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May 9, 2013

Mastermind for may 8th. Can you change the mindset of a buyer? and How To Convert Clients At Open Houses

by mark mclean

einstien picToday’s Mastermind wasn’t the winner in the attendance department but nevertheless we had some great discussions started by a newer agent looking for ways to counter a potential buyer who wants to postpone a purchase. Specifically, the client’s father had grave concerns about the market. What is it with parents? How many dads fly in at the last-minute with the famous “you’re paying WHAT for THAT”? The reality is that it doesn’t take much to change a buyers mindset. It’s kind of like watching playoff hockey. You can actually see the momentum shift.

The truth is people get it in their head that the market is heading one way when the evidence you see is that it is going in the other direction. They concerned the market is falling or their purchase will lose value. Did they just read an article about poor job numbers and the impact that will have on home values? Could it be that they are just hesitating because they are afraid or have zero motivation? For first time buyers it’s the parents from out-of-town who just don’t get the big city pricing. So what can you do? Step one of shifting the mindset is to identify the concerns into several smaller, more manageable pieces. Challenge the source. Keep a level head and provide nothing but facts and make sure you have the documentation to back it up. You can’t go in with an argumentative stance as that will just entrench them in their beliefs. The fact of the matter is that your job is to keep buyers posted on whats going on with the market. First time buyers need support and encouragement. Research shows that first time buyers take an average of 5 months to buy their first house so don’t be discouraged with buyers who don’t jump at the first place they see. They need to see the market for themselves.
Next we talked about agents having trouble converting open house visitors into clients. I think every new agent wonders how much contact is too much contact. Agents know that it is important to contact all the people who signed into their open house as soon as it is over, but how many times do you reach out before you give up? NAR research indicates that you should make 8 point of contacts before calling it quits. That’s 8 times over the course of a few months, not 8 days in a row. Talk about determination. Do you have enough patience to leave a message 8 times? The point is, you don’t want to be the pebble in their shoe….just the cozy insert. The whole idea of calling the “visitor” is to build trust, show your knowledge and develop a relationship. You can do that easily by knowing what to say every time you make contact. Here are 10 we came up with. Feel free to add to the list.
1. Just wanted you to know that a similar house is coming on the market this week.
2. The house we met in sold this week for….
3. I know you are just starting your search but I wonder if you would be interested in looking at a few other houses in the area.
4. The open house was pretty busy and we didn’t have a chance to talk. I will be there again this weekend if you want to swing by.
5. I noticed you had a new car, well the house on the next block over has a big garage.
6. My office is holding a real estate seminar that I would like to invite you to.
7. I work with a lot of buyers in this area and I wanted to share this link with you on the schools/bars/clubs/galleries/shops in the hood.
8. I just got 2 tickets to the home show. Thought you might be interested.
9. How actively are you searching for a home right now?
10. I remember you asked a question about the electrical system and just wanted to let you know that the owner has confirmed…..

Hope this helps. Have a great day.

mark mclean


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