Always discovering new insights together in our Hit the Mitts sessions. This week a newcomer to our Ballers Network, Jared Jones out in Florida, said something so brilliant I wanted to recap it here for my write up.
"I like to make the seller a liar"
To give context, we were talking about overcoming the objections we often face when competing with cash investor type offers, iBuyers, and this can even apply to traditional Realtors. Making the seller "a liar" is a systematic way of first determining exactly what the seller's pain points are and then eliminating your competition by pointing out that your competitors wouldn't solve the stated problems of the seller... sounds so simple right?
It SHOULD be. But most of us will miss doing this thoroughly and effectively, thus losing to competitors who truly don't/can't address the sellers overall needs. I don't even care to keep count of how many listings my team didn't get that we saw go to competitors that ended up going stale on market or selling for less than we KNEW we could get the sellers... YUCK.
So how could "make them a liar" work in practice?
In talking with a seller, you ask them questions about their goals and they reveal that they are looking to be under contract within the next week or so to move to their new job placement, they want to net the maximum they can, and they are unable to accommodate multiple showings due to working from home.
So, in your mind the solution you need to formulate for them needs to include:
- Offers within the first week of marketing.
- Include all buyers - investors are likely not to net them the most
- A one time showing event for all potential buyers
After asking the seller what other options they are considering they let you know that they have an Open Door offer for $x and know a traditional agent they are considering.
Based on the seller's stated pain points, you now know that your two competitors cannot/will not be in alignment with their goals.
"Getting the most for your home is very important to you, right? (yes) Given that, we can eliminate Open Door and other similar investors because they will be purchasing your home at a discount from you in order to resell it for a profit - can you agree with that?"
"So it would be ideal to have maximum offers to you by next weekend and you must avoid multiple days of being asked to have the home ready for showings? (they affirm that). A traditional Realtor will require considerably more time and a minimum 3 month commitment from you to get this place sold with constant access for potential showings. That doesn't sound like it will work for you, does it?"
Both of these simple statements help clarify in the seller's mind how your competitors simply do not meet their needs OR it forces the seller to "be a liar" and clarify their goals completely to you. This is a beautiful process in that even if you do "make them a liar" and they are forced to clarify, now you have more complete insight into their goals and motivations and can deal with those at the appointment to increase your chance of closing them.
I want to thank Jared for sharing this concept with us. I am so glad we get to add so many talented people to our community - across multiple brokerages and backgrounds - to help all of us sell more homes and serve our communities to the best of our abilities.
See you guys next week,