Here are five excellent traits of a great buyer's agent that every real estate agent should follow.
No matter how much time you spend with a buyer, you will just be stuck if you're not asking the right questions.
In today's market, one of the most important questions to ask potential buyers is "How long do you plan on living in the home that you're about to buy?” If they claim they'll stay permanently, then it's a potential buyer. If they indicate they're only looking for a year or two, they're looking to rent rather than buy.
This question provides a solid foundation for how you'll move forward and how you can assist them.
This question will also assist you in determining how long until the property will be listed again, as well as provide you with an opportunity to determine the property prices and interest rate based on how long they’ll be owning the property.
In terms of working with buyers, make sure to manage your time effectively. Place a high value on database and lead flow, particularly in the buyer funnel. Most real estate agents make the mistake of calling all of the prospects in the funnel, but to be successful, carefully tag buyers to determine which are true buyers.
Knowing who your target buyers are will allow you to devote the necessary time and effort to them rather than wasting time on non-targeted buyers and not moving forward.
Carefully choose which part of the buyer's database you'll commit to and spend time with so that your time and effort aren't wasted on people who aren't ready to buy.
When leads arrive, make sure to contact them without hesitation or prejudice. The most crucial factor is frequency, or how many times you contact the lead. Using the customary 7+ attempts to get a lead to respond is effective. This strategy is 65 to 70% more likely to help you get in contact with buyers.
As a buyer’s agent, you have to handle a high level of business every day, probably between 50 and 100 transactions on average. You have to be completely knowledgeable about your industry and quickly address any concerns. Make sure you answer every query and do as much as you can to meet your client’s needs.
Knowing general market trends, current properties, and the current state of the market is extremely valuable for any real estate agent. As simple as knowing which buildings allow pets or knowing which communities have HOAs can be extremely helpful.
Instead of making customers wait for answers and getting back in touch with them, having thorough insight into and expertise about the market will enable you to provide lists and resolutions straight away.
Don’t be satisfied with your current knowledge. Make it a point to always grow, move forward, improve, and learn from books, podcasts, and seminars.
As the market changes, the way you communicate with your clients also changes. The concerns, issues, and objections of the buyer will change. As a result, make sure you’re always one step ahead of the competition.
Increase your knowledge and adjust your approach to objections based on the needs of the buyer, market changes, and other factors.