| Have you ever noticed that many of the top real | | | | sellers, and most agents as well, "write-off" people |
| estate agents in your area put a home on the | | | | who are not ready to buy right now or in the near |
| market and have it sold in a few short weeks while | | | | future. These sellers want to sell now and aren't |
| most agents' listings linger on the market for several | | | | interested in a buyer who doesn't want to buy now. |
| months and almost all For Sale By Owner homes just | | | | So they keep advertising, keep marketing, and keep |
| don't sell at all? | | | | sitting open houses. This eliminates about 90% of the |
| All 3 are advertising in the same place, the same | | | | buyer inquiries that they get. |
| papers, and on the same internet sites like and But | | | | But when a Realtor understands that about 50% of |
| top agent properties are selling, and others aren't | | | | the buyer inquiries will buy some day, and the agent |
| even getting showings... let alone offers! | | | | develops a system to be there when those buyers |
| These top agents have developed a technique and | | | | are ready... they become so much more effective as |
| skill set that allows them to maintain a steady stream | | | | an agent. They're able to grab that buyer sooner, |
| of qualified buyers for their listings. They get more | | | | establish a relationship with them, and control their |
| traffic because of it, and that generates offers for | | | | home buying process. This gives the agent the |
| their listings. | | | | benefit of having a strong supply of buyers for their |
| Their secret is simple! They're patient and they know | | | | listings; while eliminating that buyer as a possible |
| how to work the time-cycle of home buyers. | | | | buyer for the For Sale By Owner and the other |
| Simply put, home buyers don't buy on a whim. It's a | | | | agents' listings. When that buyer graduates from |
| long, drawn out process for them that usually lasts | | | | "GATHERING INFORMATION" to "RIGHT NOW"; the |
| around 6 months... but can take as much as 2 years | | | | agent is already in place. |
| for some. | | | | In the Edmonton real estate market, where I work |
| The process is divided into 3 major stages. | | | | as a Realtor, the competition for buyers is very |
| Stage 1. DREAMER Buyers (100% of buyer leads) | | | | intense right now. We're in a declining market and as |
| This is the crowd that makes up most open house | | | | such very few people are wanting to buy a home |
| visitors, calls the most on real estate ads, and visits | | | | right now. By using this technique of securing the |
| the show homes out there more. They usually aren't | | | | buyers in the GATHERING INFORMATION stage, my |
| pre-qualified with a lender, and they don't really know | | | | team and I are able to sell our listings quickly and for |
| what they're looking for. You'll identify them when | | | | more money than our competitors. We get the lions |
| they say "we're just in the early stages". They don't | | | | share of the buyers, while the other agents get the |
| know what kind of a home they will buy, and that's | | | | left over scraps and the For Sale By Owners get the |
| the question they're trying to answer. | | | | crumbs. |
| Stage 2. GATHERING INFORMATION Buyers (50% | | | | Admittedly, the administration and management of |
| of buyer leads) | | | | this sort of a system is huge and takes a great deal |
| These are the people who know that they're going | | | | of time and organization. Currently, we have more |
| to buy, and they know what they're going to buy. | | | | than 1,000 people in our buyer incubation system. |
| They've probably been to the bank to get approved, | | | | This means that we're sending literally thousands of |
| but there's something stopping them from making | | | | emails every week, talking to 100's of people every |
| that buying decision. Usually it's a lack of market | | | | week, and working excrutiatingly hard to stay on top |
| knowledge; they aren't sure how to actually buy a | | | | of everything. But that's what this business is all |
| home and they haven't developed the knowledge | | | | about, and why people hire us! |
| and skills to identify good value in a particular home. | | | | The results show in the performance of our team. |
| But they definitely don't have a time frame for their | | | | Ranked #2 in our office of 100+ agents after only 6 |
| purchase. | | | | months of this approach, and spending absolutely no |
| Stage 3. RIGHT NOW Buyers (10% of buyer leads) | | | | time "cold calling" or sitting open houses. We work |
| These are the gems. They know what they want, | | | | with the buyers, the real buyers who are ready to |
| they're approved to buy it, they can identify value | | | | buy now... but first contacted us 3-6 months ago. |
| when they see it, and they have a deadline to buy. If | | | | When we put a house on the market for our sellers, |
| they walk into the right house... they're going to buy | | | | one of the first thing we do is send an email or call |
| it. | | | | anyone in that massive database who's looking for a |
| Most Realtors and almost all For Sale By Owner | | | | similar home. Remember, this is someone who's |
| sellers are forced to work with the RIGHT NOW | | | | expressed an interest in this type of home... someone |
| buyers, the ones who want a home this week or this | | | | who the other agents and For Sale By Owner sellers |
| month and aren't already working with another | | | | are going to spend weeks of time and 1,000's of |
| Realtor. It's this limited exposure to the buyers | | | | dollars trying to get in touch with. We already have |
| market that puts a damper on the sale of the home... | | | | their contact info... and we're going to call or email |
| fewer buyers! | | | | them the day the home is listed. |
| The problem is that almost all For Sale By Owner | | | | Doesn't that just make sense? |