“So what’s it worth?”
How often have we heard this question? Sometimes the backdoor question is “Knowing the market as you do, what do you think the property is worth?
The worth of property many times resides in the eyes of the appraiser or lender. The value of property resides within the eyes of the buyer. Often the worth and the value are quite different.
Worth is a knowledge fact based on surrounding facts such as comparables, year built, features, etc. Now value is an emotion. When one hears “so what’s it worth” by turning around this question to focus on the value, the emotion, you as the Realtor or real estate agent can remove yourself from what can be an awkward situation.
The first real estate, emotion-based sales question to ask potential buyers is “How much do you want the property?” Sometimes people want a certain property because of unknown or unexpressed desires. In sales, this is called latent needs.
Recently I had a buyer expressed to me her preference for two properties because she saw roses being grown nearby. She wanted to also grow roses. Growing roses was an emotional desire as I learned this desire was connected to her early childhood. Never did she express to me during our numerous conversations this desire to grow roses.
My second emotion based sales question to continue walking this emotional path is “Would asking a low price insult the seller? In other words, how would you feel if you owned this property and received an exceptionally low offer?” We all have experienced low-ball buyers.
People know real estate is negotiable. People want or need the best price for their own reasons.
The third and final sales question is “And what do you think the property is worth in the current market?” This question returns to the facts which now have been infused with emotions.
In sales, we must not forget people buy on emotion justified by facts. Our role as professional salespeople, Realtors or real estate agents, is to facilitate this interaction of emotions and facts allowing us to remain ethical and successful.
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