Four ways I got snookered with buyers–so you don’t have to…
Recently, I was coaching a group of newer agents in my eight week, business start-up program, Up and Running in Real Estate. We were discussing the section on working with buyers. We explored the Buyer Consultation process. This process creates value to get loyalty.
As we delved into the process to work with buyers, we discussed the many ways we get into pickles with buyers–without knowing we were falling into those situations. Here are four methods to avoid those situations: (I know, since I got into these pickles by not using these solutions….)
1.The multi-agent buyer. You meet a nice buyer, and you start showing her homes. You find out the buyer is working with three agents.
Solution: Instead of jumping in the car or showing homes to anyone, always do a consultation (what does the buyer want, and what you will do for the buyer). In the consultation, show (in writing, of course) at least 20 things you will do for a buyer. Then, ask for only one thing in return: his/her loyalty. Explain you work with people who work exclusively with you. Then, explain the benefits of that loyalty. (Can you think of three benefits?)
2. The ‘I want to see it now’ buyer. You meet a buyer in an open house, and get excited because the buyer wants to see the property down the street. Without finding out more, you show the buyer the home. The buyer disappears on you, never to be seen again.
Solution: You don’t show homes to buyers without a buyer consultation (which allows you to qualify the buyer). Question: Do you have a written, comprehensive consultation questionnaire that allows you to find out the buyer’s needs and secrets? All other professions do…
3. The I assume I know everything about you buyer. You get a referral to a buyer. Without doing an in-depth consultation, you show the buyer what he says he wants to see. He has a fit when you show him the first home. He says that’s not what he meant (instead of buying in that prestigious area he said he wanted, he buys out past the suburbs on an acre).
Solution: You use that in-depth consultation questionnaire, delving much deeper than the features, or even the benefits. The buyers don’t know what their underlying motives are. You must question professionally to find out and help them.
4. The buyer who wears you out. After working with buyers for a year (a year!!!!), you let them know you were taking off a few days for Christmas. They said they wouldn’t need help during the holidays. When you returned, they told you they bought a home. You were excited for them (not…)
Solution: Before you go anywhere, anytime, let buyers know who will be assisting them in your place–even if they say they won’t be looking. You never know when impulse will strike!!!!
Bottom line: Create a professional process with the foundation of a consultation and stick to it. Have a comprehensive, written buyer information form, along with the 20+ things you will do for a buyer. Then, practice your loyalty dialogue. Design your standards for buyers. You will conquer many of your time management problems and enjoy much more loyalty with buyers.
Do you feel like buyers and/or sellers are snookering you? Are you missing the best part of the business–working with clients who love you? Find out how to create a professional, enjoyable business with my online eight-week business start-up (or restart) program, Up and Running in Real Estate. Also, I coach attendees weekly in a fun, informative coaching session via Zoom. Find out more here.
P. S. I’ve put the dozens of the processes and systems I developed to avoid these depressing situations into this program for your use.