How to Convince Your Buyers to Exclusively Work With You

In my work to help agents grow their business, I receive questions from agents all the time. One of those questions is, “How do I get buyers to be loyal to me.”

Here is an email from an agent about this subject. “It is frustrating when buyers don’t understand that our pay depends on their loyalty to us.”

Buyers especially are fickle and move from agent to agent. So, you have to be available 24 hours a day 7 days a week.

And you can’t count on them to ever buy. This makes it almost impossible to budget funds, expenses and time.

You can work with someone for months or even years and then you hear, “We just bought a great deal from xyz agent down the road!!” So , a good question may be, “ How do I get buyers to commit to buying exclusively with me?”

I know this is a huge problem for many agents. I did some research for a solution to the problem. After reaching out to an agent I know that is an expert at working with buyers, here is the solution.

(Keep in mind, this agent sold 66 buyers in 12 months and average between 60 and 65 buyer sales a year.)

This agent does not work with a buyer unless they commit to working exclusively with the agent. The buyers must commit and sign an exclusive buyer agency agreement. Only then will the agent show them homes.

Sounds good, but how do you convince them to do that?

Here in her own words is how they do it:  “It’s actually really simple.

“You must show them the benefits of working with you. If they can see the benefits, then they are glad to committing to working exclusively with you. If they do not, they will struggle with signing the exclusive buyer’s agency agreement.

After I explain the benefits to them, I tell them that I will be committing a lot of my time and money to help them.

I explain the costs on my end and ask them that since I am making a big commitment to helping them, then I want them to commit to working exclusively with me.

It works 98-99% of the time. Once or twice a year I would run into a buyer who wouldn’t commit. But, I have learned from past experience that these type of people aren’t worth my time.

Trust me, it is OK to ask them to work with someone else.”

Wow, isn’t that interesting?! Here is an highly successful agent that doesn’t work with a buyer unless they sign an exclusive agency agreement!

What can we learn from this? Let’s say that we don’t require our buyers sign a buyer agency before we work with them. If that is the case, there is still a lot to learn from this.

The bottom line is that buyers will stick with you if you show them the benefits that you offer.

Those benefits don’t have to be fancy or complicated. You can simply explain the difference between a buyer’s agent and the agent who represents the seller.

Tell them, “I’m on your side. When I help you buy a house, I don’t represent the seller in any way. I’ll represent you to help you get the best deal and terms.”

This is the most important reason for a buyer to work exclusively with you. Unfortunately, buyers don’t understand this until someone explains it to them.

Sit down and write down a quick list of the reasons a buyer should work with you. Below are a few examples that might apply to you.

* I’ve negotiated for the purchase of X number of homes and have lots of negotiating experience (provide testimonials of past clients if you can).

* I can find you more homes to choose from – even the ones that ARE NOT ON THE MARKET.

* I know all about the neighborhood and the schools. I can help you find the right home in the area you want to live.

* I will make sure you are protected throughout the process. Inexperienced agents can potentially cost you tens of thousands of dollars in damages.

* Last but not least, I OFFER ALL MY SERVICES TO YOU AT NO COST TO YOU!

 

Thanks for reading this,

Linda Reynolds.

Linda handles career development at Reynolds Realty of Manatee, Inc.

Phone: 941-737-6562. linda@reynoldsrealty.com

How to Sell More of Your Buyers a Home

Joy is an agent that specializes in working with buyers. She sells between 60 and 65 buyers annually, year in and year out.

Here is what she had to say about a strategy she used to convert more of the buyers she worked with into a sale.

“One day I realized that I was bringing in a lot of buyer leads, but a lot of those buyers weren’t buying a home.

I went back and looked thru my files. I noticed that a lot of times, I met a buyer at the office, signed them to a buyer agency, and then set them up on the automatic MLS e-mails.

A few weeks later, when nothing had happened, I would try to call them to go look at homes. But, often times they were busy at work, or didn’t have the time.

They wanted to buy something, but didn’t want to put the time aside to go look. Time would pass and they often changed their mind.

They would tell me, “We don’t know if now is the right time to buy a house and want to wait until we are sure that the market has reached the bottom.”

Here’s what I did to fix this. I realized that in order to close more of them, I needed to keep the process moving ahead constantly.

I absolutely had to set up an appointment to view homes after our first meeting.

Today, whenever I meet a buyer and sign them up, I don’t let them leave until I’ve set an appointment to go look at homes.

Most buyers, especially local buyers, always cool off. They renew their lease, or find a new place to rent for another year.

Here are a few other things that make the process easier and faster.

Never show them more then 5-6 homes per outing. See, buyers aren’t trained to remember houses.

After working with buyers for years, my brain is very good at remembering everything about a house. I can remember homes that I showed 3-4 years ago.

I can tell you about their layout and paint colors. But, the buyers haven’t trained their brain to do that.

When you show them more than 5-6 homes, they won’t remember the one they really liked.

And, when you do show them the house that they really like, stop! Don’t show them any other homes.

You don’t want to have them stumble across another home they kind of like. Then they are stuck trying to decide between the two of them and can’t make a decision.

What happens then? They don’t buy either one and might re-sign their lease for another year. Working with buyers is a lot of fun when you do it right.”

Thanks for reading this,

Linda Reynolds

Linda handles career development at Reynolds Realty of Manatee, Inc.

Phone: 941-737-6562. linda@reynoldsrealty.com