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#14227 - 12/04/06 11:44 PM Re: When to cut the "buyer" loose!
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
I focus mainly on the listings now.The reason concepts 05 is it sounds like your buyer is very unrealistic and uneducated about your market.If every qualified buyer in that range is looking for a finished home and only about 10 percent of those exist in that price range in your market the listing will be gone or have multiple offers in 24 to 48 hours.So even if you do find her the perfect home the chances of beating out the other buyers is slim!

That's why I love the listing side,you are not praying your offer get's accepted so the that you don't have to start the homesearch all over again.Whatever offer the seller chooses if it closes the listing agent will get paid.

I think buyers have a preconcieved notion of what the buying process is and some don't know.I actually tell them usually you go look at 5 to 10 homes and then you put an offer on one.It is amazing how many people will follow your lead instead of leaving them guessing about what they should be doing next in the process.By having a replicatable system each and every time you run an effecient business and put your clients into a mold that fits your business and goals and not there way of doing things.


It sounds like this lady is qualified but there is very little available and she is unrealistic as to the inventory available in her price range.After 5 homes or so we have a "coming to jesus" meeting basically going over what we are missing in there home search and to refine it.

Usuallu when I talk to people over the phone I say usually people will have something picked out in the first 5 to ten homes.If the buyer mentions I want to look at at least 50 or more homes I simply tell them that is not a smart thing to do as most of the first homes they will have looked at will be taken off the market,sold,or already under contract.I tell them there will never be a 100 percent perfect home for them but there will be one that meets most of there needs and that you have to have realistic expectations in your home search.

It is pretty easy If I set up a homesearch for a buyer int here price range and there is limited to no inventory I will try to get them to up the price.If they cannot afford to go higher in price I will refer them off as I know it will be a slim chance of finding them something.

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#14228 - 12/05/06 12:41 AM Re: When to cut the "buyer" loose!
deu12000 Offline
Member

Registered: 08/05/06
Posts: 100
Loc: New Jersey
I've had a couple of buyers like that in the last couple of months. They both closed.

The first one was a couple and we saw at least 30 houses. I didn't rush them since we were going to areas I wasn't really familiar with and was getting to know the area (it's not far from me so it wasn't bad). They wanted just the right house. There were quite a few that I thought they should buy, but at the end we found the perfect home. We wrote up a contract for one and it ended up in a bidding war and they won, but the seller's ended up not selling. So we continued. At least I new they were serious, this was at about the 20 house point. It was a long process showing them all the houses, but they were happy with my patience and I still speak to them and they are going to be using some of the other services I offer very soon. They got a great house for a great price. This was a good story.

The second one was someone that told me they were big investor's. I showed literally 100 houses, wrote up about 10 contracts per week (totaling about 40) and at the end of the whole ordeal sold them one house (which wasn't used as an investment property like I thought but used as a primary residence). Of course I'm skipping out on a lot of the drama that was involved with all of this, but I can honestly say after closing I never called them back, even though they were claiming they wanted to buy more. It wasn't worth my time to have marathon days with one buyer from 9:00AM to 9:00PM.

I have a patience with clients that is incredible, but the last story really did test my patience.

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#14229 - 12/05/06 02:43 AM Re: When to cut the "buyer" loose!
Concepts05 Offline
Veteran Member

Registered: 12/21/05
Posts: 1490
Loc: MA
Super Realtor and Deu12000 - 2 very different perspectives here. And I'm right in the middle of both of them!

Right now, I'm leaning more towards what super realtor is saying for a couple of reasons. First of all, I've got some listings I need to spend more time on marketing (including our own spec). I also want to focus on getting more REO listings as I'm starting to think I like that "niche" better than buyer's agent.

Super Realtor you said - "I actually tell them usually you go look at 5 to 10 homes and then you put an offer on one." I LIKE that! It may not work but I'm going to use it in my preliminary talk next time.

To top it off, this client made a racial comment after leaving one of the properties that has been gnawing at me and bothering me the more I think about it. Perhaps it's being foolish to take that into consideration, but I just can't see myself spending much more time with her. When I follow up tomorrow with her, if an offer isn't forthcoming, I'm "cutting her loose">

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#14230 - 12/07/06 05:06 PM Re: When to cut the "buyer" loose!
Jerry W Offline
Member

Registered: 02/15/06
Posts: 175
Loc: California
Concepts05: You could go out with her one last time. Show her 4 homes she hasn't seen, and then for the 5th and final stop, go back to the house that she indicated she liked the best out of the 25 that she's seen. Tell her: "We've seen the best 25 homes for sale that meet your general criteria and budget. There doesn't appear to be any home better than this one in your price range. Would you like to own this home?" If not, refer her to another agent in your office.

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#14231 - 12/07/06 07:14 PM Re: When to cut the "buyer" loose!
MaxReferrals Offline
Member

Registered: 09/22/06
Posts: 216
Loc: USA
Sounds like the "buyer" really wants a friend rather than a home.

;-)
_________________________
" Real Estate by Referral - 'Operations Manual' "
Auto-Pilot System For Agents To Run Their Business 100% By Referral.
Scripts, Letters, How To Ask For Referrals, and More!
http://www.MaximumReferrals.com

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#14232 - 12/07/06 07:32 PM Re: When to cut the "buyer" loose!
Concepts05 Offline
Veteran Member

Registered: 12/21/05
Posts: 1490
Loc: MA
Jerry W - thats what I've decided what to do...one more time, then she will need to "pull the trigger" so to speak.

Yea, Max, thats what I'm thinking! There may be something said for taking separate cars...

