Getting Buyers To Take Action: They Are Stuck on the Fence

Getting Buyers to Take Action- They Are Stuck on the Fence

These days, more buyers have become hesitant to complete their purchases. Many are backing out of the contracts or opting to wait and see what happens next year. As a seller or real estate agent, it can be frustrating to see a buyer hem and haw without making a move. So, what can you do?

Greg Harrelson & Abe Safa discuss buyer thought processes in the current market and how to help them move forward.

Have the Right Mindset

 

First off, you have to reframe your mindset about the current real estate market. While the news has been full of negativity on the housing market for years, there are still plenty of people buying and selling homes. In fact, the market is stronger than ever when compared to previous years.

As such, you need to change the story in your head and view the current market as an opportunity rather than a disaster. Harrelson advises checking your data from 2018 to 2019 and comparing it with your performance in 2021 and 2022. You’ll be surprised at how much the market has actually recovered.

Understand the Buyer’s Perspective

Next, you need to put yourself in the buyer’s shoes to understand their perspective. Most of the time, sellers keep trying to prove buyers wrong in the latter’s decision to wait for a better deal or a more perfect home.

Instead, if you want to get buyers off the fence, you should be trying to understand why they are hesitating in the first place. Only then can you hope to change their mindset and convince them to take action.

There could be any number of reasons your buyers are stuck on the fence. Maybe they’re afraid of making a bad investment, or maybe they’re just not sure if now is the right time to buy.

All of these are valid concerns. After all, they keep hearing about an 80% interest increase, inflated prices, and that the cost of a new home may come down soon.

Look at the situation from their lens. Rather than battling them with why they shouldn’t be on the fence about pushing through with the purchase, understand why they are stuck. Only then can you give them the best solution to their problem.

 

Get Buyers Connected to the True Gains

It’s also crucial to note that buyers buy using their emotions, while sellers sell with logic. Some of the top reasons buyers purchase a home are attached to emotional milestones, like marriages, births, and even divorce and deaths. The list goes on, but the point is that these big life decisions usually push buyers off the fence.

To get buyers to take action, you need to connect with their emotions and help them see how your property can improve their life. This could be anything from more space for a family to a shorter commute.

They may be on the fence now because they’re emotionally disconnected from the reason they wanted to buy a home in the first place. As a seller or agent, you can ask why the buyers are moving and help them reconnect with their primary intention.

Published on Oct 5, 2022 under , ,

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Greg Harrelson Abe Safa

How well do you know your market?

Well Do You Know Your Market

Greg Harrelson & Abe Safa discuss market stats and what information you should know and be able to communicate to clients.

Start off the week with a few stats.

 

You have to know the data!

 

You're looked at as an authority when you are the one who brings the data!

 

The information is not as valuable as our interpretation of it.

 

How Well Do You Know Your Market?

Generate more business by having a better understanding of your market. Greg Harrelson and Abe Safa discuss the importance of knowing your market statistics, as well as how you can use your market data to improve your business.

As a real estate agent, it’s essential to have a clear understanding of market statistics and trends. Knowing the numbers, how to interpret them, and how to communicate them makes all the difference in helping clients make decisions.

The Significance of Knowing Your Market

The real estate industry is data-driven. In order to compete, you need to know your market inside and out, what’s happening now, and what has happened in the past. This allows you to anticipate changes and better serve your clients.

When consumers are uncertain about market conditions, they tend to be hesitant about making a move. Abe mentions that “It’s imperative to have many data points that you can give to them to help them make a decision.”

It is your job as an agent to be the expert and provide clarity about what is going on in the market, enabling clients to make informed decisions based on solid data.

What Data Should You Focus on When Researching the Market?

Knowing your data differentiates you from other agents who may not be as knowledgeable about the market or who are presenting outdated information.

Some critical data points to focus on include:

  • Inventory level
  • Absorption rate
  • Trends for showings
  • Mortgage applications
  • National and local data

It’s not just about knowing the numbers; it’s about understanding what they mean. You need to be able to explain the data in a way that is clear and concise without being overwhelming.

“Be an authority in their eyes. Know the market and then communicate the market,” advised Gabe.

Effectively communicating data means translating it in a way that will not only help your clients understand but will also provide them with insights into how this information will benefit or endanger them.

Simplicity and relevance should be your utmost priority when coaching clients about the real estate market data.

Takeaways

Market data changes daily. In order to keep up, you need to be in the habit of regularly checking your market stats. This way, you can be prepared for whatever comes your way.

Paying attention to the data helps you better understand what is happening and, more importantly, why it is happening. This knowledge gives you an edge over other agents who may not be as informed.

While market data is readily available for consumers, the many conflicting pieces of information can overwhelm them. As an agent, you must establish authority and ensure that you are the resource they can rely on.

