Want To Get Paid For Your Work? Start Qualifying Your Prospects Better!!!!

Hi Karen, Motivation is everything. For both buyers and sellers. I don't need a retainer. If they don't buy and I didn't sell anything I don't deserve to be paid. I work on a straight commission. It's sales!

...oh so true...

Qualifying is becoming a lost art.  Most of the people today coming out of the real estate schools are just order takers.  It takes work and commitment to learn how to qualify and then to close a suspect on the right property.  I'm afraid that some folks are afraid to qualify because they fear not having a client after they qualify when in fact if they don't qualify first then the potential is high that they are just wasting their time.

Solid info for me in very good timing... thanks!

I ask all those same questions as well, and then set them loose to the mortgage person. They usually help categorize people as well. I had a buyer tell me he was making $57k a year, and he was actually making ONLY $15k and some change. I would have wasted a lot of time showing him properties since he really really wanted to buy a house, but at $15k, he's gonna live in a cardboard box!

Hi Karen -- I can't get back lost time so I try to jealously guard it.  For clients who are in with both feet, so am I, all the way, whether short or long, but if they only have one foot or toe in the water, having sound business strategies is essential to providing excellent service for all clients and having a life as well.

Karen,

Great post, I agree with you 100%

I start a conversation and try to learn about them, their family, and their motivation, but the next step is to have them pre-approved by my lender.  Once I get the go ahead from the lender, we will begin to look, but not before!  My time is valuable and I cannot waste it on those that cannot buy!

Karen - I think really understanding what's important to our client makes a huge difference in our business.

Great advice Karen. I too use my evaluation of both my scene and the prospects scene/motivations as part of my pre-qualifying process. And I too often accept long runway clients and simply handle them in the appropriate manner so I can keep both the short term "hot" prospects going and maintain future cycles.

Despite the doom & gloom and challenges of 2008,2009 2010. I missed having my best year ever last year by a very small amount (less than $1G) mostly due to time spent in years past with folks that ran into a stop of somekind or other back then that became "ready, willing and able".

Have a fantastic rest of the year.

Buyers who are ready, willing and able are the best prepared.  Ready might not make it if they are stuck in a lease which is too costly to break.  Willing to go the distance -- through closing.  Able -- they have their financing in place, and are still willing!  YES!!  Don't grill . . . but there are some very important questions to ask to know if it's the right time for them.  Great post!

Sounds like you have a lot of experience. ..I wish I learned this the first 3 years of my own business. . .I could've save myself a lot of time, money and frustration. . 

If I was a rookie agent. I would paste this post to my computer screen so I can see it everyday.. 

Great job!

Karen- well said.  Long term prospects need t be serviced as well, and it seems that you have found a great way of conversationally qualifying them.  I also agree that no one like to be interogated- but in getting to know your prospect, the more relaxed conversation and key questions you have posed will determine if they is urgency in the prospects purchase- thanks for sharing this.

Great points Karen. I am finally mastering the art of prequalifying my clients and am not wasting much time with those that would waste my time. It's much easier when you have them prequalified and categorized.

Karen, I've been on 100% commission for 20 years and it did take us a while to figure out how to best use our time. You did a great job of presenting this subject and wish we would have read something like this many years ago.  I have heard the "retainer" discussion a little bit in our market and I do see value in it when working with buyers who focus on short sales. Other than that, I don't see it being popular at least here in the Midwest.

Karen,

If they could fog a mirror they are a prospect, NOT!  And, those that seem to have a sense of urgency may not be ready for one reason or another.  Question and qualify for sure.  You'll enjoy your career.  Great post.

Some agents are just desperate for business.  They would rather take the buyer's word for everything that push them at all. 

I still occasionally get questioned by agents on why I need to see pay stubs, bank statements, W-2's, and tax returns to be able to issue a Pre-Qualification certificate.  Those are the ones who will probably never get it.  Again, they would rather take a buyer's word then go off of facts.

I know it is an old fight on AR but I simply use a Buyer Agency Agreement.  Twice in my career I have shown more than 10 houses.  I only deal with serious buyers.