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68 Comments on How Many Homes Do You Need To See Before You Are Ready to Buy?
This has always been a question we, as Realtors, try to answer as if there's some majic number that says to show a buyer X homes and you'll have a sale. As we all know, there ain't no such thing! What I've come to realize is that I can have technology do a lot of my work for me. I have an IDX website thru Market Leader. My prospects have unlimited access to the MLS thru my website. Potential buyers are able to search for homes as they choose. I'm able to see the homes they've viewed and can step in when, for instance, they've seen a home 3 or 4 times. I can offer to show the home to them.
We all realize we haven't yet reached that point where we will sell homes over the Internet, sight unseen. That day may come (it occassionally has) but that's the exception not the norm. But by using technology in the form of IDX capability and automatic listing alerts to email listings to buyers that matches their home profile, we are allowed to have technology do the legwork and interceed when it looks like they're ready to BUY! My website has been working extremely well for me. I step in when it's time to make that sale.
Sharon -- I prefer to look at the buyer is refining their search as they see properties instead of changing. I think this is a good thing as long as the search criteria does not become too restrictive.
Tom -- sounds as if you have a very solid plan in place. Buyers and buyer wannabees can use my website to access home search as well but those properties in back-up position will show as active until the MLS status is changed to Pending. Also some properties may not meet their criteria because of some input errors from the listing agent but it is definitely a start.
In the Phoenix market, inventory is extremely tight for houses under $100,000. Last weekend, after showing 6-8 houses to a new prospect, he wrote on one of them and amanzingly enough the offer was accepted. Unfortunately he cancelled over a misunderstanding and then fired me before we even got the earnest money deposited. I am hoping he will be very sorry when he still does not have a home six months from now. Since he got the first house he offered on, I'm sure he is thinking it is easy, even though I explained that it could take many attempts. Oh well.
Susan -- I'm so sorry to hear of this experience. Sounds as if he just wasn't really ready to fully commit. Onward and upward now.
There was an article in the LA. Times or the Journal a few years about the buyer who looked at over 250 homes with her realtor. Then she stiffed her realtor when she bought a fsbo.
Just saying.................
Jack -- YIKES -- I'm sure there are other similar stories. Very sad on so many different levels.
My problem is not that the buyers don't offer, it is that there are so many buyers bidding on the same house that it can take alot of houses before they get an offer accepted. It would be wonderful if we had some more inventory to show people!
Jenny -- I feel your pain regarding the lack of inventory. Of course, I have heard from some buyers that don't want to make an offer when there is a possibility(or more truthfully a probability) of a multiple offer situation. Those are the buyers that really need to decide if they want to be a buyer in this(or any) market.
Michael, a phone call that starts out "I want to see every house in xxxxxxx city, and the 6 cities around it" always ends with, "let me refer you to an agent that might be better suited for you."
I lot of it depends on the people. But the other factor is the market. When the market is a Buyers Market they want to take their time and low ball. When it is a Sellers Market it is hard to find homes and they have to see a lot before they can get an offer accepted.
I find first time homebuyers much easier to work with when it comes to the amount of homes they look at. They seem to be happy to look at a few and make a decision. It's the move up buyers that take more time trying to decide what they want. Great information, thanks for sharing!
Michael, your post and the responses are interesting. Some buyers know the exact neighborhood they want to live in and the one street they want to live on. They are the easy ones. Others have their list of must haves and look at as many homes as it takes to find "the one." I prefer to show a maximum of 5 homes in a day and keep them within a specific geographic area. Otherwise, the buyers cannot remember the properties, even though we discuss them.
Eric -- I might ask a few questions first -- in our area, six neighborhoods/cities would not be outrageous. Given our limited inventory this may, in some instances, be just a handful of home.
Gene -- that's very valid.
Sandra -- hard for me to generalize because each buyer is unique
Sharon -- grouping properties to show by neighborhood is a good way to clearly show the differences -- depending on their requirements this may be difficult to achieve in our area.
Thanks Michael, professional lookers drive me crazy, its nice to stick to the people with a definate timeline and stay away from the folks who are in no hurry.
The ideal number is like guessing a woman's weight...you will never know and they will never tell you right away if ever!
Bob -- I understand your position in theory but in reality there are some buyers in my pipeline who are just waiting for the elusive "perfect home" or "perfect for them" to come along. I maintain contact but we are not going to look at homes everyday but if something of interest pops up, I will switch into high gear.
Gary -- hmm, that's an interesting way of looking at the situation -- I thought you might say -- never ask or guess weight or age.
Hopefully if buyers are a couple buying together, I can get them on the same page early and keep the number of homes shown to a minimum. Managing expectations and making sure they understand the process helps to smooth out the home search and endless showings at least for me
Brian -- understanding the logic of the process while managing emotions is important for buyers and their agents.
Brian, my broker instructor had a simple routine. When a buyer called in to make an appointment to see houses, he would tell them to bring a check. Upon meeting the buyers at the office, he would ask to see the check, yes; ok then we will see 5 houses and you will buy 1 of them. Made sense to me, finally, after trying to be the nice guy and losing every time.
Peter - I have asked the question with buyers "do you have your checkbook with you?" in the days prior to sending the earnest money deposit electronically after the offer has been accepted. I've never asked to see a check and I think, unless I said it in an obviously joking manner, many buyer clients would be offended in my opinion. If that modus operandi works and if a buyer feels comfortable in that situation - it proves to me that there are many ways to do business.