What is reverse prospecting? And does it work? YES!!!!

By
Real Estate Agent with BuyerHunt.com

As the market continues to "soften" and sellers are growing more weary of listing their home for sale, a hot topic of conversation in the real estate world as of late has been reverse prospecting.

What is reverse prospecting?

Reverse Prospecting (RP) is the publication of a homebuyer's wants, needs and desires in their next home, allowing for Realtors to actively search for potential buyers for their listed properties. Think of it as an MLS of buyers, whereby agents can match their properties' characteristics against buyers' desires in a home (location, sq footage, beds, baths etc.) and find appropriate matches.

Are there different types of Reverse Prospecting?

Yes! There are three relatively common types of RP. 

  1. MLS infused RP. This is described above. Agents prospect their listings against potential buyer information.
  2. Location specific RP. Whereby an agent will publish, via letter, advertisement etc., a buyer's needs into a specific area. If you are working with a buyer who is looking for a specific model of home in a specific subdivision, this is a very effective means of RP
  3. General RP (Such as my site allows for). This is the general publication of your buyers' wants, needs and desires in their next home to the general public. Whereby the public is able to proactively search for the next buyer of their home by cross-referencing their homes characteristics against buyer needs. Obviously, a buyer's personal contact information is never disclosed... only their agents' contact info!

The more important question... does it work?????

Yes, it does!!!!

There have been numerous posts on AR about reverse prospecting's successes!

5 days after launching my site www.buyerhunt.com , an agent in my office secured a $3M+ sale off of a lead generated by the site!!! He posted his buyers' desired wants and needs in his next home, a seller with an appropriate home saw the buyer's profile and called the agent who represented him, and three hours later a contract was being signed. This was an unlisted home... not on MLS!!! The buyer, seller and agent couldn't be happier! Quick, easy, done!

P.S. That was just 5 days after launch... I have more stories just like this one. 

As Realtors, we must be on the lookout for new ways to do OUR JOB for our buyers and sellers. Don't be afraid to break the "traditional mold". Always be one step ahead, and fearless in your pursuit of being a top-level Realtor. 

 

Corey Hague: www.buyerhunt.com - The Database of Homebuyers

If you check out the site, remember it is only active in Paradise Valley, AZ (ZIP 85253)... reference that Zip to see how the site works. If you have an interest in joining the site, simply email me through the contact page. All Realtors are invited to join for free!

 

 

Comments (7)

Richard Byron Smith, NMLS #184479
Mortgage Loan Officer, Fairway Independent Mortgage Corporation NMLS #2289 - Chattanooga, TN
Mortgage Loan Officer

Sounds like a great new approach to me, especially in a market that has so many sellers seeking buyers.

Can't believe there are no more comments. I am bookmarking your site and passing the idea along to some real estate agent friends.

Thanks,

Richard

May 30, 2008 01:59 PM
Lisa Ryan
Callaway Henderson Sotheby's International Realty - Montgomery, NJ
Selling Princeton,West Windsor and Montgomery Town

Great idea that makes a lot of sense, although I would feel like more of a matchmaker than a Realtor!

May 30, 2008 02:11 PM
corbin hague
BuyerHunt.com - Paradise Valley, AZ

Thanks Richard and Lisa,

this was just one of those lightning bolt ideas of mine a couple of years ago. And Lisa, I have received some comments like that before... and I understand.... but isn't our job to be matchmakers? Why make it any harder than it has to be? If buyer, seller and agent are happy then we have done our job with flying colors!!! 

Thanks again guys!

Corey

May 30, 2008 02:19 PM
John Fauth
Coldwell Banker King Thompson - Grove City, OH
Turning your dreams into an address!

I really like this idea! Never heard one agent in the office talk about this. Everyone is listing oriented. I have an urge to work with buyers. It is kind of like haveing the loan allready approved when you look for a home.  You will have every agent you know calling you to get thier homes sold. I will put this in action for sure!

Jan 22, 2012 02:29 AM
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo
 

thank you very much for the informative and interesting post. I get so much out of the active rain network.

Mar 02, 2012 10:51 PM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Corbin, thanks for the information.  I searched for RP because of an upcoming seminar in my area.

Jun 26, 2013 07:14 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Well, in these days of low inventory I see a lot of this prospecting. I use it as well to hunt for pockets for my clients. 

Nov 09, 2017 10:29 PM