There’s always the risk of a real estate deal falling through. It comes with the territory. However, there are many things you can do as an agent to increase the chances of a real estate deal succeeding. Your sales tactics play a huge role, but basic skills simply won’t be enough. When deciding where to focus your energy, you must first consider the reasons for the risk. Time Inc. reported that the top five reasons home sales fall through include:
- Buyer financing woes
- Low appraisals
- Title insurance and home inspection discrepancies
- Buyer’s remorse
- New sale is contingent on sale of the buyer’s current home
Follow these tactics to ensure your real estate deal succeeds:
Perfect quickly paced progression
Time is your biggest competition. Moving slowly on a deal can create problems. It can give the prospective buyer time to have second thoughts and for competition to move in. Perfect the talent of progressively moving toward signing on the dotted line. Once a buyer has expressed interest in making the deal, move toward obtaining a verbal agreement and written agreement, then execute a quick progression to ensure the real estate deal succeeds.
Create a sense of urgency
If you want to move the deal forward, create a sense of urgency. Even if the deal hasn’t been confirmed and the prospective buyer is a little wishy-washy, going back and forth between this property and another, it leaves room for risk.
Creating a sense of urgency will redirect the minds of those causing the delay. It’s all about tapping into what motivates your prospective buyers: what makes them worry about the future and how they plan on building. Some ways to create a sense of urgency include:
- Use the competition
- Example: Client needs a house before the birth of their new baby. They’re running out of time and other (better) offers may come in if they don’t act quickly.
- Create a fear of losing the house
- Example: Client took a long time to find a house they love, and waiting on it creates the risk of losing the house altogether – then they’re back to step one.
- Show properties that can’t be resisted
- Example: Client isn’t really sure why they’re looking for a new house. Show them properties that they can’t resist.
- Generate “Breaking News”
- Example: Client thinks that buying a house at a later time is better. Mention the latest real estate market trends, and how the demand is higher than the supply. In other words, it’ll be harder to find a house later.
Create a connection
You never want to come off as a salesperson. Create a connection with your clients to not only thrive as a successful real estate agent, but to also build rapport and gain referrals. Connections can also be the perfect way to ensure your real estate deal succeeds. After all, if you’ve created a connection with your client, they will trust that you’re advising them from a friendly, personal level, as opposed to a business level where money is the driving motivator. The secret to this sales tactic is that it needs to be genuine in order to be powerful. Here are a few ways to accomplish this:
- Truly listen to your clients’ needs and wants
- Be excited with your clients when looking at real estate that pertains to their needs and wants
- Perfect the talent of being a friend, a counselor and a real estate agent
The secret to ensuring your real estate deal succeeds is to be genuine. Never use sales tactics that trick your client, but rather, ones that encourage them to move forward. The closing must be organic and natural.