You sold the home, but now that customer has second thoughts. While we may not be able to prevent buyer’s remorse entirely, there are ways we can get ahead of it.
Buyer’s remorse, it’s a thing. We all know that. But why is it a thing? What’s happening in the buyer’s mind when they have this change of heart?
To start, let’s review the buying formula. Buyers buy when, say it with me now, their current dissatisfaction multiplied by their future promise is greater than their cost and fear. Now, at the time of the purchase, the formula favors those left side variables, current dissatisfaction, and future promise.
But something happens along the way. The realities of the situation start to creep in. It’s the hassle of the mortgage paperwork. It’s the unexpected costs. It’s the frustration over timing.
But more than any of that is the reality of the long-term commitment that the buyer has just made. And that sense of permanence to the decision is downright scary. However, we’re not done there. When buyers make a purchase decision, they do that with a strong emotional altitude. That emotional altitude tends to be highest at the time of the purchase decision, but as fear mounts, the emotional altitude wanes and starts to fall. And that leaves customers without that emotional energy and excitement when purchasing.
What do we do with all that? Well, let me offer you just three ideas to reduce cancellations due to buyer’s remorse.
Proactively Build Their Confidence
Proactively, in advance. This is all about the affirmations for the decision that they’ve just made. So praise them for their wisdom. Get your builder to do the same thing. Remind them throughout the paperwork step that they will love their home. We want to keep the energy high. Instruct your lender to offer even more affirmation. But the bottom line is this; the customer needs to be reassured about what they have just done by everybody.
Use Social Proof to Explain Away Buyer’s Remorse
It’s okay to have the conversation. Let the customer know that second thoughts are normal in any significant decision. Your buyers need to know that others have had these same thoughts and concerns, but they are pleased that they went through with their initial decision. Now, you can’t stop there. You need to offer a strategy for what to do next and how to keep the sale moving forward.
Repeat the close when you finish the paperwork. Ask those customers again how happy they are right now with their decision. We know they’re at a high emotional altitude, and when they say yes, they are telling them to remember that very moment. In a logical frame of mind, they agree that this is the right thing to do. We need to get them to hold on to that.
Keep the Emotional Altitude High
During the paperwork process and shortly thereafter. You see, the remorse tends to set in right away. So send them something that raises the emotional altitude. I think a video of the home or the home site is the best way to do that.
Tell your clients to call you at the first sign of concern. The longer that sense of remorse festers, the more likely it is that they’re going to cancel.
Look, buyer’s remorse is real. We all know that. So let’s be prepared in the way we respond.
Until next time, learn more to earn more!