You know, there’s nothing worse than being two, three, four days out from auction, and all of a sudden the vendors ring you and say, “Well look, how many buyers we got on this thing? Is anyone going to buy it?” And there’s that fear about, when markets change, how we will get buyers to commit.
How do you get a buyer to commit? It is one of the biggest challenges in the real estate industry.
Getting a buyer to commit is ultimately a test of your qualification skills. It answers the questions of why they want to purchase, how and when they will purchase, and what type of property they want to end up with.
To overcome the reasons why buyers might have some resistance to your getting them to commit, it’s actually all about your pre-qualifier questions. There are six items to qualify a buyer, as most agents don’t know in detail what the client is trying to achieve. If you can understand the why, it fundamentally changes the way that we actually work with the buyer.
Basically you need to drive them by one of two things: either the sense of gain, or the fear of loss.
Fear of loss is very, very powerful. Use a technique called compression selling, where we get two buyers at a property at the same time. Both buyers see each other, therefore creating a highly competitive environment. They each think they’re going to miss out if they don’t make a decision quickly.
If you want to learn more about how help buyers commit, we have some really great products that can help you focus on the daily tasks that will get you on track for success.
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