Ninja Selling Podcast Avoiding the 'Winner's Curse' with the Buyer Process
Today marks the second installment in Matt and Garrett's series focusing on buyers in which they look at one of the possible reasons for such a high percentage of deals falling out these days – the dreaded 'Winner's Curse'. It is a very real phenomenon which is covered in Ninja installations, and seems to be more prevalent in the current market, so the timing is perfect to take a look at both the curse, and the way to avoid it, in today's episode.
Matt and Garrett begin by explaining what the curse is, and the important role that communication and the Buyer Process play in avoiding it. They also explore the common buyer fear of paying too much, and the importance of patience and educating your buyer about current market conditions. They finish by discussing the value in both sharing 'pendings' with your buyers as part of their market education, and in keeping an eye on these listings on their behalf. If ever there was a time to become a Buyer Process expert, this is it – you and your buyers will enjoy great success if you do.
Episode Highlights:
- What the Winner's Curse is
- The important role that communication and the 10 Step Buyer Process plays
- The fear of paying too much
- Educating your buyer about the current market conditions
- Being patient with them
- Watching and sharing 'pendings' with your buyers
Quotes:
"So, you're telling me that 29 other people…thought that maybe what I'm offering is too much, and didn't decide to go this high."
"A lot of times we're taking an offer kind of in the middle, knowing that that's a person that can perform to the end of the transaction."
"If you're running a good process, none of your buyers should really fall out unless there is, like, catastrophic things that come up on a home inspection report or, you know, something changes in life during that transaction."
"This all goes back to the 10 Step Buyer Process, and it goes back to doing it extremely well from front to back."
"What a great time to hone your skills as a buyer agent because your value, your stock is going way up in value right now because people are looking for a true expert that can help them find that home."
"This is the time to be absolute experts in the Buyer Process for your clients."
Links:
www.TheNinjaSellingPodcast.com
Email us at TSW@TheNinjaSellingPodcast.com
Ninja Selling
@ninjasellingofficial
Ninja Coaching:
@ninja.coaching
Garrett
garrett@ninjacoaching.com
@ninjaredding
Matt
matt@ninjacoaching.com
@matthewjbonelli