Even though the market has been hot for sellers the past few years in Ontario real estate, you can still expect to encounter a few buyer objections on the path to a sale. Objections can be multifaceted, complicated, sophisticated, or quite mundane. This blog post will explore the various objections you may be challenged with, and how to overcome them.
Competition with Another Property
In many markets, you can usually expect to face some competition for buyers in your city. However, you could even have some competition in your neighborhood. To help you stand out from the rest, you should start by noting the areas in which your property differs from the others. Take advantage of your home description to bring focus to these areas, such as a finished basement, fireplace, hardwood floors, etc.
Potential buyers will also be comparing your home based on price, so be sure you price your property competitively. A local real estate agent can help you understand the local trends in your area and arrive at the right number.
Be sure to always keep your home ready for a showing, which can be requested with very little notice. Many home sellers tidy up for pictures, but not as many keep them spotless for showings. It may take a bit more work, but keeping your home welcoming will help you impress more potential buyers, especially if other homes in the area aren’t kept as neat and tidy. You can hire a reliable home staging company to help you out in this department.
It’s also a good idea to try and be flexible with your showings schedule. If you need to reschedule or reject showings frequently, then it can really slow things down in terms of selling. If you accept these kinds of inconveniences, like last-minute showing requests, as part of the selling process, you’ll be in a much better position to appeal to buyers. Just know that in the end it will pay off.
Buyers’ Budgeting Problems
One of the more common reasons buyers don’t want to move forward with the purchase of a home is because they are worried about their ability to afford it. They might think that their credit score isn’t good enough, or feel stressed out about making mortgage payments, or they simply haven’t saved up enough for their down payment.
One more common obstacle when selling a property is that your buyers may have trouble getting a mortgage approval. This is where getting help from an experienced local real estate agent can be quite useful. Being able to evaluate and choose the best offer will determine whether or not you will close the deal successfully. In today’s market, you’re likely to receive a lot of interest in your property. But not all interest is created equal. A qualified Realtor will help you decide which buyers are in the strongest position to close.
Many people looking to buy a home might say that it is a “bad time to buy” prompted by concerns over current events and the economy. This can make them hesitant about purchasing a home. But as real estate professionals often say, time in the market is better than timing the market – meaning, it’s usually a more strategic idea to buy when you’re comfortable than waiting for the absolute perfect time.
Your representative, and your potential buyer’s representative, have market knowledge that you can use to your advantage to help ease the buyer’s worries and help them understand what market conditions actually mean for their circumstances. When in doubt, it’s always helpful to reach out to a professional for help!
A lot of time-related objections to buying a home stem from financial timing – things like understanding what they can afford and when they can afford to buy it, or lining up closing dates to best suit their financial needs. In this situation, the best way your agent can help is to ask them questions to help is to work with their representative to understand the root of the issue. From there, they can help both parties brainstorm a solution.
Trustworthy or Reliability Problems
With today’s market, it’s no such thing to be too careful. To help you build credibility with potential buyers, be sure that your real estate agent is able to show their qualifications and professionalism during the entire process.
Your buying or listing agent should be able and willing to answer any questions that your potential buyers might have about the home you are selling. When you’re transparent and you and your agent communicate with them in a timely manner, this will help you build up trust, respect and credibility as a home seller. This is why it’s so important for you to work with a listing agent who is friendly, professional and adept at keeping clients and potential buyers at ease.
If you are having a home inspection done, then be sure to offer these documents to your potential buyers so that they can have peace of mind knowing that the home that they are investing in is in great shape and they won’t be hit with any unexpected surprises.
Lastly, you should work with a listing agent who can help you navigate selling your home and help you handle negotiations smoothly in the Ontario real estate market.
If you are ready to start your selling process and need guidance on how to sell your home with a real estate agent or real estate brokerage, connect with an agent today and Zoocasa would be happy to help!