The calculate a cost per day close is a great closing strategy. You will always, in your entire career, either be compared to another offering or be told, “That’s more than we wanted to pay.” But by being able to reduce the amount to the ridiculous you can change the mind set of the buyer with a simple calculator.
Let’s just pick $20,000 to do the math. Here’s how it works. You must have a calculator and work this close through with the numbers in front of your prospect. Seeing is believing. Let’s just say for argument sake that for every $1000 of financing at today’s rates, that adds $7 to your monthly mortgage payment. At $20,000 that adds $140.00 per month to your mortgage payment. Now you still may be telling yourself that you can’t afford another $140 per month, but the truth of the matter is, if we take that number and divide it by 30 days in a month, that’s only an extra $4.67 per day. That’s only $4.67 a day more to have the home that you really want. What does that look like? A couple of bottles of water? A coffee at Starbucks?
The trick is this, you have to reduce it to something that is believable. Is $4.67 actually going to keep them from getting a home of their dreams? Reduce the cost to the ridiculous. $20,000 is a hard number to swallow, but $4.67 will bring it into perspective in the prospect’s mind.