How to Prevent Wasting Time With BuyersMar 02, 2023
One of our students just invested in a new, electric, luxury SUV and was eager to make a good impression on a recently acquired high-end buyer couple. They spent the better part of a day together viewing homes, enjoying an outdoor garden café lunch, and appreciating the quiet ride and chauffeur service.
THE NEXT DAY... he received a phone call from the buyers to hear their thanks for all his help, and how excited they were to have found a home with another agent.
He is now thinking of selling the car and looking for a part-time job to make ends meet.
If you want your buyers to remain loyal to you, to work exclusively with you, and to refer you to their friends, family, and neighbors, there is no magic pill or spell you can cast to ensure it.
But there are some time-tested principles that will prevent this kind of disappointment and frustration, and a process to follow that creates clients for life.
Principle #1: Quid Pro Quo
If you want buyers to work exclusively with you, you must be able to give them a good reason to.
You certainly have to be able to explain the benefits of representation, including confidentiality, due diligence, consumer rights protection, advocacy in negotiating, leaving no stone unturned in the search, avoiding conflict of interest, etc.
But these are benefits the buyer can get from any competent agent. The key to establishing loyalty is in creating a fair trade – the perception that your ability to deliver these benefits in a unique and valuable way is possible only with their promise of exclusivity.
Principle #2: The Sit-Down
People will rarely make a major decision while on their feet. You have to get them on their seat. Getting buyers to agree to work exclusively with you is a major decision and requires a “sit-down.”
Put as much thought and preparation into your “buyer presentation” as you do your listing presentation. Use all the Wickman presentation ingredients: fear of loss, facts with emotional words, prepared questions, and visuals.
Be sure to follow the presentation process before you ask for their loyalty:
- POCA with the Fall-Through List
- Agency Disclosure & Benefits
- Needs & Wants Questionnaire
- Financial Qualification
- The Steps Of The Buying Process
- Your Unique Value Proposition
- Need a refresher? Presentation tools are available in Student Resources inside The Vault
Principle #3: Valid Buyer Criteria
The most important decision in our business is who and what to devote time to. A big mistake new people make is believing they have to work with everybody. We believe you should work with your clients – those people who want what you have and don’t fight you.
Decide first what your standards are, and then stick to them. Do they check all the boxes you require?
- Willing to disclose personal and financial information
- Willing to follow direction and take your advice
- Willing to devote time and respect your time
Remember, you can’t get them all. You don’t even want them all. And even if you got them all, you couldn’t help them all.
Serve your clients loyally, and they will become clients for life.
Has this happened to you before? How did you handle it?
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