remodeled kitchen, but completely deflate when she sees the too-small master bedroom. Does that mean you don’t have a sale? Not necessarily. Start by showing the buyer no more than three homes the first time out. Then take the buyer for refreshments to discuss the homes. Tell the buyer this helps you refine her search, but it is also an opportunity to open the buyer’s mind.
  2. Target specific neighborhoods and surface homes that aren’t on the MLS yet and you as a great agent, may help them buy a home before a bidding war starts.  Sometimes before the sellers do a bunch of “upgrades” that a) you don’t want/need and b) that will result in an inflated listing price. This may help you keep the price range where your clients need it. Kitchen may look dated, but it keeps $10k off the price and they can address it later.
  3. Before sitting down to write an offer with a client I ask them to think about how much the house is worth to them. You go over the most recent comps, but tell them that they are the only ones who can include “the Love Factor”. If they LOVE the house and are in a competitive situation, they can’t just look at the comps for how to structure their offer. If they have been in the market for a while, they know the inventory and may realize the value of each property. But they are the only ones who can determine, how much they should pay for a property…no matter how many times they ask you, “What would you do?”
  4. 4.     Tell them to put their best foot forward. Tell them to make an offer that they can live with whether they win or lose. You want them to wake up the next morning thinking, “we got the house of our dreams” or “we lost, but we did the best we could”. Being beat out when you have done your best is definitely less painful. And when this happens you let them know that there is something else out there that is better suited for them and try your best to get them back out there looking at property. It isn’t easy keeping their hopes up, but do what you can.
  5. Help buyers get real.  Buyers often times have unrealistic expectations (especially first time buyers) because their wants are bigger than their pocket books.  When you first develop that buyer/agent relationship, ask them to make a list of what they must have no-matter-what in a home. Then ask them to make a list of what they do not want “no-matter-what” in a home. Then tell them that “Regardless of how much the lender says you ” qualify” to borrow, what is the largest payment you can make per month w/o jeopardizing your entire lifestyle?” By helping buyers arrive at a realistic housing budget, you can also help them better understand what they can and can’t afford to buy, which narrows the number of homes you have to show considerably.
  6. It is a realistic fact that many buyers may not be able to afford a new home, so in order to ease their fears about buying used, help the buyer understand that solutions are available for major and minor problems. They have no one else to turn to who has as much experience and knows the local scuttlebutt about contractors and repair services as you do. So use it! Make it your business to know who has the cheapest granite and tile in town, which contractors are the most reliable, and whether a home warranty will or won’t cover that 20-year old furnace. If you are worried about liability, simply put a disclaimer on your handyman sheet that you aren’t responsible for another person’s work. This is a great opportunity to show the buyer that you have thought ahead to after the sale and the buyer’s well-being.
  7. Salespeople love to close sales and they also love to close sales quickly, preferably with as little effort as possible. But effort – particularly mental effort – can make the difference.  Negative thinking and lack of confidence are the two things that take the biggest toll on a salesperson’s level of success.  If the salesperson is not confident, then every other tactic or strategy is useless and will have little effect. Everything starts with the salesperson. Confidence begins with the total belief in your own skill set as a salesperson and total belief in your ability to help the buyer fill the needs they have.

Your buyers play off of your knowledge, confidence and attitude.  If you can stay motivated to help your clients find the perfect home, it is easier to keep them motivated in the process. Remember that for every door that closes, another one opens, and it may be the one that they hold the keys to.

Some information courtesy of Mark Hunter, The Sales Hunter

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.