The questions we ask and the words we use have a profound impact on the way we make people feel.
It’s this effective communication that will position you as an absolute professional.
Learning how to communicate with buyers is crucial because it means higher prices for our vendors, not to mention the chance to pick up extra business.
With that in mind, here are three critical questions you must ask every potential buyer:
1. At what price would you see value in this property and be comfortable making an offer?
Many real estate agents wait for the buyer to express interest and approach them to make an offer. However, the negotiations begin from the very moment a buyer walks through the door. The real reason most buyers choose not to make an offer and attempt a purchase is due to price, or at least their perception of price.
By removing the (price) barrier, you can take the negotiations to the next level and extract many more offers from multiple buyers. By gathering this information and asking quality questions to all perspective buyers, you also begin to gain a true snapshot of market value, allowing you to better communicate with your vendor and put more deals together in less time.
2. Talk to me about this property – what did you think the positive aspects were and what did you consider the negative?
We‘re employed by the vendor to facilitate the sale of their property for the best outcome. There are certain aspects of a property that we cannot change, for example the size of a bedroom or the amount of natural light. However, there are many minor cosmetic characteristics that buyers perceive to have a negative impact on value that can be altered by something as simple as a coat of paint.
When we engage our buyers and make note of the positive and negative points multiplied across many buyers, only the genuine concerns will continue to arise. This knowledge is power. If 15 out of 20 buyers are documented saying the property is unsuitable based on the size of the second bedroom, this indicates that it might be appropriate to reassess the pricing strategy with your vendor. Equipped with this information, you’re more likely to secure a price reduction as your vendor can now make an educated decision based on hard evidence.
3. If you come across your dream home today, are you in a position to take the first steps and secure it?
When asked, this powerful question allows us to establish three very important pieces of information:
- Are they ready to buy now and do they have a pre-approval in place?
- Do they own a property that we can potentially sell?
- Can we refer them to our mortgage broker who we have a relationship with?
By asking quality and well-thought-out questions, we create an awesome experience for everyone we speak to and this alone is guaranteed to significantly increase your business.
ABOUT THE AUTHOR
Billy understands the daily activities it takes to be successful in this industry, and focuses on marketing, personal branding and well-executed training. He helps agents map out their success by identifying their true goals, and he delivers this with one-on-one coaching and keeping his team accountable.