For those of you who were not psychology majors, the “psyche” is someone’s mind. What motivates them. What are they thinking? How can you better understand them? All of which are important to those of us in lease purchasing. In fact, it is important to any business person. The ability to know what motivates your customer, how your customer thinks, and tapping into their “psyche” is what makes some businesses successful, and why others fail.
For those of us in lease purchasing when we make our calls we find out what motivates our sellers. We ask pointed questions to determine why they are selling their home. We build rapport with that seller. By the end of our telephone call, we have an insight into what that particular sellers’ wants and needs are.
Sometimes you need to educate the seller. For those of us in lease purchasing, we can explain the various advantages of lease purchasing. The advantages we emphasize will be determined by that particular sellers’ psyche. We can find out what is in a seller’s psyche by how she or he has answered the questions that we have asked them. Their answers to our questions are what give us a pretty good feel for that seller.
In general, of course, a seller has a particular mindset. He or she wants to sell their home. They want to get a particular price for it. Their emotions are strong. They have very strong attachments to what they are selling, especially if they have lived there for a long time. Depending on what their reasons for moving are: divorce, death in the family, birth of a child, job transfer, etc., remember they are going to be feeling certain things. Put yourself in their shoes. How would you feel if you were in their place?
If you can not get inside the psyche of your seller you are not going to do deals. You must have empathy with the seller. Be a good listener. Ask questions and let the seller talk. This will give you the best insight into what the seller is thinking and what is motivating them.
While many of the above points are going to carry over into getting into the tenant buyers psyche there are also other considerations. You have to be able to understand what it is like to have credit problems, possibly a bankruptcy, medical problems, divorce, and a multitude of other bad things that might have happened to that tenant-buyer. If you cannot relate to these issues, you will have a problem connecting with the tenant buyer’s psyche.
Tenant buyers are looking at a dream. You have to feel that dream with them.
So to truly be successful in business you need to learn about the “psyche” of your customer. For those of us in lease purchasing, that means the “psyche” of the seller and the tenant-buyer.