Saturday, April 12, 2008

Finding Buyers

When it comes to finding buyers, its more of an art than a science - aka "trial and error."

There are 2 types of buyers out there - the serious ones and the not so serious ones.

Serious buyers are more concerned with the area they are looking in than the price of the home. Location, location, location. Sure, they do want a home that is affordable - that is your job to provide affordable financing. Though, the emphasis when they speak is on the location and not the price of the home.

Not so serious buyers will just ask about the price of the home without any or minor mention about the area. With the not so serious buyers, my recommendation is just to answer their questions and try to move on to the next call asap. Don't waste too much time on these people. These buyers are more interested in price and are looking for a good deal. If you spend time with them, they will try to get as much as they can out of the deal and you will feel exhausted. Even worse, you may end up with a buyer who wlll default.

It is a waste of time to spend all your time and energy on one buyer. When people call, you'll get a feel for the right type of buyer by listening to their words and the types of questions they ask.

But, talking on the phone is merely the first step. DO NOT, I repeat DO NOT meet with anyone who has not first driven by the home. Instruct everyone that you speak to drive by the home first before you set up an appointment to see the inside. Why?

Remember, actions speak louder than words. Serious buyers will drive to the home and check out the area. Matter of fact, most serious buyers who call have found you through the sign in the yard - not your marketing elsewhere. Serious buyers are already scouting the areas they are interested in. Not so serious buyers do not.

So, how do you figure out who the serious buyers are and the not so serious? Experience.

As in business, there's a difference between theory and what really works in the real world. To really learn, you must learn by doing. So, what does this mean? It means taking calls personally even though your phone is ringing every 5 seconds. Yes, this will happen. Be prepared. It means driving to the home to show it to the people who sound serious on the phone and have taken the extra step of driving by the home. Even if this means doing this repeatedly until the home is sold.

Once you have showed the home, instruct the buyers who seem serious the next step - filling out the application. Now, this is where you can weed out the real serious buyers from the not so serious ones. How? The really serious buyers will take the time to fill out the application and PAY the application fee ASAP. I give them two applications - one for the park and one for me. They have to pay the park's application fee but not mine. If they fill out both applications ASAP and pay the park's application fee, then I know I have a serious buyer. I tell everyone who fills out the application that they have to go through the application process. Based on the applications received, I pick the one I feel most qualified and most comfortable working with.

Believe me, it takes time to learn how to read people - it's a skill in itself. I've been through it both on the buying and selling end. Every deal will involve the same steps but I learn something new every time. This business works but with all things you gotta do the work to get where you want to be.

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