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Course: Residential Salesperson FastTrack
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Residential Salesperson FastTrack

Text lesson

Working with Buyers – Where to find them and what to do with them

Buyers are obviously a very important part of our business, without them there could be no sale!

Therefore our sellers need them and so do we.

Whilst this seems like common sense, in our industry many salespeople seem to miss the service that is fundamentally required for a successful buyer experience.

So why do most agents neglect buyers?

  1. We are paid by the seller – so we have simply been focusing too much on that side of the deal.
  2. With the amount of information available to buyers online many agents feel they have no value to offer them so they leave them be.
  3. Many parts of the country have enjoyed a good market for many years where there have been plenty of buyers. If one buyer moved on, it wasn’t a problem there would be another readily available.  It’s important to note this isn’t always the case.

No matter what the reason for our industry dropping the ball in regards to buyer servicing it is time for a change. Offering a service to buyers may be one of the easiest ways to be a stand out in your area in the eyes of potential sellers and buyers.

The spin off effect of amazing customer service for buyers is that this will actually produce listing opportunities for you now and in the future.

Think about it, many people look at properties before they even put their property on the market.

Offer them a higher level of service and you are putting yourself ahead of the crowd and when it comes time for them to find an agent you will be top of mind.

When we actually consider the Australian Statistics regarding affordability; less than 50% of Australian Property Owners could afford to purchase another property without first needing to sell their existing home.

Let’s put this into numbers for you.

You’re an active Real Estate Agent and you’re having an Open For Inspection at one of your properties. Let’s assume that all your buyers whom arrive to inspect are existing property owners and one of them will actually purchase the property you’re showing.

You have 10 groups of buyers arrive to inspect the property.

  • Only 1 person may be the successful buyer
  • Out of the 9 other buyers remaining, statistically 4 of them aren’t able to purchase without first needing to sell their existing property.
  • The remaining 5 buyers may be able to purchase without selling or may not purchase at all.
  • End result = 1 property sale and no future business opportunities.

Considering all of the above, MOST agents would focus all their attention on that one buyer who shows genuine interest in purchasing the property. They would further neglect the remaining 9 buyers and potentially not even follow-up their initial enquiries.

So what happens when the agent sells this property?

They must go searching / prospecting for more sellers. The process starts all over again and thus the “roller coaster” of sales begins.

Now let’s pretend that the Agent does their job effectively and correctly.

They share their time equally and ensure that all buyers are adequately catered to and followed-up to the very best of their ability.

  • The 4 buyers whom need to sell prior to purchasing are discovered by asking questions, establishing rapport and providing excellent service. The agent now has 4 potential listing opportunities. Likely to be at least 1 listing / new property to sell.
  • The 5 other buyers, who are financially secure, are discovered in much the same way. This then enables the agent to source the most suitable properties for the buyers, leading to further listing opportunities and part-sale commission payments.
  • End result = 1 property sale, minimum 1 new listing, minimum 1 partial commission payment and multiple future opportunities.

 

Which would you prefer?