We all know there’s no such thing as a “Have to buy” buyer. After all, they can always rent, and they will when the conditions in the market or in their lives just aren’t favorable to taking the purchasing plunge. But, for sellers its a different story. There are two categories of sellers: Have To’s and Want To’s. Understanding and being able to discern the difference will better help you focus your time, energies and efforts on these prospects. Knowing the two can also help reframe your expectations and shape discussions around the all important topic of price!
Price. You know? The ultimate overcome of all objections! When having to deal with a price adjustment on your listing, evaluating which seller you have on your hands will help you review their situation and act accordingly.
They two factors to consider are: Why are they selling and by when did they have to move?
When it comes to a “Have To” seller the why’s are often characterized by death, divorce, financial hardship or relocation. These are situations both from a monetary and emotional perspective that force sellers to be keenly aware of their time frame, thus making their motivation to sell higher and their desired time frame to be faster. This equals a better, more reasonable listing price for you as the agent, and an easier discussion when it comes to revisiting a listing that’s lingering. Reminding them of their desired outcome and the consequences of continued overpricing with the proper script allows you make your case.
What about the “Want To” seller? Is there any hope for them? Who are they, anyway? A “Want To” seller only wants to sell the home if they find the ‘right’ next home, can get the ‘deal’ they want, receive their asking price (not the markets), and the stars are lined up and mercury is not in retrograde! Oy! What’s the solution for them?