As a real estate agent, you may encounter properties that have been on the market for a long time and struggle to find buyers. How can you convince a client to invest in such a property and overcome their objections? Here are some persuasive marketing strategies that can help you turn a stale listing into a profitable deal.
One of the reasons why a property may stay on the market for a long time is that it lacks a clear value proposition. To attract buyers, you need to highlight the benefits of the property, not just its features. For example, instead of saying that the property has a large backyard, you can emphasize how it can be used for gardening, entertaining, or relaxing. You can also showcase the potential of the property by staging it, adding virtual enhancements, or providing renovation ideas.
The DOM shouldn't really matter if it's the right home for them. It is actually their lucky day, because the seller may be more motivated.
We are not in business to convince anyone, nor can we. As a real estate professional, I'm here to advise and guide my clients to make a good investment. I would tell my client that a property that's been on the market a long time is potentially a good opportunity in two ways: --Avoid a bidding war --Negotiate a good price if the seller is motivated to sell.
Highlighting potential in real estate means showcasing how a property's value can be boosted. For example, an older property can be renovated to attract modern buyers, increasing its market appeal.
You either find a deal or make a deal, and there’s only 3 reasons a property doesn’t sell, price, price, or price, let’s make this one a deal!
Usually, when a home has been on the market for a long time, it is due to price, condition, location, floor plan, or the way it is exposed to the internet. IF it is price, that can be negotiated and would account for it's inability to sell, if it's condition, that depends upon the clients' desire to redo. The location and floor plan is what it is. However, many people have saved and made money on homes that just needed color changes and cosmetic attention. This could be financially very good for the buyer
Another way to convince a client to invest in a property that has been on the market for a long time is to create a sense of urgency. You can do this by informing them of any price reductions, incentives, or special offers that the seller may be willing to provide. You can also leverage the power of scarcity by mentioning that the property is in high demand, has multiple offers, or is about to be taken off the market. These tactics can make the client feel that they need to act fast or miss out on a great opportunity.
I disagree. While the pressure tactic may have been something that worked in the past, I believe with the millennials and forward, creating strong trustworthy relationships and advising with strong evidence of the advice is the best way to approach…in this scenario if the property has been on for a long time, find out why…is there a glaring shortcoming? Then is the problem fixable? Can you work around it…there may be hidden value if the property is being overlooked for some shortcoming.
Start with facts. There is seasonality to buying and critical capital market trends. Access to capital and LTVs and terms matter, and if they have changed, then the ability to sell quickly is impacted. I would suggest an offer that is based on current market realities, independent of the asking price. How long the property is on the market is not relevant and never has been unless there is some glaring material defect or potential tenant loss. Still this can be factored in with good due diligence and some contingency clauses in the offer, i.e. contingent on the primary tenant re-leasing at a rate of XXX or above. Good brokers know all this.
This is terrible advice. Buyers agents are not hired to "convince" people to make purchases, nor create false sense of urgency. Buyers agents are hired to facilitate the purchase process, to support clients through investigation of the property, and to explain and assist with navigation around liabilities. Why would someone mention the property is in high demand or has multiple offers, if it was on the market for an extended time? This entire recommendation is manipulative and unethical.
When you have a fiduciary obligation, it’s not to convince or pressure the buyer into doing something… It’s working on their behalf to meet their goals and expectations. Now sometimes a buyer may want something but has unrealistic expectations of what the market prices versus what they think it’s worth And they may miss out on an opportunity But it’s not our job they don’t want to do
Having a conversation with the listing agent helps add clarity as to why a property has not sold. I like to invite the buyers into this conversation which then gives them additional insight and naturally leads them to consider making an offer. Urgency is created when a buyer is in the "yes" zone. Bringing them to that point takes careful listening skills and guidance to get them to the readiness stage.
A third strategy to persuade a client to invest in a property that has been on the market for a long time is to address their objections and concerns. You can do this by acknowledging their doubts, providing facts and evidence, and offering solutions. For example, if the client is worried about the location, you can show them the positive aspects of the neighborhood, such as amenities, schools, or transportation. If the client is concerned about the condition, you can explain the inspection report, warranty, or repair options.
Addressing objections involves responding to concerns or hesitations that potential buyers or investors may have. This process is crucial in real estate and often involves providing clear, well-reasoned responses to help individuals feel more confident about their decision. For example, if a client is concerned about the property's condition, you can address this objection by discussing the potential for renovations and improvements that can add value to the property.
I once had clients hesitant about a property in a less-known area of NYC. They were concerned about the neighborhood's reputation and amenities. To address this, I provided detailed information about recent developments, local schools, and upcoming infrastructure projects, showcasing the area's potential and growth. I also arranged a neighborhood tour to let them experience the community's charm firsthand. This approach alleviated their concerns, turning their doubts into excitement about being part of a growing community. The property went from a hard sell to a sought-after choice. ???
