The best ways to handle these three buyer objections in today’s market.
There’s never a guarantee that every potential client will jump on board as soon as you tell them you’d love to help buy their dream home. It’s one of the biggest financial decisions they have to make, so it’s normal for them to have doubts, be apprehensive, and show resistance. Objections are simply a part of your job, and a skilled agent understands that each of them comes with an opportunity. If you know just the right thing to say or do, you can help ease their anxieties, sway them to your side, and ultimately increase your chances of getting more business.
Objections can make for hard conversations, so preparing for them and knowing what to expect will be extremely helpful. To aid you with this, here are three of the most common buyer objections in today’s shifting market and what you can say to overcome them:
1. “I will wait for interest rates to drop.” Many buyers are worried about the effect that rising rates will have on mortgage payments and would rather wait to make a move. For a situation like this, it’s important to point out that our interest rates are still historically low, despite the rate hikes. To further strengthen your argument, remind your client that while rates fluctuate, home prices always trend up in the long run. They can always refinance when rates fall, but they can’t go back in time and buy at today’s prices.
2. “I’ll just rent for now.” Again, since rates are increasing, some people are postponing their purchasing plans and would rather rent instead of buying a home. You can address this concern by asking the buyer this question: “Why pay someone else’s mortgage when you could pay your own, build equity, and get a better property for less monthly?” By raising this inquiry, you show the buyer that purchasing a home is a fantastic financial opportunity compared to renting.
3. “House prices are becoming too expensive.” Home values have appreciated exponentially in the past five years, which is why some buyers are hesitating. If this is your buyer’s concern, point out that this problem doesn’t get any better by waiting–in fact, it gets worse. Try to help your prospect see that the sooner they get into a home, the sooner they can take advantage of the next appreciation spike. The goal here is to emphasize that home values typically appreciate, and buying later will only mean the home they want to purchase will be in a higher price range.
Convincing your prospects is more important now than ever because today’s buyers have become fussier. If you can address their concerns and show them the value you can offer, there will be plenty of opportunities waiting for you. If you have more questions about how to navigate buyer objections, call or email me. I’d love to connect with you.
