When you’re working in real estate, it can really feel like the Wild West sometimes: anything goes, and it can be unpredictable. No two days are the same, and a big reason why this is the case is because you’re dealing with real people, not just objects. And the people involved in these transactions have emotions and feelings, which can sometimes come up during the real estate process.
Just ask seasoned real estate investor Nick Trimble. From fix-and-flips to rental units, Trimble has seen it all, and he knows how much emotions can come into play, especially when working with sellers. Here are his tips on how to anticipate and overcome emotional seller objections.
Be prepared for emotions to come up
According to Trimble, working with sellers can be a surprisingly emotional experience. For example, sellers can have deep attachments to their properties, or certain memories, that can come up during the selling process.
At the same time, you’re dealing directly with people’s personal finances and livelihoods, which can also be a potential emotional trigger, and point of objection. So, it’s important to treat these transactions as very human experience, and be prepared for emotions to come up, especially as points of objection.
Know some of the common emotional seller objections
There are plenty of seller objections which can come up from a place of emotion, according to Trimble. While there can be many flaws with these objections, the real problem is that they’re usually illogical, and may go against what the seller actually wants as an end goal. It’s important to be prepared for certain fairly common emotional seller objections.
For example, if they are concerned about money, they may have trouble with your commission, and try to get you to lower your commission rates. Likewise, they may object to the way you’re pricing the property, because they might want more money, or want the property to sell faster.
How to overcome emotional seller objections
There are endless emotional seller objections that can come up during the selling process, according to Trimble. The best technique for overcoming them? Make sure you have the facts and data to back up your claims and support your stance.
If they object to your commission and say they might sell the property on their own, explain what happens over the lifetime of the selling process that is very difficult to do on your own. If they object to the pricing of the property, show them community data and comparison points of how you got to that figure.
According to Trimble, navigating emotional seller objections may sound tiring and overwhelming, but in reality, it can be much easier than you would think, as long as you’re prepared. Make sure you do your research in advance, make your decisions based on facts and data points, and be prepared to explain how you got to your conclusions.
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