What you say to consumers matters more than ever.
There’s a lot of volatility in the housing market right now. We’ve seen the 10-Year Treasury Yield go up and down by a full point on either end of the spectrum. We’re seeing interest rates near 7% again. And we’re seeing inventory decline.
So with all of this uncertainty, how can you present to clients with empathy? Let’s dive in.
Drop the Commission Breath with Buyers
There’s a lot of uncertainty that’s out there, and plenty of Realtors will continue to say, “It’s always a good time to buy.”
People will stop believing you if you keep up with these commission-breath canned lines that you think are going to help you sell more property. If you truly want to help people in 2023, your interest has to take a backseat to what’s actually going on in the market.
Let’s say someone presents a reason for not moving forward with buying a property, like, “I’m a little concerned about mortgage rates. I’m going to hold off to see if they come down in the second half of the year.”
An appropriate response is:
“You’re right. Rates are higher right now. So tell me more about what’s important to you about your move.”
Their answer will give you the information needed to get clear on their motivation. From there, you can present the facts and current data for your market.
This is why staying current on what’s happening and being a knowledge broker is so critical.
Instead of the go-to, “It’s always a good time to buy,” you can share what’s expected to happen and present the data in a way that shows the consumer you are ready to be their guide.
Learn Which Sellers Really Want to Transact
The flip side is with sellers, who might say something like, “Hey, I’m worried about what’s happening in the market or what’s happening with pricing.”
Again, you want to empathize with the person you are speaking with:
“You’re right, there is a reason to worry. And the best time to get your home on the market this year is the first or second quarter. So, let’s talk about what’s important to you about this move.”
Learning the seller’s motivation will reveal who really wants (or needs) to transact. There will always be ups and downs in the housing market. We can’t control rates, and we can’t control inventory. But when you connect with the person, focus on their needs, and present data in a way that’s consultative, consumers will see you are on the same page.
So instead of spitting out the commission breath, “It’s always a great time to sell,” get clear on what’s happening in the market and present it with certainty. When you present with certainty—and talk to more people than any other agent—you will sell more houses.
Business Plan of the Future
The business plan for the future is pretty simple. All you have to do is follow through with it. Here’s a breakdown:
- Pick up your phone and dial a number.
- Have a conversation and ask the right questions. (Remember, a script is a series of questions.) Find out what’s important to each person about making a move and share what’s happening in the market.
- Determine if you can set an appointment. Based on the conversation and the consumer’s motivation, set an appointment if you can.
- Execute the appointment. Aim to educate, not to win.
Over 4 million transitions are projected to take place this year. That means over 8 million sides that will transact, in spite of everything that’s taking place in the market. When you aim to educate and present in a way that’s factual and empathetic, you will close more deals.
So stop with the commission breath nonsense, start educating, and help the consumers who need it.