Homebuyer Sales Psychology
Homebuyer sales tip & psychology brain dumb:
Sitting here going over some things in the sales department for mine and a few clients’ companies...
Everyone has their own unique pieces and styles and methods of selling their stuffs but it just seems I run into this one common thing every time.
It’s not the craziest, out-of-the-box way to look at it, actually the most practical IMO... you’ll probably think well duh, but you’ll be surprised how overlooked it is.
But just the simplicity of knowing your market.
Sounds simple but I think there’s a disconnect in the understanding of what that actually means to know your market.
If we break it down to a micro level you get into human psychology and it reveals extreme commonalities among humans in general... and that tells you more than you need to know in order to get more customers.
Let me explain what I mean then agree/disagree...
Its human psychology to be conformed to the ways of doing something.
- We create mourning routines, use a favorite coffee mug, and take the same ‘quickest’ routes to and from daily destinations.
- We get into comfort zones and even find ways to stay in those zones even when we shouldn’t. Relationships for example.
- We go to the same stores and typically stick with the same styles of our peers or idols that set our fashion trends.
The point here is that the same is true in how we buy things... we have a process and ‘norm’ we get used to when purchasing various things...
From the customer perspective for example:
When you go to Starbucks and the new cashier doesn’t know how to answer your vague questions about their complex menu cuz you don’t know WTF your trying to order either...
You just expect them to tell you what you’re trying to order so you’re like, That’s It!
You’re naturally flustered because they just disrupted how you expected to purchase their product.
(Yes that’s a personal experience... I know - pick an Italian word, and a flavor, and move to the left, i got it)
From a sales perspective and more commonly experienced:
Your sales conversation is going well, they seem interested, motivated to buy, and then you hear nothing back and your ghosted.
About 99% of the time it’s because your sales process has disrupted their buying process in some sort of way.
They’ve bought your type of service before, maybe a different version... but they’re used to a certain way of buying it.
The buying process is a bit different for a lollipop than it is a car isn’t it?
I’d be a bit thrown off if they ask me for financing options on a lollipop.
In mortgage... the process, motivation, or emotional triggers are way different when buying a Home than buying a Loan.
Ever wondered why everyone thinks they need to talk to a realtor first when looking for a home? Even tho the process starts w you?
They’re selling the emotion, you’re selling a part of the process.
Name someone who has woken up like “Hey babe let go buy a loan today!”
Don’t worry, I’ll wait.
No. They woke up and said let’s go buy a Home.
As the mortgage broker, the correct market research to gather here is that your sales process should NOT be focused around the loan when that’s not what they’re wanting to buy.
And when 95% of sales (based on human psychology) are made out of emotion...
You should be asking what areas they want to live in, brick or log cabin, backyard for the kids and dogs or nah... what color they want the friggin cabinets in the kitchen...
Anything that hits their heart strings and helps them live it before they buy it.
Last I checked, loan programs and percentage rates are enough to excite... well no one but you honestly and only because you’re making money on it.
You can apply this to any industry because it’s human psychology...
Sales tactics, marketing strategy... all that stuff will change every 3-6-9 months... right?
However human psychology doesn’t change but every 3-6-9... decades?
It’s about figuring out what information they need to see/hear, and in what order..
The loan itself shouldn’t be part of the convo until it’s absolutely necessary.
I know I used some pretty extreme analogies here but it’s really that obvious, but also one of the easiest things to overlook.
Thinking about putting together a training on this because I feel like so many need to see it... but, this novel was enough.
Hope this rant helps someone, cheers 🍻
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