An example of how we do this regularly is when people are looking to purchase beach condos that allow short term rentals we have 13 years of experience and lots of successful clients so we know what condos in what building with what views have what potential for generating income. Because many of these condos were built in the 1980s a condo may sit because the current owner still has it looking like 1980s and it needs updating. We can help them confirm income potential and cost to update by talking with our other successful clients as well as our contractors so they can see the property has untapped potential and you can't change ocean views so often worth moving forward and updating, if purchased for the right price.
Uma das melhores maneiras de resolver obje??es é entender o verdadeiro significado para o cliente. Por exemplo, o cliente diz que o imóvel está anunciado há muito tempo. Você pergunta pra ele de que forma isso poderia impactar negativamente. Ele provavelmente, nesse caso, vai fala mais de um motivo e fica mais fácil para argumentar.
An agent's ability to overcome a client's concerns is essential to moving them forward to a decision. In our role as a facilitator, we help clients self-discover that some of their concerns are self-created and many can be alleviated with further investigation or answers from the seller. Eliminating speculation reduces doubt and makes buyers feel more confident in their decision. This is always key before they decide to write an offer.
A fourth technique to convince a client to invest in a property that has been on the market for a long time is to build rapport and trust with them. You can do this by listening to their needs and preferences, showing empathy and understanding, and providing honest and professional advice. You can also use testimonials, referrals, or social proof to demonstrate your credibility and reputation. By building rapport, you can establish a positive relationship with the client and influence their decision-making process.
Building rapport is a pivotal strategy when persuading a hesitant client to invest in a long-standing property. The key is to genuinely engage with the client, understanding their specific desires and concerns. Empathy is a powerful tool, making them feel heard and valued. Alongside this, offering honest, professional guidance can solidify trust. Utilizing testimonials, referrals, or social proof is equally vital in showcasing your credibility. Demonstrating that others have successfully invested through your guidance can assuage concerns and bolster your reputation. By skillfully crafting this rapport, a positive client-agent relationship forms, thereby shaping their decision-making process.
People do business with agents that they know, like, and trust. You can demonstrate trust to your clients by speaking in a manner they can follow (keep it simple), being authentic, and demonstrating empathy. Trust is built when your words and actions match as well.
Utilizing established rapport and trust to convince (aka manipulate) clients, is acting unethically. Agents are not hired to make decisions for others, they're hired to facilitate and support process.
Dealing with a long-listed NYC property, I focused on building a strong rapport with a potential buyer who initially seemed just casually interested. I listened attentively to their unique needs, discussing property specifics, lifestyle, and future plans. My approach included sharing success stories and client testimonials to establish trust. This personalized interaction transformed their casual interest into a serious consideration, leading to a successful sale. Building this rapport was key in turning a hesitant viewer into a committed buyer. ??
A confian?a é muito importante até para iniciar a negocia??o que, aqui é delicada e precisa ser conduzida de forma estratégica. Para convencer o cliente a fazer o investimento, é preciso fazer um levamento completo da regi?o, conhecer e explorar todas as possíveis vantagens, conhecer os pontos fortes e estar preparado para argumentar quanto as pontos fracos. Um imóvel como esse pode ser uma excelente oportunidade que outros compradores ainda n?o enxergaram.
A fifth method to persuade a client to invest in a property that has been on the market for a long time is to use storytelling. You can do this by crafting a compelling narrative that connects the property to the client's emotions, goals, or aspirations. For example, you can tell a story about how the previous owners enjoyed living in the property, how the property can suit the client's lifestyle or family, or how the property can help the client achieve their dreams. By using storytelling, you can appeal to the client's imagination and emotions and make them feel more attached to the property.
Using storytelling in real estate involves creating a narrative around a property to make it more appealing. For instance, you can share a story about a family who transformed a house into their dream home. This personal touch can help potential buyers envision themselves in the property and emotionally connect with it, making them more likely to consider it as their future home.
Stories can add a way to make the house seem relatable to the buyer and also help them see the big picture or long-term gain. Stories are a great way to engage them.
Stories allow us to go deeper with our clients. They enable meaningful connection and insights in discovering pain points, fears, hopes and dreams. Use terms like, "I know how you feel. I've felt that way too, and here's what I found," to allow them to envision the process-- not just from start to sold, but from purchase to profits. Lead with expert insights, provide more information, and connect with investors through shared core values of risk mititgation, and you'll never have to "convince" someone to take action.
For residential, it would be more about emotions, but for commercial your narrative should be about the market conditions and the particulars of this property. You need to be able to articulate why the property is sitting on the market. Is it very unique with a small buyer pool? What's happening to the interest rates and financing that could influence investors' behavior? In certain markets and asset classes it is normal to see long days on market, and we need to be able to paint that picture for our clients.
