If you think selling real estate is all about figures, facts and. rational decisions, think again.
Buying and selling a home is a very emotional experience. With it comes excitement, stress, sadness, fear confusion and gratification - all on the same day! During this process, buyers and sellers will cycle through a range of emotions.
Of course part of anyones job is to be empathic to their client and you need emotional intelligence to navigate what is an emotional roller coaster. For example, you'll need to balance anxiety and excitement when dealing with first-time home buyers who come to the table with a merger budjecy and a lot of unrealistic expectations. You'll also want the emotionally tools to tactfully handle a newly divorced sellers, who may not be ready to let go of their home and dreams. What is they're still wrestling with boats of sadness and fear? Are you ready for that?
Well, I am here to help you be ready for it.
The truth is, this can't be avoided, and most of your clients will be affected by their emotions at some point during the process.
One thing I have learned over the years is, instead of attempting to ignore their emotional journey they were on, I acknowledged and prepared for it and you can too!
Prepare Yor Client
Setting expectation is necessary, whether you are dealing with first-times or veterans. Preparing them for what to expect during their relationship with you is paramount. Take the time in your initial meeting to educate them on the buying and selling process. This in itself can eliminate many of the negative emotions, such as anxiety about the 'what ifs' or the 'what happens nexts'.
Of course we want to be optimistic with clients, but it is important that we share worst-case scenarios, too. What happen if the seller rejects an offer? What happens if the house doesn't;t sell right away? If something goes wrong with the inspection, what happens then?
Avoid these scenarios to happen by preparing your clients. Trust me, there are already thinking about those "what ifs". By being transparent and giving it to them straight, you reassure your client that you'll know what to do if the worst actually happens and you will relieve a lot of stress.
Help Your Client Understand Buyer Psychology
If you didn't know, buyers purchase homes because their emotions tell them to. But your seller client may not know this.
The inverse is also true. Sellers often follow their feelings when deciding how to price a home and whom to sell to. Does your buyer know this?
Let your client know that emotions are an unavoidable part of the process. While buyers often think they’re making an informed decision based on research, hard numbers, and logic, they’re unconsciously choosing to purchase because of the way they feel about a property. In fact, research shows that 44% of buyers are willing to spend more on a home just because they like it— no other reason.
For a large percentage of buyers, emotional connection to a property is more important than its resell value or interest rate.
Encourage your sellers to use the buyer’s emotion to their benefit. Never miss an opportunity to tell a story with your staging. Stories, no matter how simple, can be emotional. Prospective buyers should be able to see themselves living in a space, not the previous.
Also, be sure that the seller reduces friction and increases the home’s perceived value by making those little repairs around the home.
Offer Firm Advice
You can be emotionally supportive and assertive at the same time. Be sensible, wise, and considerate as you guide your clients through the process. This is the reason they’ve come to you instead of going it on their own. You’re the real estate professional. Unlike your client, you’re objective. Help your client cut through their emotions and find what they truly want.
This advice is for both buyers and sellers. Listen closely to what they tell you about their goals. And also read between the lines.
Your client may be absolutely, positively certain that they want to purchase a home in a specific neighborhood. But their budget doesn’t work. Find their reason why. Perhaps they’re emotionally fixated on this particular area because of its reputation. By understanding their attachment to a neighborhood, you can offer firm advice (e.g. highlighting other trendy neighborhoods that provide a similar vibe within their budget).
Being emotionally supportive doesn’t mean that you cave to your clients. Be willing to guide them as the level-headed expert.
Have Empathy
It’s easy to lose perspective when dealing with clients. You know a good deal. You want your client to hop on that good deal. But they’re hemming and hawing through their emotions.
Before you get frustrated, take a breath and a step back. Try to see the situation through your client’s eyes. Although it’s your business, it’s their life. They want to make the best decision possible. How would you feel if you were facing the biggest financial decision of your life?
Be sensitive to this as you advise your clients. Acknowledge their feelings during the process. They may be tired of looking at home after home. Wouldn’t you? They may be frustrated with lowball offers or losing out on bidding wars. Wouldn’t you?
Allow your clients to vent and avoiding taking it personally. But always encourage your clients to be patient with the process.
Check In With Your Client Along the Way
Throughout the house hunting/ selling process, be sure to check in with your client. Ask them how they’re feeling.
They may feel disheartened by the process, and you don’t know it. By asking this simple question, you may be able to proactively save a client from leaving you. Emotions can often cloud their judgment and sour the process. You can diffuse their negative experience by offering hope and a professional perspective that they don’t have.
Know When It's Time to Walk Away
Like Kenny Rogers says, sometimes you gotta know when to walk away.
Some clients aren’t ready for the process. Give them space to get comfortable with the idea.
Don’t pressure them into a decision that they may regret (even if you think it’s the right option for them). If your client is unsure about what to do, offer them your best advice and then tell them to call you when they’re ready to move forward.
And of course, avoid the relationship dissolving into dust. Stay in touch with the client regularly via email, text, or phone calls. This will keep you at the top of your client’s mind once they’re ready to resume the process.
Final Thoughts
The journey to buying or selling a home is an emotional one. Be sensitive and sensible as you guide your clients.
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