How to Cope With "Buyer-whelm"

Feb 18, 2021

"Buyer-whelm" is the term we use to describe being overwhelmed by buyers. It's become common in this lopsided market where listing inventory and interest rates are still historically low, and buyer demand is almost at an all-time high.

 

Knowing that time is of the essence, how to control your time when buyers know they need to see the newest listing as soon as it comes on the market? And multiply that by 3 new listings a day at three different times, multiplied by 5 buyer prospects.

 

Here are 5 recommendations for time (buyer) control.

 

1.    Complete your Top 5 Things To Do in the morning hours and leave your afternoon and evening schedules flexible.

2.    Call the listing agent and find out if and/or when they will call for "Highest & Best." Schedule your showings within that time frame instead of on-demand.

3.    Have your buyers drive by the newest listings and only schedule live showings if they still want to see it after driving by. Chances are the neighborhood or what is observable about the exterior will disqualify some.

4.    Have the listing agent, or a showing agent you compensate, show it for you.

5.    Make a curb offer subject to a physical inspection. Between online videos, photos, public record, Google maps, drones, inspections and appraisals, there are very few possible surprises for the buyer.

6.    BONUS: Refer out all except Book of Business repeat and referral clients, and those whose home you have already sold.

 

N.A.R. reports that 2020 was the best year for home sales since 2006. People are buying and selling in record numbers. It can be tempting to burn the candle at both ends and (to mix metaphors) strike while the iron is hot. But in these extreme market conditions, it may not be necessary to get so far out of balance. A few little adjustments in your thinking and methods can help you deliver world class service and avoid the symptoms of "buyer-whelm."

 

The Floyd Wickman Team blog by Mike Pallin

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