By understanding the market, you can help your clients make smarter decisions. When you know what’s going on, you can explain things in a way that makes sense.

This helps build trust and confidence with your clients, which is essential for any successful business relationship.

 

Coaching SEO Real Estate Lead Generation

How to Recession Proof Your Real Estate Business

How to Recession Proof Your Real Estate Business

How to Recession Proof Your Real Estate Business


The uncertainty that comes from market shifts and headlines proclaiming a recession is on the horizon tends to make people freeze up.

After all, a real estate transaction is a major financial decision. In times of financial uncertainty, what is a major financial decision and what isn't can vary a lot among clients.

A good real estate agent knows the right dialogues and conversations to help reassure leads and move them into taking action.

After consulting industry leaders who have been through many market fluctuations themselves, we at Real Geeks have compiled a guide for real estate agents on how to manage market shifts, client objections, recession proof your business models, and how to scale your business effectively through it.

 

Prepare to adopt new strategies

A trait of any successful entrepreneur is flexibility and adaptability. This skillset will benefit you in any trade or profession, but especially as a real estate professional during turbulent times.


 

Take a look at what has been working and what has not been producing that much ROI in your business.

Although some strategies might be comfortable during times of uncertainty, it will most likely benefit you more to forgo the comfortable strategies and add a few new strategies to your outreach.


 Get creative with the resources you already have like your website and social media channels.

Drive traffic to your site and your business by building out area pages and guides to the markets you serve. To learn more about this strategy check out our Episode with Bob McCranie: The Power of SEO and Area Pages With Bob McCranie.

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Utilize landing pages and create unlimited home valuation landing pages. Add and create as many communities and add as many home valuation landing pages as you wish. Customize them by adding unique images, text, calls to action, and URL's for your targeted audience.

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In addition to creating your own landing pages, you can utilize a home valuation widget like The Real Geeks’ Home Valuation Tool which is embedded in every property and market report page to entice site users to evaluate what their home is worth. When they complete the form, this notifies the assigned agent to reach out to the lead.

Users submit their addresses to find out what their home is worth, creating a lead for you in the process. If the user abandons the process before completing the sign-up, the address is still captured as an address-only lead.


As times change, you also need to adapt and learn how to generate seller leads even in low inventory areas.

This can be done in many ways by utilizing the above strategies, but for a deep dive into generating seller leads in low inventory markets check out our Keeping It Real episode with Lisa Chinatti and Jason Posnick: How To Generate Seller Leads in Low Inventory Market w/ Lisa Chinatti & Jason Posnick.


Revisit your approach to objections.


Every craftsman needs to practice their craft in order to perfect it and with real estate, there is no difference when it comes to practicing their approach to handling objections.

There are endless strategies and takes on how to practice handling objections but the best way echoed by the most seasoned real estate professionals is to get out into the real world and practice role-playing with as diverse of a pool of players as possible.

You will find that every conversation is unique and every person has their own background and concerns, it is important to expose yourself to as many people as possible to ensure a well-rounded approach to handling objections.

To dive deeper into the strategy of handling objections check out our Keeping It Real with Jeff Glover: Top 10 Real Estate Objections Answered w/ Jeff Glover.

Mind your routine — If you don't have a routine you don't have a business.

Rewrite your schedule and eliminate anything you cannot track a positive ROI from. Look at your schedule and all the things you consistently write there and ask yourself what your ROI is. If you have a hard time answering that question, you need to think twice about whether that needs to be in your schedule.


Re-evaluate your schedule and eliminate stuff that doesn’t contribute to investments’ gains.


Work on your mental endurance. You need to have the mental endurance to stay the entire day. Talking to over 20 people a day is no joke. Stick to the game and avoid all distractions that come your way.


Work on your physical endurance as well! This is a good time to focus on your physical wellness because you will be needing that extra energy and stamina. The physical side really helps the mental side. One way to break the pattern of lack of motivation and fend off burnout is to start increasing your physical strength, getting some fresh air, breaking a sweat, and staying consistent.


Take time for yourself. Every successful business leader knows the most valuable asset in any business is the physical and mental wellness of it’s employees. Even in an industry like real estate where many professionals work unconventional hours and are constantly re-orienting their schedules around clients,a commitment to wellness and work-life balance is not to be overlooked.


Especially in stressful times, it’s common for people to overdraw and burnout under the pressures to maintain a sense of financial security but maintaining financial security is not done sustainably without centering wellness.

This of course is much easier said than done, but might be one of the most important areas the focus on when weathering uncertain times.


Automate what you can.

What a time to be alive! With all the ups and downs the markets have had in the past, this is certainly the most technically advanced time to experience a market shift.

Allowing the smart use of technology to automate your workflows can not only save overhead costs but can save your precious time.

