Selling problems

A - Buyer Questions: What are the 10 toughest questions buyers ask?

Recommended responses to gutsy questions:

“How long have you been on the market?”

If it was put on recently, just say so. Remember that a length of time is rather subjective. Therefore, if it’s been longer than a few weeks, simply say, “ Not very long. Have you been looking very long?” This is a nice way of turning the question back over to the buyer.

            Homes that are listed:

The MLS almost always displays how long each home has been listed on the market. Realtor.com puts the listing date right out there for the world to see. This can provide the buyers with a strong clue as to the desperation of a seller. Selling by-owner eliminates this information problem.                        

“Why are you moving?”

Don’t reveal any reason that might imply desperation. Protect your vulnerabilities by having a logical and acceptable answer ready. Just tell them you decided to move to a single story home, or that you’re downsizing, or you’re moving to be near certain relatives–whatever. Then respond, “How about you? Why are you moving?” Reversing the question could reveal their motives.

This question could be asked during a typically slow period such as the holiday season when many sellers take their home off the market. Buyers may wonder why you’re moving now as they attempt to uncover desperation on your part. If asked, simply tell them that it’s your understanding that only serious buyers are looking at this time, making it a great time to put a deal together.

“When are you looking to move?”

Don’t lose your leverage here. Even if you want to move tomorrow, respond with; “We’re flexible, how about you?” The buyer is the one that makes the offer. They are the party that states their desired possession date. Let them reveal their position first. Even if their timetable doesn’t match yours, once they get the ball rolling with an offer, they can get excited about a new home and will see what they can do to accommodate your requirements.

“How much did you pay for this house?”

Whether your home has undergone great appreciation or not, a frank reply here puts you in a no-win situation. Also, what you paid doesn’t have anything to do with current value.

But since you know the buyer wants to use your purchase price as a reference point, and you’re a nice person, simply smile and say, “I won it in a poker game.”

“Have you had any offers?”

Now that you know the question is coming, you can have a ready answer. “No, we just put it on the market. You can be the first” (said with a big smile). Or if you have been on the market for a while, simply say, “We’ve got some interest, but nothing on paper yet.” After all, “interest” can be defined a few different ways.

“Did you recently reduce your price?”

Does the buyer feel that you should? Does the prospect want to know so he or she can determine if you’re desperate? Does the prospect feel your home is overpriced and is angling for a reduction? Have you been on the market long and the prospect is familiar with a previous asking price? Whew! Too many possibilities. Best bet is to get the prospect to elaborate. A simple, “What do you mean?” turns this question back to the other party. 

Their answer will point you in the right direction for your response. Without making a big deal out of your price reduction, you can point out your desire to make your price really competitive for a faster sale. For instance, you may point out that this way you don’t have to list it and raise the price in order to cover a commission.     

             Homes that are listed:

The MLS keeps track of price changes for each home. Multiple changes could promote a perception that there is something wrong with your home or that you are desperate. Since your price changes are not being recorded when selling by-owner, this is an obvious advantage you have over homes that are listed.                          

 

“Why hasn’t your house sold yet?”      

And just why is this person asking this question? Your best response is simply to smile and say, “What do you mean?” The buyer responses will vary according to your situation.

If you had some early stumbling blocks, use this as an opportunity to tell your buyers you have the problems resolved.

Or they may respond to your comeback with, “It’s such a nice house, we can’t believe it hasn’t sold.” This is the response you hoped they’d give.

“What's the lowest price you'd take?”

This is a good one. Simply respond with something like: “We haven't really thought about it–it hasn’t been on the market that long. What kind of figure were you thinking of?” Always attempt to get the other party to reveal their thoughts.

“How did you arrive at the asking price?”

If it’s based on professional market value estimates, just say so. If you didn’t put serious and professional thought into arriving at the asking price, expect to be stumped with this question. Avoid this by following the recommendations in the  PRICE Step.

The question may have been posed because the buyer knows that you recently bought low and suspects you are testing an inflated price. If you made a lot of improvements and feel the buyer has no idea of the increased market value, point out recent sales of comparable homes and the improvements you’ve made.

"Is the price negotiable?" 

This question comes from someone who doesn't beat around the bush. Keep your cool. Simply say, "Sure."  Then after a few seconds say, with a slight smile on your face, "Just as long as the offer is negotiable." 

They won't know how serious you are, unless of course, they make an offer. 

When you are thrown a question that catches you unaware, take a few seconds as you formulate your response. Your objective is to manage your answer and minimize tipping your hand.

Notice how the technique of answering a question with a question works so well in most of these situations.

But take note that this response method does not work as well when handling actual objections, which we’ll cover in the next topic: Seller Tactics.  

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