YesTalk-236 - OBJECTION: I’m Waiting For My Home’s Value to Go Up….

Welcome to Kevin Ward's Yes Talk for Realtors. This is Kevin Ward.

I'm gonna wait until my home values go up. This is a question that I got on a YouTube comment, and that is, how do I handle it? When I'm talking to a seller, prospecting them, and they say, well, we're not gonna sell right now. We're going to wait for our home value to go up. Well, as I'm recording this in 2021, home values have been going up now for. Since 2012. So home value has been going up and up and up and up. So my first question is, how much longer are you going to wait? How much more are you waiting for your value to go up? But it's a legitimate question, so we got to deal with it. Okay, so the question is, how do you deal with it? And how do you get. Get somebody to move forward when they're going like, I'm going to wait till my home value goes up. So first, a warning. The fastest way in the world for you to burn this bridge and never be able to have another conversation with a seller is to try to convince them that they should sell now, even if they don't want to sell, when they say, I'm going to wait till my home value goes up, it's really a legitimate statement. I just got to understand where they're coming from. So how do I do it? So I'm going to share with you three keys to making this happen. Okay, I'm going to share with you first, tactical, how to respond when they throw this objection up. And then three steps to know how to do this. Now, I was asked, can you give me a script for how to handle this? And the reality is, no, there is too many variables to just be able to say, okay, here's how you handle this. Objection. Okay. In terms of a one script answer. So first principle always whenever somebody throws an objection at you, is you repeat and affirm their answer or their objection, they go like, oh, so you guys are just. You're still wanting to wait till values goes up. Good for you. That would be smart. Now I'm going to acknowledge it. I'm going to go. That would be. Well, that would be a smart move. Wait until your values go up. Now I've got to dig deeper. I need to understand what the objection means. So I'm going to now say, so tell me more about that. You want to wait till the values go up. Good for you. That totally makes sense. Totally sounds smart. Tell me more about that. So the first thing that I'm wanting to do here. Number one is identify their motivation. Identify their motivation. The one moving part in a seller selling their house is their motivation. And here they're saying, I'm not motivated to sell my house today. So I'm like, okay, I want to understand what is their motivation? What are they looking for? Tell me more about that. Now I'm going to listen as they tell me more about why they want to wait for values to go up. Now here's some other questions you may ask them. What value are you looking for? What are you hoping your home will hit? Is there a price point that's the trigger? Is there a value that makes you like, that's the market or how will you know when it is time to sell? So that's my first question and telling me more about getting more information. Just tell me more about that. Is there a price point you're looking for? How will you know when it is time to sell? The second thing is now I want to identify what would make them want to sell. So when you do sell the house, where would you go next? Where you think? What would be the next move? I need to understand why would they even be thinking about selling? Most people do not buy a house as a home, as a real estate investment. In other words, they don't buy it to make money. They buy it because they want a nice place to live. And so typically, and so because of that, typically they don't sell just based on making money. They sell when they're ready to buy another house, when they feel like they're ready to buy another house, whether it's upsizing, downsizing, relocating, whatever it is they're looking, there's a motivation behind it. So when you do sell, where do you think you would be going next? Why do they want to sell and why do they want to wait? All of that is to inform my conversation so I know where to go next. So number one is really getting clear and identifying the motivation. Number two is that I want to address the conditions now. Conditions are the reasons why they may or may not want to move right now. So I could ask a question like this. So if you believed, if you felt like that now was the best time to get the most money for your property, would you move now or would you still wait? If you feel like now was the best time to get you the most money, would you move now or would you still wait? Now what I'm looking for is, well, I mean, like, if we're at the peak of the market, I would still wait. Really? So they're not waiting for values to go up, they're waiting for something else. They go like, yeah, I mean, if I felt like now was the best time to get the most money, we'd sell in a heartbeat. All right, cool. So how are you going to know when is the best time? So now we're getting a little bit deeper. We're getting to understand, are there conditions beyond just waiting for my value to go up that is keeping them from deciding to move? Right now you want to get the truth or find out are they actually open to making a move now? And then number three, the third thing, and this is the most important thing you do as a real estate agent, and that is that your job is to lead people to decisions, to inform them and educate them to make good decisions that are in their best interest. So the third step is to inform them of the pros and cons of waiting. Now, if they're like, no, we're not moving for this reason or that reason and there's nothing you can do, then the key is get the relationship. We'll get into that in a second. But let's just say