2014 Prospecting – Do Your Buyers Make the Cut?

In the past, we have emphasized the fact that working with sellers can be far more productive than working with buyers, because a much higher percentage of listings close. If you pre-qualify your buyers however, you can achieve a much higher closing ratio with them. This pre-qualification approach can mean the difference between earning big dollars and being a free “tour guide”.

One of the worst experiences an agent can have involves putting perspective home buyers in their car burning both gas and valuable time, only to find that after days of hard work that the buyers aren’t ready, willing or able to buy. It’s imperative that you avoid this experience by getting to know your buyers and establishing control before you take them to see their first property. The best approach is to use the following phrase to gather as much information as possible before moving forward with showings.

“If you don’t mind, there are a few questions I’d like to ask so I have a better understanding of what you’re looking for. Then, I can share specific information about which properties are available that meet your needs and we can go from there.”

The answer to the above question will almost always be positive. This is the first step to establishing control and gathering information that is imperative to developing the best strategy.

This is not a situation that calls for “taking the shot”. If you don’t feel comfortable with your buyers, it may not make sense to move forward by showing them properties. Although you may occasionally lose a sale, you’ll more than make up for the lost sales by working with better clients.

The key to avoiding becoming a “tour guide” because of a low conversion rate with your buyers is to: gather information and establish control.