How to quickly qualify buyers
1:27 Minute Read.
Quick: List how many potential buyers are on your list.
How do you separate “good” clients from those who might waste your time?
Newbie agents think every lead is equal. However, experienced agents qualify their leads and arrange their client list based on who is ready to buy. The sooner you sort out the real buyers from the tire kickers, the less time you will waste spinning your wheels.
Here are 4 questions to ask every potential buyer to help sort them out.
The joke in our office is,
“Send them to (insert broker’s name).”
Truth is, sometimes we do.
Ability - "Have you talked to a mortgage lender yet?" Don’t hesitate to ask for a pre-qualification letter or have a lender conversation before showing homes. It makes no sense to show any house before knowing a client’s budget. If they haven't spoken with a lender yet, give them one to talk to and give that lender a heads up they'll be calling. Ask the lender to let you know the outcome of the conversation.
Desire - “What are 3 things a home MUST have before you’d ever consider looking at it?” Make sure you understand their location interests, school district, list of amenities, number of bedrooms and baths, and their price range or budgeted monthly payment. Ask good questions and listen well.
Time-frame - “When would you like to be in your new home, and why?” School calendars, new job, end of lease, marriage or divorce are typical timeframes. Get a sense of the level of urgency required for the transaction.
Reasonable Expectations - “As you’ve looked around, what are your observations about the housing market?” Some buyers are unrealistic about property values and the quality of home they can afford. It’s your job to educate and offer a realistic framework for expectations.
Know these four answers about your potential buyers – Ability, Desire, Time-frame & Reasonable Expectations – before inviting any customer to become a client.
If buyers have reasonable answers for these questions, they are keepers. Give them top priority on your client list. For other prospects, you can help develop these areas. Keep them too – but don’t miss your kid’s soccer game for them. And for those who have no clear answers? Send the rest to the poor agent answering phones for his broker (aka: floor-time). That will accomplish two important tasks: It'll free up your time for productive clients and keep your competition wasting theirs. Would you like to keep ALL of your commission? Click below to find out how!