5 ways to handle a buyer who won't make full price offers

Tools for Agents| Buyers
August 23, 20223 min read

Making an offer on a house is always a nerve-wracking experience. But what if the potential buyer won't even come close to the asking price? Buyers insist that the market has changed and they refuse to make full-price offers. The number one rule in selling that almost everyone forgets is you agree first and close later. Always agree. Now once you agree with them, they will bring their guards down and be willing to see things from your perspective also. So here are 5 ways to handle potential buyers who won't make full-price offers without losing your temper or the sale:

  1. Write it. Write the offer. When you do that a couple of things happen. Either the offer gets rejected or accepted. In the slim chance that the offer is accepted, great! Everyone wins. If not, then the buyers learn the market first hand. You do this for a living and you potentially make 50 offers in a week. They make probably make 10 offers in their lifetime. Some learn from others' experiences and some learn from their own.

  2. Educate. If they are not listening to your input, chances are they don't trust you to be an expert or authority yet. You build your authority by being an expert at what you do. Start by educating them. It is your job to educate the buyers. Learn how different people understand. Some want to see data, and some want previous examples. Explain the thought process behind why the house would have been priced at what it's listed. Explain the pricing strategy. It builds confidence and credibility.

  3. Present Data. There are two types of data you can present to your clients. Publicly available data or MLS data. You should be able to rattle off the last 3 months of sales, how they were priced, and how they relate to the house you are currently working on. Your buyers are potentially looking at Zillow, Redfin, or realtor.com data and drawing conclusions. Show them the MLS data on prices and comps of homes similar to ones they like. Show them days on market and that should answer some of their questions that you might not have addressed before. Buying a home is a very emotional decision and it's ok for those emotions to marinate a bit. Then you could help isolate emotions and the market facts.

  4. Motivation: Do they really need to buy that house? Or are they still shopping around? If they aren't truly committed or if they have other options, they are likely going to wait it out. Truly connecting with the client and building a relationship with them is going to help you understand where they are coming from, what their motivation is, and how best to work with them. If they are not ready to buy or if there isn't any urgency, play by their timeline. Focus on prospecting and identifying new buyers till these ones are ready to move.

  5. Are they unrealistic? Maybe the clients are unrealistic. It's ok to fire clients than work with unreasonable ones. If a client is not trusting of your expertise, if they are not listening to you, or if they are being unreasonable, it might be best to move on. You want to represent people who will listen to you and take your advice. The most important thing is to remain calm and confident.

Handling buyers who won't make full-price offers can be a daunting task, but it's important to remain calm and confident. By educating the buyers, presenting data, and motivating them in the right way, you can often win them over and close the sale. If all of this fails, it might be best to move on and find more reasonable clients.

Rohan Attravanam

Founder and CEO of Phodun Digital. Real Estate Lead Generation and Deal finder.

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