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Give your buyer a little hint: Real Estate Buyer Motivation
By arlene | June 6, 2008
Like sellers, buyers often effectively hide their real motives. Possibly these motives are too personal, could be the subject of ridicule, are not fully understood even by the person himself, or the person is unable to express himself adequately. Most people can describe their physical requirements regarding a house fairly well but are not always able to give expression to really deep motives, which are often more emotional than rational.
Once a prospective buyer has described his requirements in terms of style, size, special features and even price, you have to probe deeper in order to discover the underlying motives. Sometimes they will not be expressed directly and you will have to interpret carefully what is being said. The buyer’s hidden motives may indicate a desire for:
- increased social prestige;
- a prestigious address;
- highly aesthetic surroundings;
- maximum privacy;
- a showplace for entertainment;
- security;
- a spectacular view; or
- beautiful garden.
In questioning the buyer do not dwell on specifics but rather on atmosphere, long-treasured desires, the subtleties of a lifestyle and secret hopes. Often people will make an emotional decision to buy and later justify it on the basis of the stark realities. Questions you can ask are:
- What is the one thing that you have always wished for in a house but have never had?
- How frequently do you entertain and what are your requirements for entertaining?
- With what kind of people do you feel most comfortable?
- How do you enjoy spending your leisure time?
- Which friend has the house that appeals to you the most? Where is it located? What do you like best about it?
When qualifying a buyer keep the following in mind:
- ID Never let your questioning lead the buyer to feel that you are conducting some kind of inquisition.
- If you do not establish a reasonable rapport with your prospective buyer you will not obtain the information you require. The establishment of rapport has been discussed earlier.29
- Explain to the prospective buyer why it is important for you to ask questions, and that only when you understand his needs and desires can you find him a house that will really satisfy him.
- You cannot ask an unlimited number of questions, especially at the first meeting — few buyers will let you do this. Develop the ability to ask the minimum number of questions that will result in the most discussion and communication. Concentrate on a dozen well-thought out questions designed to achieve your immediate objectives. Other questions can be kept back until the need arises. Keep the six broad areas of buyer qualification in mind and practise covering them rapidly. Be flexible.
- Although each sales situation differs, find a pattern of questioning which effectively allows the buyer to open up, thus helping him to express his thoughts quickly.
- Do not ask questions only. Also give your prospective buyer some information that he would like to know. Intersperse your sales presentation with your qualifying questions.
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Topics: Appraisal, Auction, Property |
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