YesTalk-187 - How to Save and Close Deals In Coronacrisis

Welcome to Kevin Ward's Yes Talk for Realtors. This is Kevin Ward and how do you close your deals that are in escrow that are pending right now while we are in the middle of a Corona crisis? Hi there, it's Kevin Ward, the founder of yes Masters Real Estate Success Training, helping you get more yeses and more successes in your business and, and in your life. And right now we are going through some uncertainty in the real estate markets and there's a lot of fear, there's a lot of people that are ill at ease and it is especially happening even in the middle of the transactions that you have going on right now. So you have buyers that are worried, that are worried about their paycheck, worried about qualifying, worried about interest rates, worrying about what's going to happen if they buy this house. And you've got sellers that are worrying about whether or not right now is the time to sell. They're worried about making things work. And it's just leading to a lot of, you know, shaky deals. So in this video I want to talk about how do you save those deals and how do you close your deals that are in escrow that are pending right now while we are in the middle of a Corona crisis? And so today I want to give you three key strategies of things that you need to be doing in working with your buyers, with your sellers, with your clients, and with the other agent on the other side of the transaction who's also skill. How do we make those deals close? So, number one is having straightforward conversations. Just you got to be straight with people. There's there. This is not a time for fancy talk. This is not a time for high pressure. This is not a time for bs. This is not a time for it's going to be okay. Everything is going to work out great. This is not a time for prediction and reassurances. It's a time for a straightforward conversation. And when you start having that, just when you start having a conversation with your client, particularly and sometimes with the, with the agent on the other side, is you just got to acknowledge the situation and acknowledge the fear that they're feeling, acknowledge the situation as it really is. And that's the best way you overcome a fear. You overcome a fear by addressing it head on. There's a lot of agents that tend to, they don't want to address it head on because they're afraid if I address it head on, it's going to just blow everything up. And the reality is it's actually the opposite when you address a Fear head on. Then people can wrap their head around it, then people can deal with it. But when you try to go like, well, yeah, I know, and it's in the. And you try to beat around the bush, it makes people more insecure. It makes them worried, like, are you holding back on me? And so forth. So here is the conversation that you want to have. Whenever you get that call, if somebody's going like, well, we're thinking about waiting. We decided we may want to take our house off the market and so forth. So here is the way you handle it head on. And you go like, you know what? I hear where you're coming from. And this whole crisis is a crazy disaster. It's just nuts where it came from. In other words, you're just acknowledging it. Okay, this is a disaster. You can use more colorful language if you want to. Okay, I get it. This is like, put everything into a tailspin. We don't know what's going to happen. But right now, everything is there, and you guys are scared, you're uncomfortable, and I don't blame you. Now what am I doing? I am reassuring them. One, I get it. It's a disaster. This is crazy. This is craz craziness. This is totally, you know, blindsided everybody. You're acknowledging this is a big deal. This is not like, it's going to be fine. Don't worry about it. The market's going to pop back. Well, it may or may not. So you don't be a prophet when you don't know what's actually going to happen. Right. So I'm just acknowledging it. This is a disaster. And you guys are feeling uncertain, you're feeling scared, and it's not your fault, and I don't blame you at all for the way you're feeling. And then stop talking and just listen and let them talk. Okay? Let them get their feelings out. Let's come to grips with the reality. Now. The second step is, once I've done that, now I need to reconfirm. Step number two is reconfirm the motivation. Your clients and all the parties involved, what do they want? Okay? Because what happens is people lose sight of what they really want when they get. When the. When the crisis comes into play, it's like, ah. And they get fixated on the crisis rather than the goal. They get focused on the obstacle rather than the objective. And they still want to buy the house or they still want to move. They still want to sell the house, but they're like, oh. And they get scared. And so what we want to do is acknowledge the demon, acknowledge the obstacle, acknowledge the problem. But then we refocus them back on the objective. What is it that they actually want? Do you want? So that now the conversation is change the focus from their fear. Now we change the focus back to the goal. And here's the question. Are you guys still wanting to move into a new house? Are you guys still wanting to downsize? Do you. Would you guys still like to be able to make this your home? Now I've