A técnica de usar o storytelling pode ser uma boa ideia aqui, principalmente se você já conheceu bem o cliente a ponto de identificar emo??es ou sentimentos favoráveis à compra, por exemplo qualidade de vida da família. Usar abordagens que o levem a imaginar-se morando no imóvel com a família ir?o aproximar muito a concretiza??o do negócio.
A final tip to convince a client to invest in a property that has been on the market for a long time is to follow up with them regularly and keep them engaged. You can do this by sending them updates, reminders, or feedback about the property, asking them open-ended questions, or inviting them to view the property again. You can also use the follow-up as an opportunity to overcome any remaining objections, reinforce the benefits, or create urgency. By following up, you can show the client that you care about their satisfaction and that you are confident about the property.
LOL Really? In commercial real estate it's not about how long a Property has been on the market it's whether or not the property makes sense for the buyer Then you do your analysis, obviously, if it's a good property with no underlying issues, there's a reason it hasn't sold and that's typically because it's overpriced and the seller is not willing to make any price concessions. It also depends on the type of property and if it's special purpose or not, etc. You approach it just like any other property have a conversation with the owner or the broker find out what the seller wants and go from there . A to B simple as that!
To persuade a hesitant client to invest in a long-standing property listing, consistent follow-up and engagement are crucial. Regular updates, gentle reminders, and feedback solicitation, especially through open-ended questions, help maintain their interest. Inviting them to revisit the property can reignite their enthusiasm and address any lingering concerns. These follow-ups also allow you to emphasize the property's advantages and create urgency. Your commitment to their satisfaction and confidence in the property become evident through these efforts, reinforcing trust and boosting the likelihood of a successful sale.
In a competitive NYC market, I had a client initially interested in a property that had been available for a while. To keep them engaged, I regularly sent updates on price reductions and nearby amenities that matched their preferences. I also arranged a second viewing to address their concerns and provide more information. This proactive follow-up demonstrated my commitment and confidence in the property. Eventually, they felt reassured and made an offer, leading to a successful sale. Consistent follow-up played a crucial role in turning interest into action. ??
Realize uma pesquisa detalhada do mercado imobiliário na regi?o. Destaque as tendências de valoriza??o e as perspectivas futuras para mostrar ao cliente que o investimento pode ser vantajoso a longo prazo.
Convincing them to invest in the property is the wrong approach. Convincing them to consider evaluating whether or not to invest in the property is the best. At the same time, you need to evaluate the property, as well. Properties sit on the market for several reasons - some cannot be fixed or would take more to fix than the buyer is willing to spend. In this instance, a servant leader should lead their client away from investing in the property. Prioritize clients over your commission. Other instances, the property is sitting for a reason that one can find an out of the box solution. In this instance, the client may get an enormous bargain through your creativity in structuring a deal / finding a solution, and the client benefits.
A verdadeira magia, acontece quando acreditamos profundamente no nosso trabalho e, ao mesmo tempo, fazemos do nosso cliente, n?o apenas um realizar de objetivos propostos, mas um cliente feliz. Essa uni?o indissolúvel entre a cren?a no trabalho e a satisfa??o do cliente n?o apenas define o nosso sucesso profissional, mas também cria um legado de confian?a e excelência. Ao acreditar no que fazemos e, sentir que estamos a fazer os nossos clientes felizes, construímos n?o apenas uma carreira de sucesso, mas também experiências memoráveis.
I would ask my client to offer a lower price and negotiate with the seller for an acceptable purchase price. Making the transaction feel like "a good deal" may entice the buyer to place an offer. Lastly, giving ideas on how to improve the property may definitely seal the deal.
If a property has been on the market for weeks longer than those in the area, usually it is one of 3 reasons. It is overpriced, condition or location. If a buyer is looking for a "deal", price can be negotiated if and when the Sellers get serious about selling. Condition is a great bargaining tool too, but Buyers will need to take the cost of renovations into consideration. As for location, obviously you can't fix that, but if the property backs up to freeway, or mall, you can add Aspens or perhaps a fence. Properties that have been active for a while might be a good investment if you can negotiate with the Seller for a reasonable sales price and the potential for a greater return is possible. Otherwise, move on.
Rather than convincing my approach would be to determine what was missed or undervalued originally that they could be the beneficiary of and do the financial analysis. We see this often when a seller in Florida hires someone to sell a home that could be a short-term rental yet agent has no idea of this fact or how to market it for top dollar or create the needed analysis to market it with realistic projected investment potential - all of which would make it more valuable to buyers looking for that (in our area it can be as much as double). Properties sit for a variety of reasons however when sellers make this mistake like above we help our clients see the potential and they end up the winner and usually get it for less because it sat.