With home inventory at record lows, sellers hold all the cards, which place the buyer in a very stressful position, filled with competitive multi-offer situations, usually resulting in offer rejections. It can be difficult to keep clients motivated – many will become susceptible to buyer fatigue – making it extremely important to guide and encourage your client through the journey.
Preparedness and Setting Realistic Expectations
From the onset, you must always be honest with your client, especially when setting realistic expectations. By sharing articles, data, and news about the market with your client, they will have the best understanding of the landscape they are stepping into and won’t get caught off guard when there are unsuccessful home offers. Educating them early in the process will also help them immediately act when they find a home they like.
Likewise, it is vital to begin the home search with an established budget. Ensure that your client has budgeted their income, knowing exactly how much they can afford for a monthly mortgage payment; don’t let (or coerce) them to agree to pay more than they can handle. While your client should take the time to view an enticing property, be sure to put an offer in early – even if it means they might have to miss the showing. In these instances, go to the property yourself and record a video for your client to watch later.
Have a Rejection Protocol in Place
In today’s market, offer rejections are inevitable, so always have a protocol for these moments. After acknowledging that the seller refused the home offer, promptly contact the listing agent and polity request why they didn’t accept the offer. Having further information will prevent buyer fatigue, eliminate confusion and help your client realize what they can do differently. Additionally, a rejection strategy enables your business to bounce back quickly and keeps clients motivated while protecting their wellbeing.
Remember that your client is not only your client but a human being with dreams and aspirations for the future. Empathy is critical after unsuccessful home offers – remember that people deal with emotions differently, so adjust your announcement accordingly.
Communication is key – continue to engage your client through email, phone or text, especially as new opportunities present themselves. If your client has an expressed fixation on one property and/or neighborhood in particular and is upset by a rejection offer, ease their discouragement by researching and presenting comparable alternatives. Or look for their criteria in different areas, keep them moving forward and be aware of the market. Moreover, always maintain a positive attitude. Your client is looking to you as the expert, and your attitude will set the pace and tone of the home search journey.
The Ideal Realtor for Home Buyers Is…
More than ever, people nowadays need a compassionate, resourceful and optimistic realtor – someone who is flexible, can keep clients motivated and articulate the challenges of the market without causing discouragement.