got to reconfirm that this is what they want to do. Okay, well, we're afraid. I get that. I totally get. I totally get you're afraid. I don't blame you. This is a time that fear is not a bad thing to have. We just got to look at the fear, but then we got to look back at what do you want? Would you guys. Do you guys still want to get the house? If you can, what would make you still want to get the house? Or what would make you still want to sell the house? So that's going to be. Number two is I've got to find out what is the motivation? Because if you got somebody that is like, you know what? We're out, we're done, we're back. We're not going to do this. We're not going to close right now, or, you know, my husband just got furloughed and we're looking at potential layoff and he's not going to have a paycheck. We're out, we're done. Okay. When you have a situation like that, their motivation now is completely shifted, then it's time to go. Like, you know what? I completely respect that. And, you know, you got. This is your decision. It's the right thing to do. And of course, it depends on where you are in the. The contract in terms of if there's contingencies where they are and all that. But the point is, this is a time to now be listening to people reconfirming their motivation because your job is to help them get what they want. All right, so number two, number one, straightforward conversation. Number two is reconfirm motivation. And then number three is proactive problem solving. Now, I've reconfirmed the motivation that, yeah, they would like to move, they would like to sell, they would like to buy. They want to make the deal work. They're just not sure they can. They're a little scared. They're uncomfortable. Totally get it. So now what can we do to make this work? Now if there is a problem like Something's happened that's made closing look impossible or difficult or challenging or a new challenge come along. Then your job is to be a proactive problem solver. Now, I can't. In this video, it's impossible to give you all the scenarios to do and say, okay, here's what you need to do because there's countless variables and your market is going to be different. Somebody else's market, where you are in the contract, the terms, all that's going to be different. The, the key is for you to ask the right questions of yourself. And that is, what can we do to solve this problem? And then if you, and you put that into your head, go like, okay, what can we do to solve this problem? And if you don't, if you can't figure out the answer, then go talk to your broker. Go talk to another top agent that you can collaborate with in your office, somebody that you trust. Go like, okay, here's the situation. What can we do on that? What can we do that. I have my coaching members. If you're a coaching member, you can ask your coach. So they ask, okay, this is the situation. What can we do? How can we fix this? And then you've got to get creative. You've got to, again, work on reconfirming motivation, get the parties to work together, collaborate and so forth, and then move forward toward the closing as quickly as possible. Now, here's the deal. Get past the roadblocks, get past the fears, get past the uncertainty, get past any conditions that have to be met as quickly as possible. Right now, the one thing you want to do is when you've got a buyer that wants to buy and a seller wants to sell. You've got people who still want to make the transaction work, is you want to get it done smoothly and quickly without desperation or impatience or being pushy or anything like that. But just saying, when things are ready to go, go. So right now you've got to be more proactive than and more focused and more attentive to what's actually happening in the transaction. Because things can change overnight with somebody's job or whatever. So let's strike while they aren't as hot. You've gone, you've had straightforward conversation. You've got, everybody still wants to make this happen. The buyer still wants to buy, and the seller wants to. Wants to sell. It's legitimate. You're not, you're not trying to get. I just want to be clear because sometimes people put these. I don't want you to put this hate comment that goes like you're just trying to push people into closing. No, I'm not talking about that. If buyer still wants to buy in, the seller wants to sell. That's their decision. And you as the agent, it's your fiduciary to help make that work. Make it work and just move it quickly so that things that would potentially disrupt the transaction don't have time to appear and mess things up. Strike while the iron is hot. Move toward the closing. Get it to happen. Close the deal. Save the day for hey there, it's Kevin. I hope you enjoyed today's podcast. Are you tired of getting no after no when you're out there trying to get listings and trying to inspire sellers to say yes to you? And I'd like to invite you to download a free copy of my no BS listing presentation. This presentation will guide you what to say that will have motivated sellers to say yes to you're helping people again. Stop getting stumped with skeptical seller objections or the famous we need to sleep on it eliminate. Ready to hire you to get a complimentary copy of my listing presentation, go to yes masters.comdownload to download your free copy today.