| n't work with buyers. You can make a lot of money | | | | I get requests all the time from vacationers who |
| if you are a good listing agent. Remember the old | | | | want to go see a few a beach front condos. After I |
| saying that you have to "list to last". I don't | | | | ask them a bunch of qualifying questions it is |
| completely agree with that since most of my income | | | | apparent that they are not serious. Sometimes, after |
| the last 5 years have come from buyers. However, if | | | | my questions they realize they are wasting my time |
| you look in any market the largest producers are | | | | and decide not to look at them. This can be a tough |
| usually the big listing agents. | | | | one sometimes because every now and then you |
| 2. Qualify. Qualify. Qualify. I see way too many | | | | are surprised who does buy and does not buy. |
| agents just hop in the car to go show property | | | | 4. Show the best properties. It is not about the |
| without really qualifying the prospect. Ask as many | | | | quantity of properties but the quality. I explain to |
| questions as you can get away with. Here are a few | | | | buyers that I plan to show them the best properties |
| examples:a. Are you working with an agent yet?b. | | | | and will eliminate the ones that are waste of time. |
| When are you looking to buy?c. Are you paying cash | | | | Obviously, to do this you need to good market |
| or have you arranged financing yet?d. Do you need | | | | knowledge. It is hard to pick the properties that best |
| to sell a home prior to buying?e. How large of home | | | | suit your client if you don't know the market very |
| do you need?f. Do you prefer newer or older | | | | well. Some of the buyers of my largest transactions |
| homes?g. Have you been to (city) before? If so, | | | | only saw 4 or 5 properties. I sold a home in Sarasota |
| what areas do you prefer?h. Do you follow the real | | | | last week with a list price of $1.695 million. They |
| estate market? Do you feel we have hit bottom | | | | viewed 3 homes. Every personality is a little different. |
| yet? If not, are you ok with buying at these market | | | | Some buyers need to see 30 homes before they |
| levels?i. Is this an exploratory trip or will you buy if | | | | feel comfortable pulling the trigger. |
| you see a home that suits your needs?j. How long | | | | 5. Educate. Educate your buyers on the market. |
| have been looking to buy a home? | | | | Buyers have to be well informed before they pull the |
| You don't want to make it an interrogation so be | | | | trigger. The amounf of information is different for |
| tactful in how you ask some of these questions. I | | | | each buyer. Be careful not to overload your buyers |
| have always found that a conversation works well or | | | | with too much information. They might suffer from |
| ask them questions in an email with an emphasis on | | | | paralysis of analysis. This goes back to learning who |
| how these will help save them (and you) time. | | | | your client is through a number of questions. Some |
| Some of these questions can save you a bunch of | | | | buyers need all of the information to buy while other |
| time by finding out exactly who your client is and | | | | only need an executive summary of the market. |
| work them accordingly. | | | | Figure them out and work accordingly. |
| 3. Say No. Learn to say no to people who you know | | | | At some point in the process I mention some market |
| are a waste of time. You are running a business and | | | | statistics. For example, "last month all of the |
| have to be efficient about your time. I wouldn't be | | | | properties that sold did so for about 93% of list |
| so strict that you can't spare 30 minutes to go show | | | | price." This sets their expectations of the market. I |
| an old client a home even though you know he will | | | | weed out a lot of lookers this way because they |
| not buy it. The old client may never use your | | | | hear all of the horrible news about Florida real estate |
| services down the road. | | | | and expect a 40%-50% from the list price. |