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#14212 - 12/03/06 09:05 PM When to cut the "buyer" loose!
Concepts05 Offline
Veteran Member

Registered: 12/21/05
Posts: 1486
Loc: MA
Someone said on a thread here somewhere, that we have to know when it's time to cut the buyer loose.

Honestly, I'm trying to find the answer myself to this. It's a buyer's market here and I'm treking all over the place, week after week, with the same buyer. Today we saw our 20th property. She always sees one she likes "mostly" but is just waiting for the perfect property - on the very lower end of the market, I might add.

What bothered me today is in the car home , she wasn't even talking about the properties. Stories of her youth, her grand daughter...etc. Every time I brought up the market, or the house she liked today, she changed the subject.

I'm getting the feeling she just enjoys being with me and driving around. I'm not a new agent with nothing else to do - I have listings and other leads I can be following up on.

Don't want to lose a potential sale - but really, where the heck do I draw the line?

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#14213 - 12/03/06 09:17 PM Re: When to cut the "buyer" loose!
TopSeller2B Offline
Junior Member

Registered: 10/22/06
Posts: 6
Loc: Philadelphia
Twenty properties and she hasn't put in an offer yet? She's not serious about buying. Does she have to sell her house first? Draw the line, cut your losses and get on with your other clients. She isnt buying anything. Let her contact you, and don't make yourself so available. She'll take the hint and either get serious or get gone.

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#14214 - 12/03/06 09:45 PM Re: When to cut the "buyer" loose!
Greene Offline
Veteran Member

Registered: 11/25/06
Posts: 644
Loc: Georgia
I agree with TopSeller2B. Concepts05, I had a similar issue, but felt obligated because this buyer was a lead passed along by my primary lender.

I am a relatively new agent and learned my lesson, only mine was after around 60 houses over a few weeks. She was looking for the perfect house in Atl with a budget of only a $100K. You couldn't describe foreclosure better if you'd said the word. But she couln't get past the current condition of the property and wanted something move-in ready. Believe it or not, we were still able to find properties that were, in-fact move in ready and she had expressed interest in them. But there was always some excuse for not buying.

I finally called her one day after having spoken with my lender and said that things were really picking up and that it would not be possible for me to get back over to see her any time soon, but to continue looking (I had her under a buyer brokerage agreement) and let me know if I could be of further assistance. I don't think that she ever imagined that she, the buyer, could be fired. Non-the-less, I haven't heard from her anymore. Surely, there was a better way to handle it, but this is all that I could do.
_________________________
http://www.TheAtlantaHomePages.com, http://www.AtlantaDownPaymentAssistance.com
Ask me about Metro Atlanta, Georgia Real Estate, MLS Listings and more for You or Your Referrals Today!

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#14215 - 12/03/06 10:01 PM Re: When to cut the "buyer" loose!
PA/NJ Agent Offline
Member

Registered: 01/05/06
Posts: 53
Loc: The Greater Philadelphia Area
I hope you guys had your buyers pre-approved before you even showed them the first house. Thats one way i weed out the lookers from the buyers, for the most part. If I cant find them something after 10 different property viewings then i turn them loose or refer them out.

Im not saying 10 is my magic number but if i can send 30 or more properties in the mls and help a buyer pick out the top listings that fit what theyre looking for and if they dont make an offer or get serious about putting an offer together that isnt low balling then Im moving on.

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#14216 - 12/03/06 10:17 PM Re: When to cut the "buyer" loose!
Tanya Offline
Moderator

Registered: 04/03/06
Posts: 304
Loc: Jacksonville, FL
I agree..if she's looked at 20 homes & hasn't found what she's wanted then:

A.. She isn't serious
B.. There might be a misunderstanding as to what she is looking for

You can try going over again what she is looking for in a home


Statistics say that on average a buyer looks at 8-10 houses before buying so it seems something is up wih her.

Maybe she is just lonely & wants company going by what you are telling us about the car ride.
_________________________
Tanya Watson/Owner
Sellstate Performance Realty, Jacksonville, FL

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#14217 - 12/03/06 11:37 PM Re: When to cut the "buyer" loose!
Maryknoll Offline
BANNED FROM FORUM
Member

Registered: 01/08/06
Posts: 391
Loc: New York City
You better WATCH it, Concepts05. You're gonna be getting COMPLAINTS soon from the Massachusetts Board of TourGuides. You're cutting way into their business.

So WHO paid for the wear and tear on your tires and piston rings? Let alone the skyrocketing price of gasoline? Oh, I know, YOU did. Mr. Impromptu Volunteer TourGuide.

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#14218 - 12/04/06 12:19 AM Re: When to cut the "buyer" loose!
AgentinMA Offline
Member

Registered: 12/31/05
Posts: 264
Loc: Boston Metro
Seems like she's a tire kicker. I've been dealing with a few buyers that want to "See everything" lately. The one thing they have in common after we go out is that the let me know what they liked and didn't about what we saw and ask numerous questions about the properties. We even had one of these buyers finally make an offer today.

