Here's a question that maybe you were too afraid to ask or too afraid to hear the answer!
Question:
What are the methods, strategies, and best practices for motivating buyers in this challenging market and one that will perhaps return to a new normal in 2010?
Answer:
One of the largest challenges that average producing agents have is following up on leads that are not moving forward. Some agents spend all of their time following up on bad leads instead of producing new one.
Motivated buyers will appreciate your great services (see July ‘09 Illinois REALTOR® magazine). If the buyers do not appreciate the services, my thirty years of experience tells me that they are not low-hanging fruit. Low-hanging fruit buyers answer questions, have an idea of what they want, get excited when you look beyond the MLS for property, will get pre-approved by your lender team member, and sign a loyalty agreement.
The under-motivated buyer will not do most of the above. Generate more buyer leads and get rid of the ones that won't follow the plan. If a buyer that I am following up on would not complete the system after about 3 tries, I would say, "I don't know that I have the necessary tools to complete your goals, but (agent's name) in the office has been very successful in the type of property and service you are looking for. Let me get you two together."
I would then collect a referral fee and go out to develop some listing leads, make a better listing presentation, and increase my inventory. We all know the least expensive and most effective way to find more buyers is to have more listings!
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