"I'm Waiting for the Market to Crash" - Overcome this Common Real Estate Objection
The market is shifting, which means we get to deal with a bunch of new (but not really new) real estate objections. The most common one our clients are hearing from leads lately is “I’m going to wait for the market to crash.” If you’re not armed with a tried, tested, and practiced response, then this real estate objection may stop you right in your tracks.
In this article, we’re going to cover the dos and don’ts of handling this common real estate objection.
What Not to Do
As with handling any real estate objection, when it comes to getting past “I’m waiting for the market to crash”, there are certain things you never want to do. Here they are:
- Disagree with the lead
- Make the lead wrong
- Educate the lead before understanding them
- Trying to close immediately
Basically, what these don’ts all come down to is listening to the lead, taking in what they tell you, and not being confrontational. Don’t tell them that the market is not going to crash if they tell you they think it will. And try to avoid using the word “why”, because it’s inherently confrontational. Instead, try something like, “what makes you think the market is going to crash?” Hear what they say, acknowledge it, ask any clarifying questions, and then try to educate them. Only try to close once they have accepted that they may not need to wait for the market to crash to move forward.
What You Should Do
The way to overcome this real estate objection (and really, all real estate objections) is to do these six things:
- Get the lead’s perspective
- Get the lead’s experience
- Tell the lead the benefit of moving forward now
- Educate the lead after understanding their perspective
- Identify motivation and ability
- Set a logical next step
Here’s how to cover all of these points and overcome this tough real estate objection:
- When you say crash…What do you mean?
- When do you think that will happen?
- What will that do for you?
- What if that doesn’t happen?
Educate and tell
Housing economists point to five main reasons that the market will not crash anytime soon: low inventory, lack of new-construction housing, large amounts of new buyers, strict lending standards and a drop in foreclosures.
Get at their motivation and ability: Would you move forward…
- If you got an acceptable offer in the next few months?
- If a great home came on the market in the next few months?
- Would moving in the next few months even make sense for you?
Tie them to a logical next step
- When will you talk next?
- Why will you talk next?
- What will they get out of it?
Getting the lead to commit to a logical next step is crucial. And be specific. Don’t just say “give me a call when you are ready to move.” Tie them to something that they want to talk to you about. Focus on the benefit they will receive from meeting with you at that time.
Don’t Let this Objection Slow You Down
“I’m waiting for the market to crash” is a real estate objection of someone who may not fully understand what is happening in the market, and who is probably getting a lot of their information from social media. The key is to get in there with the right information, while being sensitive to the opinions they have already formed. Come from a position of patience, understanding, and helpfulness.
If you want more information for overcoming this real estate objection and all other objections, then our Conversion University program is for you and your team! See all of our training programs here.