28 Jan THE CHALLENGES IN BUYER PERSUASION
The real estate industry thrives on persuasion. Convincing someone to even consider reading a listing involves the element of persuasion; convincing someone to come in for the opens involves persuasion; and convincing someone to actually buy a property with our without an auction also involves persuasion. Let’s look at some of the most common challenges involving persuasion and why they happen.
The problem: you have no idea who’ll show up in an opens or in an auction. You probably have a list of potential attendees but the data you have isn’t enough for you to create a persuasive strategy. But there’s one thing you do know: that visitors are interested parties.
The solution: identify your target market. If you’re doing DIY selling, you need to do this all the more. Industry professionals like real estate agents can have a good guess about who’ll show up for viewing based on the amenities of a property. Add a property makeover specialist to that and you’ll get a more comprehensive assessment of your potential buyer’s profile. The result: better preparation for you.
The problem: The problem: you know there are some issues in the home, so what do you do about them?
The solution: if you’ve sold a property once, you’ll probably do it twice – or more. Don’t let your antics come back to get you. Persuade fairly. After all, buyers will have the final say when it comes to the property that they want. Instead, invest in value-add offerings like a property makeover. Invest in a builders report and be transparent if there are any issues that you believe you would want to be told about. Time and time again, the results of undertaking a property makeover has been tested to be positive not only on the seller but also on the buyer’s perspective. Create fair competition by introducing value-add improvements on your property, repair and don’t ‘cover up’ an ethical issue.
The problem: when you sell a property, you almost will certainly deal with strangers. These are people you’ve never met before coming by to see your property. You now have a problem when it comes to establishing their trust and maybe persuading them well enough to make an offer.
The solution: establish a baseline through reciprocation and social proof and a great Real Estate Agent. Introduce the principle of commitment once that trust is built. You can read about all of these principle on our previous blog. As for strategies, you can read about those here. Just remember that building trust depends on how well you allow the relationship to go past its incubation stage. If you nurture the relationships you build, and be true to the integrity of your product – you know what you’re dealing with here.
In our next blog, let’s look at the other challenges relating to persuasion, how they come about, and how you can deal with them. If you have any questions, get in touch with us!