You have gone through the sales process from qualifying your prospect to signing the paperwork. You are now ready to celebrate your hard work. But don’t celebrate your sale too soon. If you are doing a good job of closing a high percentage of your prospects, you can expect buyer’s remorse from about 25% of them.
An important and often overlooked part of the close is the “button-up.” It is important to make sure your sale is solid and that your new client is happy with their decision. Since most people aren’t experienced decision-makers, they often get cold feet after making a major decision like buying a property or making an investment. This phenomenon generally occurs when they relax or go to sleep. Therefore, you want to test the strength of their decision while they are in front of you.
Once they have signed the paperwork, sit back in your seat as if the whole world has been lifted off your shoulders and ask:
“Now that you made this smart decision on this great investment, tell me again what it is you like the most about your new property.”
If you get a squeamish reaction or a flat answer to this question, this is a red flag that the sale isn’t solid and they are not sold. This is your opportunity to head off buyer’s remorse. If you don’t sense excitement, you need to softly dig a bit deeper into why they aren’t as excited as you’d expect.
Most of the time, it is just fear that blocks their joy, and your job is to unblock it. However, if this property isn’t right for them, you don’t want them to buy, because you will never build a solid business on someone else's mistake. Always consider the long term. Plus, if your client isn’t feeling good about their decision, they may cancel the next morning anyway. So, it’s smart to deal with the buyer’s remorse now.
Fear can unhinge a sale, and most people suppress it during the sales process. The majority of the time, the deal can be saved with compassion and by allowing your clients to think through the logic of why they made the decision in the first place. Let them know that fear is a normal psychological hurdle.
The reality is a lot of contracts are canceled. Worse, you may have an unhappy client. There are a lot of properties out there, and sooner or later you will find the right one for your prospect. It is better to let the client step back now so you can continue the sales process until they have the right property.
Building a relationship with your client is in your long-term best interest, not making a sale and gaining a one-time commission. Each client can bring you an additional few sales each year with their referrals if you build long-term relationships.
You may not close this sale, but down the road, you will make a sale, maybe for a higher commission. And you will have a grateful client who will trust you in the future and feel comfortable recommending you to others, knowing you will not push their friends and family into buying a property that isn’t the best deal for them. This is how you become their go-to real estate professional.
The best relationships don't necessarily occur when everything goes smoothly. Many times, the more conflicted a situation is, the stronger the bond afterward.
