I have two simple outcomes in writing this article for you. Firstly, to help you satisfy more buyers and sellers – in other words, help you sell more property. And secondly, to reduce days on market.
So let’s share some strategies to help you upgrade your buyer management. You already know how important brilliant buyer management is, make today the time for you to action better buyer management!
Keep in mind, the service you offer buyers who you come in contact with, is really the service you offer your vendors. When you truly understand this, you’ll place the right amount of energy and effort on supercharging your buyer management.
1. Show more… sell more
How simple is this strategy? I’ve seen a lot of agents slow down as the market slows down. This means they are showing less property versus bucking the trend and showing more. In most markets there are fewer buyers you’re dealing with. So there’s more time to understand your buyers’ needs and direct them or better still, show them potential shortlisted properties. Does this mean relying less on open homes and more of private showings? YES! If you have a hot buyer in your hands make it your focus to find them the property they want and get an offer on the table!
2. Buyer qualification
Whether you meet a buyer at an open, on the phone or via email, the ability for you to get onto their ‘wave length’ quickly and identify what they are looking for is key. You must ask quality questions to uncover the 4 W’s of property purchase… “Where do you want to buy? What are you ideally looking for? When are you in a position to move/ buy? And why is that important?” When you’re clear on the 4 W’s, it becomes easy for you to support and help your buyers in the most effective way.
Just a tip here I talk about in our Real Estate SalesPro workshops… make sure you are conversational with buyers and avoid being too interrogational! If your buyers aren’t sharing the information with you, it probably means you need to work on your relationship ‘friendliness’ skills.
3. Key questions from buyers
You’d better be ready for these and have a brilliant response…
a) Why are they selling?
b) How long has it been on the market?
c) What will they (the owners) take?
I strongly recommend for each property you’re marketing, you ensure everyone who is taking buyer enquiries has a clear response for each. Make sure you also have an agreement with the current owners on the response. Cover this off early with your vendors prior to any buyer conversations.
4. Hot buyers
As a leading sales professional, I’m imagining you’re working with a dedicated group of hot buyers. If you’re operating solo in the business then the number of hot buyers you need to have on the go is about 15 to 20.
You need to look at the quality and quantity of communication you have with these buyers and make it a priority on a daily basis. You want to ensure you develop in your buyers… I know you… I like you… I trust you… and in the process, build great value and sell the property.
A hot buyer has either found the property they want to own or they are cashed up with a specific buying need and timeframe.
5. Your buyer pool
Thanks to email, you can now give a high quality minimum level of service to all buyers – providing you have their email address and update your database with their details.
I strongly recommend a weekly email that gives all buyers an update on what’s sold, what’s been listed for the week, any price changes and a complete stock list with showing times.
6. Get selling!
For a number of years most properties in Australia were destined to sell by themselves. What I mean by this, is that you may have had an impact on sale price and days on market, but ultimately the property was going to sell anyway.
In the current market, you actually need to sell the property – in fact, I’d recommend you have 3 sales to make… Firstly, sell the buyers on the area, region or suburb. What is it that this area has to offer these buyers? This could be schooling, sporting facilities, parks, jobs, lifestyle and other opportunities. Second, sell the buyers on the street. What’s happened in the street? How many properties have sold in the last 12 months and why is this street a great street to live in? And finally, sell the buyers on the home itself. What are the unique (not obvious) features of the property? Ask the current owners what were the standouts for them when they first saw the property as well as any hidden gems about the property to make it more attractive to buyers.
7. If you don’t ask… the answer is no!
It’s just this simple… when you show more property, and sell the advantages of the property, you have the right and the obligation to ask the question… Is this the property you want to own? You need to move from the marketing of property to the selling of property. And selling involves asking for the business!
A tip here for you… with a second inspection, if a buyer is complaining about the property, you basically know they are interested. No complaints equal low or no interest! They are simply attempting to ‘condition’ you to get you ready for a low ‘buyer test’ offer.
Be very aware you need to have your negotiation mindset ready to go and how you respond to any offer has a huge amount to do with its success.
So there you are – a series of simple (do-able) strategies to have you selling more property. From here I’d strongly recommend you share this article with everyone in your team and discuss what are the upgrade opportunities that will have you selling more properties. I wish you well on your journey to even better buyer management!