Prospective buyers never buy a house ‘cold’. They want to see the house, inspect it, ask questions and satisfy themselves that it is the best choice. The presentation of your house should therefore be a Positively Overwhelming & Memorable Performance or P.O.M.P. for short.
Buyers usually come with pre-conceived ideas of what they are looking for in a house. They always have a mental checklist in their mind to help them arrive at their decision. The P.O.M.P. must therefore address issues that will help the buyer decision to buy your house. You have to look at the whole selling process through the eyes if the buyer. What you show is not as important as what the buyers perceive. Perception is king and as sellers, you must manage the perception of the buyers.
The P.O.M.P. can be divided into 5 stages and requires you to address several key issues to ensure a successful sale.
Stage 1: Preparation Stage
- How to make your house more attractive and appealing?
As mentioned in the preparation your house for Showtime, the objective of this stage is to create an emotionally stimulating environment to the buyers. The goal is to give them a ‘welcome home’ feeling and convince them that this is where they will enjoy the comfort and pleasures of life.
Stage 2: Probing Stage
- What are the needs and behavioral patterns of the buyers?
You have to understand the motives, wants and personality of your buyers. Only then, you can help them realize the value and benefits of your house better. You must uncover the needs of the buyers – a process similar to peeling the layers of an onion to see if the buyer matches the following ‘F.R.I.E.N.D’ ly criteria.
Finance: Do the buyers have the money to buy the house?
Responsiveness: Are they willing to discuss and cooperate with you?
Inclination: How motivated are the buyers about buying your house?
Eligibility: Are they in a position to buy your house?
Needs: Can you meet their needs and requirements?
Decision: Will they have the authority to make the decision?
Stage 3: Presentation Stage
- How to convince the buyers to buy your house?
Falling in love with a house is like falling in love with a person. It is better if the sellers are “unobtrusive” during the presentation of the house. This will make the prospective buyer feel more relaxed and be more open about sharing his or her opinions after viewing.
Stage 4: Prevention Stage
- What prevents buyers from buying your house?
Life, including the sale of your house, is not a bed of roses. You must expect buyers to raise questions, doubts and objections. It is part and parcel of the decision making process. When prospective buyers raise concerns, it is an indication that they are interested in your house. The best way to remove a concern is to prevent it. To do so, you need to apply the 3 P’s strategy. You need to pre-empt a buyer’s potential concerns prior to meeting him or her. You need to prepare the appropriate responses and if necessary, respond to them proactively.
Stage 5: Position Stage
- How to make the buyers believe (logic) and feel (emotion) that your house is the best choice for them?
You will do well to remember the words of Sun Tze, the famous military strategist, ‘Know your enemy…’ Why? Because prospective buyers will visit other properties and make comparisons before deciding to buy a house. It is therefore important for you to visit and study other show-flats and properties, especially those that are in your neighborhood, so to ensure that your house is well positioned to achieve success.