The inspiration for this post is an email I read this morning, paraphrasing slightly:
“How to put a rosy spin on a negative market”
What? Why would you NOT want your clients to know the straight-up truth about the market? I don’t get it.
How are your clients supposed to make informed and intelligent decisions, based on Bogus Spin (BS)?
Let’s stop here for a minute and verify what kind of REALTOR® you are:
If you chose “b”, why are you reading this? Go tell your clients how rosy the market is. Good-bye.
If you chose “a”, here’s how and why you should always be straight-up truthful with everyone, no matter what:
This should be obvious, but how is your client supposed to price their home competitively if they don’t understand exactly what they’re up against?
“But Ted! I don’t want to come across as being too negative!”
What? Why is telling the truth considered to be a negative thing? I don’t get it.
If you present the truth to your clients in a logical way, backed up with facts and figures, and you then show them which strategies can be employed to give them a distinct advantage over their competitors (who are mostly listening to Bogus Spin), you’re HELPING them! This is a positive thing!
Here’s the advice you should be giving your clients in a negative market:
“It’s a buyer’s market, which means that there will likely be continued downward pressure on prices. No-one can say for certain how long this will last, so it’s up to you to decide if you want to get started now or hold off for a while and see what happens with the market. If you want to proceed, we’ve just got to make absolutely sure that you’re getting good value for the money.”
There’s going to be further discussion of course, but that’s a good start.
“But Ted! What if they decide to wait and see if prices drop further?”
Then, you’ve done your job properly. You’ve told them the truth, and you’ve created long-term trust and loyalty that will not soon be forgotten.
However… In my experience, almost all buyers will listen to and appreciate your advice; then they’ll choose to continue their search.
The desire to buy almost always prevails over concerns about the market.
They might be more cautious and decide to proceed at a slower pace, which is perfectly fine! Be patient, and remember:
It’s NOT about making a quick sale. It’s about establishing a long-term relationship that is going to pay off, over and over again.
Referrals, referrals, referrals….
I know numerous ‘Big-Shot’ REALTORS® who just don’t get this. They push and push for the quick sale, and that’s why most of their clients use them once, and never again, and they certainly don’t send any referrals.
These ‘Big Shots’ work harder, spend way more money on advertising, and make far less (after expenses), than I ever did during my career.
Honesty pays, my friends. Handsomely.
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