Are You Lost in a Sea of Agents?

January 18, 2017

Buyer Consultation

I recently read about an agent, who had run into ‘bad luck’ lately with prospects.

He was showing home after home to several, different prospects, but no one was buying. They would look at 20 – 30 homes and then disappear. Some would buy a home from a different agent.

It got me thinking.

Whenever you have a problem, is it because you aren’t using a system in your business or is a component of your system not working properly?

In this case, the agent didn’t have a system.

Here is what I would recommend:

It’s very important to devise a system for your buyer prospects before you spend countless hours and dollars on them.

Are they motivated to buy now?

Are they pre-approved by a reputable lender?

You need to schedule a consultation with them before you head out to show them properties. Sit down with them, preferably at your office, and review the home buying process with them. Find out their needs and what concerns they have about the process. Then share with them how you work and the benefits they’ll gain by hiring you to be their agent.

Then make sure that they have been pre-approved for a mortgage that they understand and will be comfortable with its terms. If you don’t have a preferred mortgage consultant that you’ve worked with over time and can recommend, make sure you talk with the lender they’ve selected and find out the details about the mortgage they are recommending to the buyer. When possible, ask for a Good Faith Estimate or a breakdown of closing costs and fees associated with the mortgage.

Then set the buyer up to receive new listings by e-mail. Make sure they closely review each listing before making an appointment to view it. Many times there are things about a property that will disqualify it in their mind or they miss reading about a certain feature of the property that would have eliminated it from consideration in the first place.

Always ask continuously about which features and amenities they’d ‘like to have’ versus ‘what they must have’ versus what they’d ‘never accept’, i.e. in-ground pool.

Constantly pre-qualify prospects. Their wants and needs can change during the process.

You should be interviewing them as much as them deciding on you. It’s really all about your mindset. People will use up your most precious resource: time. Don’t let them do that if they don’t meet your standards to work with. Don’t put yourself in a position that you’ve worked with them for so long that you can’t afford to lose them. They will sense that.

It’s better to work with fewer, highly-qualified buyers, who know what your expectations are and appreciate your real estate expertise than to waste time and gas money driving looky-loos all over town.

When you meet with someone one-on-one and they see that you’re a professional, who really cares about serving their real estate needs, you’ll have a much better chance of helping them find a new home.

In today’s market, whether you’re working with buyers or sellers, it’s all about quality clients, not quantity.

So, don’t become a “commodity” among real estate agents, where consumers think that we’re all alike. We’re not. Constantly improve your skills by practice, education and just going out and doing it.

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