Residential Real EstateWhat New Agents Can Do When Prospects Aren"t Ready to Buy
Question.
Have you ever had a prospect who seemed very interested in buying or selling a home with you, only to find out halfway through the process they"re not ready to move right now? And I"m not just talking about people who were kicking the tires, but legitimate prospects who were genuinely interested in using your services, but for whatever reason had to delay the process for 3 to 6 months?
Well, if you haven"t run into a prospect like that yet, don"t worry, it"s just a matter of time. And how you handle that situation could go a long way towards your success as a new agent.
Allow me to explain.
According to Michael Bosworth, author of Solution Selling, only 5 to 10 percent of the people you meet will be ready to use your services "right now." For the sake of discussion we"ll define this time frame as within the next ninety days. Basically, nine out of every ten people you meet won"t be ready to buy or sell their home right away. How do you build your business in the face of those seemingly overwhelming odds?
To start, you"ll want to take a look at those nine folks and figure out how many of them fit into your target market (e.g., 1st Time Home Buyers, Condos, In City Living, Empty Nesters, etc.). Sure, everyone has the potential to buy or sell a home, but you only want to deal with the people who are most likely to use your services; hence the development of 2 to 3 target markets.
From there, you"ll want to ask yourself, "How many of these folks really seem serious about the process" versus the ones who were just "thinking about" possibly selling their home? You"ll want to be on the look out for key phrases such as "job relocation," "looking to raise a family" or even "the kids are moving out" and they"re ready to move into a smaller home. The reason itself doesn"t matter just as long as some reason exists.
Don"t be afraid to ask prospects, "If you don"t mind me asking, what made you think about moving?" And if you do this early enough in the game, you"ll have a lot less stress later on.
All right. Now we"re left with 3 or 4 folks from the original 9 who weren"t ready to move "right now," but are seriously engaged in the process. These are the people you want to stay in touch with.
A lot of times your more experienced competition will make the mistake of only looking for prospects who are ready to buy "right now," with the idea being that they can"t waste their valuable time on "tire kickers." And while I completely understand the principle behind this theory, I think that as a new agent you don"t have that luxury. You need all the business you can get … today, tomorrow and certainly next month.
And remember, according to the National Association of Realtors, the average length of time between moves is 6 years. Meaning it"s not a question of if that person is going to move, but when. So once you"ve identified the prospects who fit your target market and have a compelling reason to move, then it"s just a matter of you staying in front of them long enough until they actually pull the trigger.
How do you that?
Well, what about including them on your electronic newsletter? As long as it"s good, helpful information that can help your prospect move the home buying/selling process forward, including them on your next distribution shouldn"t be a problem. (Just make sure to first ask for their permission.)
Another good way is sending out holiday cards throughout the year. And no, I"m not just talking about Christmas and New Year"s. Personally, I like St. Patrick"s Day, Memorial Day, 4th of July, Labor Day … all the holidays people don"t normally think about. Swing by the store and pick up a stack of cards, and send a nice little note to folks who are still sitting on the fence. You"d be surprised at the effect a handwritten note can have on people.
And if all else fails, pick up the phone and give them a call.
Now this isn"t the time for a hard sales technique ("Why aren"t you moving?!? You said you would move!"), but rather just a quick call "touching base" to see how things are going and if anything has changed regarding the move. All you want to do is make sure the original reason they had for moving is still in place, and if possible, you"ll want to get an updated timeline.
Bottom line: Moving house and home is a big deal. And it"s rare to meet someone who"s made that decision and still hasn"t selected a Realtor®. So you want to create a pipeline of individuals who fall within your target market and are serious about their move, so that all you have to do is stay top of mind with them over a predetermined period of time.
Sounds easy enough, right?
So let"s get out there and start getting some business!