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#14233 - 12/07/06 09:39 PM Re: When to cut the "buyer" loose!
RESTEVE Offline
Member

Registered: 10/28/06
Posts: 417
Loc: Kansas
Get a name of one of her grandkids or family when shes talking and give them a call. Explain to them that you are trying to find a home for her and that you could use some help. If nothing else that might get you a listing or buyer later on. Usually I tell people to drive by and see if they even like it before I show it to them. Explain you are busy.

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#14234 - 12/07/06 09:58 PM Re: When to cut the "buyer" loose!
Concepts05 Offline
Veteran Member

Registered: 12/21/05
Posts: 1490
Loc: MA

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#14235 - 12/09/06 02:15 AM Re: When to cut the "buyer" loose!
CliffB Offline
Member

Registered: 05/24/06
Posts: 64
Loc: Mississauga, Ontario, Canada
You know what the funny thing is? Because you've decided to cut your losses and not work with her anymore, she'll complain about you to all her friends and family and now you're the typical "lazy" real estate agent wanting the client to do all the leg work.

Go figure huh?

Cliff
_________________________
Top Producing Agent Company Wide 2007,2008,2009
for Sutton Group Signature Realty Inc. Brokerage
Top $$ paid for referrals!
www.callcliff.ca

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#14236 - 12/09/06 03:21 PM Re: When to cut the "buyer" loose!
Stacy La Mar Offline
Junior Member

Registered: 12/09/06
Posts: 8
Loc: Davidsonville, MD
If I have a buyer who wants to "See the Town" I simply make that buyer a referral up for grabs inside my own office. If the buyer is sending all the signals that tell you your time is being wasted.....let them go to another agent using a "more time to dedicate to the buyer" line!

I usually always have another agent who has little going on volunteer to take the difficult buyer off my hands for a 25% referral fee. Sometimes a deal gets done, other times the buyer gets the point and stops wasting everyone's time. Either way, I get rid of the problem and sometimes make a little money in the process.

The referral is always handled professionally from the buyer's stand point and I explain to the buyer that my schedule is so tight that I can no longer have enough time to give them the service they deserve...so I have another agent who can give you the service and time you need. I do this face to face with the buyer and immediately introduce the agent who wants to work with the buyer. The buyer usually understands and moves forward with the newly introduced agent.

When you are in a pinch with a buyer....refer, refer, refer! We can not possibly click with every buyer or even get them to "serious up". Besides, the buyers who are time wasters can make you look bad to other agents when you actually do get them under contract and they flip-flop all over the place making a transaction stressful and irritating for all involved. Go with your gut feeling....you are feeling this way for a reason...refer it!
_________________________
Stacy La Mar
Professional Realtor
Davidsonville, MD

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#14237 - 12/11/06 07:48 PM Re: When to cut the "buyer" loose!
newatlagent Offline
Member

Registered: 03/18/06
Posts: 28
Loc: Atlanta
I'm new to the biz and i'm unsure whether I should start with buyers or sellers. It would seem during this slow market that buyers would be the best option since there are already more houses on the market than there are qualified buyers...

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#14238 - 12/11/06 09:40 PM Re: When to cut the "buyer" loose!
Montanaland Offline
Veteran Member

Registered: 07/10/04
Posts: 581
Loc: Billings, MT
Here's the scoop on buyers...and its placing them into a system that consistently follows up w/them on a weekly basis. Obviously you work the hot buyers one on one, but I find that 80% of all buyers you generate are not HOT or act similiar to everyones complaints. I don't exactly agree with my own dad who is a 20yr vet but he has always stated that you have nothing with a buyer.. as with a listing you control both sides of the transaction.

With listings you can deffinetly reduce the time that it takes to make money in this business.


Therefore your supposed to NEVER let buyers interrupt your fsbo,expireds,divorces,seller ads campaigns.

Here's the system:

http://www.brianrodgers.com/buyerpool.htm

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#14239 - 12/12/06 02:34 PM Re: When to cut the "buyer" loose!
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
Start with regular buyers,sellers usually when your new either don't want to list with you or want a reduced fee based on your inexperience,at least that is what alot of the sellers perception is.Make sure you qualify your buyers,it is better to be doing NOTHING and controlling your costs,then it is to take out unqualified buyers all over the planet sucking what little money and time you have to grow your business.Maybe you could co-broke another agents listing where you represent the buyer for the listing agent and you pay a refferal fee to the listing agent,at least you will start to bring in income.

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#14240 - 12/12/06 06:04 PM Re: When to cut the "buyer" loose!
Jennifer Allan Offline
Major Contributor

Registered: 11/12/06
Posts: 1624
Loc: The Beach
"Make sure you qualify your buyers,it is better to be doing NOTHING and controlling your costs,then it is to take out unqualified buyers all over the planet sucking what little money and time you have to grow your business"

I must respectfully disagree with the above... I think new agents should work with almost any buyer they come across because you never know what it will lead to. If nothing else, they will have increased their market knowledge which is critical for a new agent. They will also have made a new "friend" who can certainly be a good referral source and may even buy a house someday. New agents need to keep busy and what better way to master their craft than to be out in the thick of things?

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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#14241 - 12/12/06 11:57 PM Re: When to cut the "buyer" loose!
savvyrealtor07 Offline
Member

Registered: 12/11/06
Posts: 39
Quote:
New agents need to keep busy and what better way to master their craft than to be out in the thick of things?
[/QB]
Busy work does not make money.

I just dealt with busy work with an unmotivated buyer. So what if they were pre-approved? They changed their criteria several times, visted numerous homes, ignored my suggestions while I wrote up bogus offers that were rejected.

I don't believe busy work helps one master a craft. It will depress a new agent. Whereas, taking the approach of qualifying all buyers and sellers before working with them will reduce wasted gas, time and energy that could have been used on prospecting for more serious clients.

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