Buyers are taking their time these days and I don't mind showing them everything but if they don't seem totally focused on looking for a home I would cut them loose. It's all subjective.. The buyers that made an offer today had seen 50 or so places before they made the offer. They are also 20% down full doc etc etc.. picture perfect 1st time buyers. I'm willing to spend more time with them than someone with a more risky financing situation.

It's all in the vibe trust your instincts.

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#14219 - 12/04/06 01:25 AM Re: When to cut the "buyer" loose!
ronsmith Offline
Member

Registered: 10/12/06
Posts: 70
Loc: san antonio, tx
Buyers are either ready to buy and have it narrowed down to a few neighborhoods, or their not sure yet. If they are of the second kind, it's best to just work with them over the phone and using the mls search. They're wasting their time if they want to see every home in 10 different neighborhoods. That's what I'd tell them, and I wouldn't waste my time along with them.

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#14220 - 12/04/06 02:37 AM Re: When to cut the "buyer" loose!
East Texas Realtor Offline
Member

Registered: 10/27/05
Posts: 595
Loc: southeast texas
Trust your gut on this one. After 20 showings you've spent enough time with this client to know whether or not she's an actual buyer.

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#14221 - 12/04/06 09:50 AM Re: When to cut the "buyer" loose!
Jennifer Allan Offline
Major Contributor

Registered: 11/12/06
Posts: 1624
Loc: The Beach
Check out my blog on Active Rain about Screening Your Clients...
http://activerain.com/blogsview/23167/Screening-Your-Clients

Jennifer
_________________________
Jennifer Allan-Hagedorn, GRI
RE/MAX Hall of Fame
Author of Sell with Soul, Creating an Extraordinary Career in Real Estate without Losing Your Friends, Your Principles or Your Self-Respect

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#14222 - 12/04/06 02:28 PM Re: When to cut the "buyer" loose!
Concepts05 Offline
Veteran Member

Registered: 12/21/05
Posts: 1486
Loc: MA
I actually had her get her pre approval long ago so she's definitely credible. What bothered me most this weekend is that she wasn't even talking real estate on the car ride home.

As far as a misunderstanding on what she wants - well, I know what she wants.... a house at the very bottom of the market that needs absolutely NO cosmetic work.

AgentinMass - almost the same market as myself. Wow, 50 showings with one client...you do have patience.

Sometimes I think setting the buyer up on our MLS nightly notifications are overwhelming them. My fear is that, after all this time I've put in, I'll cut her loose and then she'll buy the first house she sees with another agent!

But I think I'll tell her we need a break over the holidays to re-think what she is looking for and if she is ready to commit.

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#14223 - 12/04/06 02:30 PM Re: When to cut the "buyer" loose!
Concepts05 Offline
Veteran Member

Registered: 12/21/05
Posts: 1486
Loc: MA
And Jennifer, I was initally a little annoyed you referred me to your blog but it was actually a good read. My husband is a builder and has dealt with many "energy vampires." He likes spec building much better than custom building (tho it's riskier) just because arguing spouses and crying kids drive him crazy while he is trying to go over plans. He always asks "do we have any advil?" when he walks in the door....

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#14224 - 12/04/06 02:41 PM Re: When to cut the "buyer" loose!
Jennifer Allan Offline
Major Contributor

Registered: 11/12/06
Posts: 1624
Loc: The Beach
Oh! I'm sorry! Did I breach some blogging etiquette? I'm new to blogging, so if I did something inappropriate - please set me straight!

Glad you found it useful.

If your buyer is working with a lender, she probably is For Real. She's just unrealistic probably. This is such a tough call. It's unlikely she's going to find a perfect house, and when she does, she'll be competing with every other first time buyer in town.

My first year I worked with a guy for nine months, showed him 90 homes and wrote 7 unaccepted offers. And learned A LOT. I wouldn't have traded that education for the world. Wouldn't do it again, though...

Jennifer
_________________________
Jennifer Allan-Hagedorn, GRI
RE/MAX Hall of Fame
Author of Sell with Soul, Creating an Extraordinary Career in Real Estate without Losing Your Friends, Your Principles or Your Self-Respect

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#14225 - 12/04/06 03:05 PM Re: When to cut the "buyer" loose!
Concepts05 Offline
Veteran Member

Registered: 12/21/05
Posts: 1486
Loc: MA
Quote:
Originally posted by Jennifer Allan:
Oh! I'm sorry! Did I breach some blogging etiquette? I'm new to blogging, so if I did something inappropriate - please set me straight!


Jennifer
I have no idea about blogging etiquette. I just figured it was a ploy to get more "clicks" to your site. I'm glad I clicked it on though...so forget I mentioned it.

Anyway, that's exactly what I've been telling her about the perfect house. And I think (I hope) the market has stablized and the buyers are starting to come out of hiding. I've been getting more calls in the last few weeks than I did all summer. And obviously, the good properties are going to get scooped up first.

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#14226 - 12/04/06 09:47 PM Re: When to cut the "buyer" loose!
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
Sure glad I do more listing than selling! I've long said that I have no intention of competing with the Chamber of Commerce for showing someone new the town. In general when working with a buyer I will review what they have selected as listings they want to look at. If they vary widely I will tell them they need to get more focused on what they want. If they are fairly similar then they seem to know what they want and can usually make a decision in 6 properties or less.

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