How do we motivate buyers and sellers in the current market is a question that should be addressed. Like any other problem, the best approach is to break it down to a process and follow steps that produce success.
Step 1. Define your client
Clients will fall into one of the following positions and motivation
Equity position Not Motivated
This would be the most conservative of positions. This person has equity, a roof over his head, probably good credit and some income. To motivate this person to a selling / buying position will require facts that prove to him he can sell and then make a market or below market replacement purchase. Downside for this position is that he does not have to take action even on an attractive transaction.
Equity Position Motivated
This is the prime target in the current market. This person knows that he can not only sell and retain equity but also use his position to negotiate a great purchase. He is ready to take action based on his own conviction. Downside is that this position may require an investment of time from the agent to secure just the right deal.
Negative Equity Position Motivated
Often this position is overlooked because the options seem limited. This person may be facing foreclosure and or bankruptcy. HOWEVER, the smart agent will either become proficient on or partner with short sale specialists and auctioneers. Remember, these properties will go on the market with someone. Learn how to present options to these people. They do not understand what their options are and will be good prospects for those who know how to meet their needs. Downside for this position is that time is of the essence and the agent will need to communicate quickly and confidently for immediate action decisions.
Negative Equity Position Not Motivated
These properties will ultimately go on the market. Educating these prospects about their options may not generate a quick sale but will at least provide a later opportunity. Downside here is that the education process may not pay off immediately. Once identified, these prospects should be nurtured even if they are not immediate clients. They will be loyal to those who help them in the future and are excellent as referral resources.
Any of these positions represent possibilities for selling if they are provided with the right facts.
Step 2. Understand the facts you intend to provide
In the current market much of what is published is so sensational that it frightens people into a state of inertia and they cannot make a decision.
- Research your facts
- Understand what they mean
- Be honest in presenting
- Focus the facts on the client position
- Either become an expert or partner with experts to expedite any possibility into a transaction
Step 3. Format the facts so that they MOTIVATE action
How you present is as important as the facts you present. There is a logical and an emotional side to everything. Using the four part approach outlined above is the best method of presenting facts in a manner that insures both a logical and an emotional response. The result of satisfying needs in both areas generates results.
Concern represents clearly defining the logical problem or issue that is causing a need to take action.
Anxiety is the emotional response to an unresolved concern.
The resolution is the logical solution to the problem
The relief is the emotional response associated with relieving the pressure of the problem
If an issue is addressed with proof that the resolution will solve the problem and relieve the anxiety, action is almost always assured.