Don’t let your business go down just because the number of transactions in your market goes down. Make the most out of your database and deploy automated drip campaigns. To learn more about the best drip campaigns to deploy check out: 4 Drip Campaigns You Can Activate Today and Get Huge Response, our guide where Greg Harrelson and Abe Safa break down their favorite drip campaigns you can activate today using your Real Geeks workflow library, as well as a drip campaign of their own.


Keep a busy schedule meeting with clients while Robin, Real Geek’s Geek AI Assistant makes sure no leads slip through the cracks. It can be tough to reach out to every lead immediately; with 'Speed to Lead' being the name of the game, you can't risk missing out on an opportunity.

Have confidence that leads are contacted immediately with the Geek AI Assistant! Strengthen your follow-up, and enjoy the much-needed peace of mind.


Find community

It’s easy to become overwhelmed with all the moving pieces of life and business. Do not let these overwhelming times create distance between you and your network. Often times we hear the importance of keeping a network/ database but do not consider the community-building aspect of real estate.

Reach out to other real estate professionals in your market and see if there are any collaborative opportunities. Attend networking and community-building events within your market. Get in touch with the needs of your community and position yourself as a resource to people.

Business coaches always press on the importance of providing value to your clients and sometimes the best way to provide value is just by being a present and collaborative member of your neighborhood and community.

Many deals often come from organic relationships years down the line so it never hurts to increase your reach.

Create your own MeetUp group for real estate professionals or real estate investors for your market. To learn more about how to successfully build a MeetUp group and build a business off of your own, check out our Keeping it Real with Rob Chevez, who began a local MeetUp focused on empowering real estate entrepreneurs to build wealth and create a legacy.

How-to-Start-a-Real-Estate-Investor-MeetUp-Group-w-Rob-Chevez-1

Less than 10 people attended Rob’s first meeting. Now, what is known today as GRID, has grown to over 16K+ members in 8 states and over 18 locations.

Putting in a constant effort will build attendance over time, and before you know it, you will have collected a community of regulars at your events that can also serve as a potential client base. Networking greatly helps get leads, even if not by a massive count at first.

Coaching Keeping It Real

Keeping It Real: The Resources To Equip Your Real Estate Team for Success with Sascha Chatman

Keeping It Real: The Resources To Equip Your Real Estate Team for Success

 

 

In this episode of Keeping it Real, Sascha Chatman and  Frank Klesitz, CEO of Vyral Marketing, break down how you can equip your real estate team for success.

Learn more about the resources needed to manage your own team of real estate agents. Of course, a capable workforce is one thing for generating leads and obtaining success in the real estate world. However, having the right resources available is one of the critical factors needed to equip your real estate team for success.

Recruiting Presentation 

Transforming Your Success into Their Success

Creating a Schedule

Buying this Year vs Next Year

Discovery Phase

The discovery phase is meant to determine whether or not the agents being recruited are the right fit for their real estate team while providing the necessary details for the agents to know what their team is about. Sascha first discusses their team goals and strategies to ensure agents know exactly what they're walking into. He also discusses other matters, such as expectations from the agents themselves and their commissions.

The discovery phase may be one of the most important parts of knowing how to equip your real estate team for success. In order to succeed, you need to have a reliable workforce on your side that shares the same goals and is willing to cooperate with the rest of the team to move forward. Having a compatible and efficient team is one of the best resources you can have in real estate, as it can significantly affect your business' productivity.

Ad Educated Buyer is Easier to Work with!

Agent Utility Belt

This is the highlight of the entire video. Sascha compares his utility belt of resources to Batman's belt of tools and trinkets. This belt essentially exists to store all resources and keep them within reach. Don't get the wrong idea, though. It's not an actual belt. Instead, it is usually a cloud or a compilation of all your valuable resources, such as videos, links, and other agent tools. Having a utility belt that is curated specifically for your team and your needs could help increase the productivity of your workflow because you won't have to scavenge for resources when you need them.

Not only does it make you more productive within your workplace, but it also gives off the sense that you are reliable and organized. When clients ask for something, you will easily have it within reach. 

Clients understandably have many questions before closing the deal, so one of the best ways to answer them is to grab a resource from your utility belt. For example, you're talking to a client about title insurance. Instead of answering their questions yourself, you could take an informative video from your utility belt and ask them to watch it. This makes it easier to understand and relate to.

Having a utility belt is a great way to equip your real estate team for success. It also comes in useful during business transactions. All in all, it's one of the best resources that a real estate team can have.

Having the right resources is essential in equipping your real estate team for success. Create an agent utility belt that caters to your team by signing up for the Real Geeks platform today. We provide valuable resources that you and your team can use to achieve the best possible outcome in every situation. Get started with us today!