Minimize the Elephant
We can all see it. The massive gray elephant is looming in the corner, not-so-patiently waiting for somebody to invite it into the conversation.
Interest rates are on the rise, and buyers are taking notice. So now, as sales professionals, we stand face to face with an important question: how do we approach this topic without inciting panic in our buyers?
With the help of our distinguished panel of Builder Town Hall guests, including Angela McKay, Kerry Mulcrone, Matt Riley, and Dave Betcher, we have compiled a comprehensive guide that explains how to approach the interest rate elephant in the room.
(FOBATT) Fear of Buying at the Top
Too often, buyers become fixated on that nasty elephant, which manifests into a long list of “what ifs.” What if I had bought it sooner? What if interest rates go down again? What if now isn’t the right time?
This thought process can be utterly paralyzing and all too often deters prospective buyers from becoming homeowners. They are terrified of committing out of fear; they buy at the highest price.
While there is no way to push the elephant entirely out of the room (come on, those guys can weigh up to 13,000 pounds), it is our job to mitigate this fear. First, we must remind our buyers that the past has passed and the future is uncertain, so it is imperative to exist solely in the present.
A Zoo of a Market
Yes, it is nearly impossible to ignore interest rates. They are so intricately woven through the buying process that it would be foolish not to acknowledge that they are indeed on the rise. However, so many other elements contribute to buying a home that it is foolish to focus all our energy on this one aspect.
From location to the urgency of the buy to innumerable emotional factors, each piece of the home buying puzzle acts as a different animal in a zoo. Rather than spending all your time in one exhibit, take the chance to analyze the other factors involved in the home buyer’s decision.
Corral Your Beasts
Remember that buying goes far beyond logic. We must aim to understand our buyers and their situations from every angle to fulfill our ultimate mission: finding them somewhere to call home.
When in conversation with prospective buyers, be sure to consider more than just the interest rate elephant. Discuss their purpose in buying a new home. Communicate with them the benefits of homeownership that extend beyond having a place to live. Finally, discover the best way to corral each beast so that you can control your zoo.
New Year, New Prospects
At the start of this new year, it is vital that we aim to minimize that elephant so we can take advantage of the influx of people who want a fresh start. Buyers are anxious to find a new home for the new year, and it is our time to help them find it.
Now is the time to shrink down that elephant and ease your buyer’s fears. Take them on a tour of the whole zoo so they can truly understand that the time to buy is now.
We look forward to seeing you at our next Builder Town Hall! Mark your calendar and register today for our session on November 4. In the meantime, join our Builder Town Hall Facebook Group and keep the conversation going!Tags: Homebuilder Strategy, Interest Rates, Marketing, Overcoming Objections, Sales