Interest rates are historically low, home prices are down, and there are buyers looking.  It seems like an ideal time yet the real estate market is still struggling.

The key to improving may rest in the most unexpected place – small talk.

I like to think of it as a Scavenger Hunt.  The “Hunt” gives the agent clues to relating to buyers on a deep, emotional level.  This connection is what sells more homes.  Because wary prospects often turn homes into commodities asking for “four bedrooms & two baths” as though they are all the same; the best agents challenge themselves to keep their homes from becoming a simple formula. 

By engaging potential buyers in conversation, an agent can find clues about real reasons for the visit.  They use the information to meet true, internal motivations for moving.  The winner of the game is the agent who doesn’t let the home get reduced to bedroom counts, price or features. 

This is the lowest pressure – highest reward method of selling.

It all starts by understanding that all buyers fall into a “Hot Button” category.    These motivations originated from University of Michigan research which found buyers can be categorized as follows:

Recreation                       Investment                        Culture

Love                                  Ego                                     Family

Security                             Sex                                    Prestige

Convenience                    Finance                             Privacy

This information has been available for over a decade and is often reintroduced to agents.  So why isn’t anyone using it?  The few agents who apply these concepts have results that far exceed the market average.  Great salespeople do what no one else will – treat “Welcome and Discovery” stages as a scavenger hunt.  They look for clues that point to a Hot Button and use the information to cater the presentation in that framework.

For instance, small talk triggered by the sports caps and t-shirts may lead the agent to believe visitors are a Recreation Hot Button.  This transforms their presentation.  The garage becomes a place for “toys”, the great room is a place for parties, and the loft is an ideal space for video games.  Sounds basic but most agents present their product the same way each time.  Having a system is admirable but identifying Hot Buttons allows agents to personalize their presentation.  The same house presented to a Privacy Hot Button should have a different focus from other Hot Buttons.  Time should be spent discussing the remote location of a Master bedroom in relation to other bedrooms or the courtyard that shields the door from prying eyes.

I recently used a Hot Button exercise with a group of agents.  They identified sites they wanted to sell and we described which Hot Buttons would best match their homes.  I checked back with a struggling community a couple of weeks later and each agent sold the specific homes they used for this exercise.  They saw the plans in a whole new way and were better equipped to get prospects excited.

Even if you don’t get all of the Hot Buttons, this concept is simple:  Listen.  Not for your typical bedroom and bath counts but for real reasons prospects want to buy.  Once you have those motives, your houses are no longer commodities.  They are homes that have emotional ties.

Planting the right seed increases discomfort with their current situation and increases desire for a new solution.  This is only possible if attention is given to the buyer’s motivations.  Want to get better results? 

Know WHY people buy and WHY your homes meet these needs. 

To learn more about this subject, read “Hot Button Motivation”.