they go like, well, yeah, if I felt like now was the best time, if I felt like the market was peaking, we'd probably look at doing it now. Okay, good. So now I've got to inform them of the pros and cons of waiting. Now I can do this on the phone in this conversation, or I can set up a time to meet with them and just talk about the pros and cons of waiting. So here are just the basics. Okay? One, how are you going to know when the market is at its best? When are you going to get the most money out of your house? Because if it's the truly, they want their value to go up, they want to get the most equity, get the most money out. How much money is that that they're needing and how are they going to know when that's going to happen? Because the reality is you never know when you're at the peak of the market until after you've passed it and it's on the way down. Because if till it starts turning back down, it may. You don't know where there's going to continue to go up. So when people try to time the market to hit the peak, they never hit it. They either sell early or they sell late. The people that wait and want to just wait till the very peak, they tend to get it on the backside. And the problem with the Backside is, is that now you're chasing the market down. If you price it too high on a downward trending market, people are going to be slowing down on making offers. They're going to be more reluctant, there's going to be more fear in the marketplace because everybody knows when market conditions are changing. And when that happens, then you're typically chasing the market down, which means you're going to be catch, trying to catch a falling knife as the market falls, you're trying to sell it and catch up with the falling market. And that is when sellers tend to lose equity. The time to sell is like right now as I'm recording this, where I'm literally talking to my coaching members and agents all across the country who are saying I've had buyers. We made 10 offers on 10 properties and we're offering way above and we can't get it. I just had another coaching member here in the Los Angeles area that is talking about homes listed for 1.7 million that are selling for 2. They're selling for over $150,000 more than list price in some cases. It's crazy what is happening in the market right now. This is a bubble. This is a good time to be selling. So now your job is to educate them on what is their tolerance for risk and what is their target of opportunity. Because when the market turns, it's too late to get the most money. So now if I can help them, we are in one of the longest housing expansions or periods of appreciation in, in modern history, if ever. And that at some point will come to an end. And when that comes to an end, it's too late to get your the best value for your house. So I'm waiting for, I'll sell when values go up. Are you willing to wait till the next cycle which could be six or seven years from now? Now just remember from 2000 to 2006, the last time there was a housing bubble once it collapsed in 2007, 8, 9, 10, 11, 12, it was 2012 before home prices bottomed out. Six years. So right now we are at from 2012 to 2021. It's nine years of appreciation in almost all housing markets cross country. At some point that is going to turn and go down. I'm educating them the pros and cons of waiting. And if you do wait till after it turns, are you okay with taking a hit for waiting to try to time the market or would now be a great time to catch the win, catch your earnings, catch the winnings and move on? To your next home. Okay, so all of that has happened. All of those are the keys to bringing all this to place. Now, here's the most important thing. The key is not the outcome of this one conversation. In other words, like, well, what? I can't get them to set an appointment with me. I don't care. Remember, your job is to connect with them, not try to convince them to do something against their will. That's the best way to burn this bridge. I'm looking to build this relationship and become their go to agent. If they're not motivated to make a move right now, and I've identified that through this conversation, then be okay with that. Be okay going like, great, let's stay in touch. And whenever anything changes or as I see things change, I'll keep you up to date so that we make sure that we plan this move and make it happen at a time that is best for you. And this is where we get into what I call the power of the real estate vortex. And that is building that relationship. Building that relationship, positioning yourself as their go to agent. So they trust you, they believe in you. And when the time comes for them to sell, you're the one who gets the call. If their motivation is there to move now and you can help them see that the best time to get the most money is probably right about now, then set the appointment and go help them sell their house. But if there's some reason they want to wait and you can't get them to do it right now, go with the relationship. And as you build it and time goes, you're going to get that listing. But most importantly, you get that client because you'll get deal after deal after deal after deal. Hope that makes sense. If it does, make sure you give the video a thumbs up. Put your comments questions in the. In the. Put your questions and stuff in the comments below. If this is your first time here, make sure you subscribe to the channel. A lot of times people watch my videos and they think they're subscribed to my channel when they're actually not subscribed. So make sure you as are subscribed. You got the notification bell turned on so that you get noticed as my videos. New videos are published each week. Play to win and always expect yes. 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, then I'd.

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