Stop Being Burned By Buyers!

January 25, 2017

Buyer Consultation

If you’ve been in real estate for any length of time, you’ve possibly lost a buyer, because of one of the following reasons:

  • they saw an open house on their own time, fell in love & wrote offer with listing agent,
  • after viewing homes with you, they stopped in at a builder’s model home and were told they’d get a better deal without involving you,
  • they just used you for information…their phone was disconnected and they never called you back,
  • they were working with several agents at once & you lost out,
  • they bought a home outside of your service area,
  • after weeks of viewing homes with you, they said they had to work with an agent recommended by their relocation company,
  • you lost out in multiple offers and they got mad at you and never returned your calls

There are other scenarios, but you get the idea.

So how do you prevent these scenarios from happening to you?

Here are 3 steps that will drastically improve your odds:

  1. Mortgage Pre-approval – Get your clients pre-approved for a mortgage. Before you meet your clients or show them properties, make sure that they sit down with a mortgage consultant, who will review their credit and personal information and provide them with an underwriter-reviewed, pre-approval based on a mortgage program that best fits their needs.
  2. Buyer Consultation – Explain the home buying process. Again, before showing properties, meet with your clients and review the home buying process with them step-by-step. Let them ask questions. Share with them what your expectations are of them during the process. Let them know that you’re looking out for their best interests. Trust is earned over time, so always be counseling them. The more they understand how things work, the more loyal client you’ll have. Tell them about how open houses and for sale by owners work. You know they see them. They may not always tell you, but you know they do.

  3. Constant Communication – Don’t let days go by without calling your buyers. You need to ask them how they want to be communicated with (by email or phone) and how often they’d like to hear from you. Then increase the frequency just a bit. You can never talk to them too much, if you have valuable info to tell them.

Over the years, no matter how much of it you do right, there will still be some buyers, who go into the Witness Protection Program after spending a lot of time with you. Just do your best to avoid it as much as possible by following the steps above.

Just keep asking your clients questions through the home buying process. If you’re losing buyers for any reason, you need to figure it out fast – is it a unique circumstance or could you have avoided it?

In the end, follow these steps and you’ll definitely increase your buyer conversion rate.

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