Hey, everyone, I want to share some intriguing data we received regarding deal failures in September. While we don't have the October numbers yet, in September, we saw an all-time high for deal failures, with a staggering 16.3% of the deals going into escrow falling through!
Why did this happen?
It's essential to understand that most of these deal failures weren't due to inspection issues or seller disputes. The culprit, more often than not, was buyer's remorse.
Yes, that's right—buyer's remorse played a significant role. Buyers got cold feet, and it led to deal failures. So, how do we address buyer's remorse in advance? I'm going to provide you with a simple yet effective strategy: reconfirm, resell, and reassure.
Reconfirm: Throughout the escrow process, it's crucial to reconfirm why your buyers made an excellent decision. Remind them that they've secured a fantastic deal and that their interest rate is favorable...
According to a new Bankrate survey, millennials are having high levels of buyer's remorse in this market.
In fact, two thirds of millennials experience high levels of anxiety after the purchase, while they're in escrow, which can lead to escrow failures.
What are you doing about that?
Not just with millennials, but with all buyers in this topsy-turvy market. How are you addressing buyer's remorse? And for that matter, seller's remorse?
I'm going to give you a strategy called the Three R Strategy, which can help you deal with remorse in a unique way.
The first R is Reconfirm.
Reconfirm with people about why they made the decision to buy or sometimes sell. So you might say things like:
"Hey, won't it be nice not to be a renter anymore? And every single month when you're making that payment, it's building your equity, not building your homeowner's net worth. You're going to be benefiting from that."
"Hey, just imagine now that...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...