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.
- MLS infused RP. This is described above. Agents prospect their listings against potential buyer information.
- 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
- 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!