In the real estate brokerage business, we earn our income based on the commissions that we generate from closed transactions.
Truly, our time is our biggest asset or our worst enemy.
On the sales side of the business, working with buyers can be challenging. You do need to manage your time well. Whether you develop a good feel for the business or if working in real estate comes naturally to you, you will be successful if you are focused and efficient at spending your valuable time, energy, resources and expertise working with well qualified, highly motivated buyers who know what they need in a property (clearly defined negotiable and non-negotiable criteria) and have realistic expectations of the price range to purchase that property.
How do you get started working with buyers? When you have your 1st phone conversation or in person meeting at your office with the perspective buyer(s), you need to take the time out to properly qualify them. Explain politely that you need to get information from them in order to be able to get to work on finding them a suitable property. Ask them What type property is the buyer interested in purchasing? What are their criteria i.e. property features such as Detached 2 family house or Mixed –Use Store + 2 apartments etc…, lot size, building size, amenities, desired location, lifestyle choice and so on. Why do they need to buy now and not a year from now? How long have they been shopping for a property? Have they lost opportunities to purchase? Why? Have they met with a mortgage broker from a major bank to discuss their ability to obtain a mortgage based on their income, credit score and down payment? How much can they afford to spend? Are they realistic in their expectations of how price will match what they want to buy? Have they received a written letter of mortgage preapproval from a major bank? How recently? You get the idea.
If they are open, forthcoming, sincere and transparent about their qualifications and needs you probably have a good buyer to work with. The bottom line here is how they are actually responding while you are showing them properties? Are you getting valuable feedback from them to bring you closer to their target property(s) choice? Are you building a rapport with them or are they simply wasting your time? Be aware that some buyers do not respect your time. Rely on your instincts based on time spent with your buyers. Are you making progress with them or not? If not, learn from your experiences and move on to the next buyer.
Always listen very carefully to your buyers. Many buyers are quite smart, savvy and knowledgeable these days. I’ve learned so much through the years by listening to buyers. Don’t be afraid to pick their brain!
If there is a mutual respect and comfort level between you and your buyer, if you feel that it is appropriate, take a consultant’s role. Advise them, guide them, share your market knowledge and show them your value to their process of finding a suitable property. Earn their trust an allegiance. Make them want to only work with you in their search for a property.
Remember, everyone’s time is valuable, the listing agent’s time, the buyer’s time, the seller’s time and most importantly, your time!
If you are interested in a career in real estate sales and you believe that you have what it takes to be a success in this business, call us. We would love to hear from you.
Jeff and Anna
Accord Real Estate Group