Utilising buyers is one of the simplest and most effective ways to grow your database. What seems like names and numbers of people only looking to buy, are your ‘today’ sellers in a few years’ time. Here we’ll discuss what to do with buyer details to grow your database and stop wasting opportunities.
Most agents have an overflow of buyer enquiries that go unchecked and ignored. Particularly in a market where listings are selling easily with record prices on every street, it can be easy to make the mistake of disregarding these opportunities. This short-sighted view may mean you are missing out on tomorrow’s opportunities by not putting in a little effort today.
A significant portion of homeowners pose as “potential buyers” to get a gauge of their own home without drawing the gaze of opportunistic agents. These contacts often sit untouched, bloating databases with little-to-no value for the agent, and certainly no value added to them as they approach coming to market. A strategic, quick 5-minute phone call to learn what they are looking for can help to unearth the sometimes hidden motives of those in your buyer’s list or will inform you to remove them.
“I sold it to them, they’ll list with me”
There is a common myth that buyers will return to the agent that sold the property to them when they are ready to sell. We all know this is not the case. With the average resale time shortening from what was once 17yrs, to more recently 7yrs, it is now 2.9yrs in the Brisbane Council area and similar in other capital cities. This means, the buyers you are selling to now, you could be reselling for in under 3yrs! And you’ve already put in all the hard work building the relationship! Picture this;
You meet a client at an open home, they love the house, they buy the house! You look after them throughout the process, give them a gift at settlement then wish them well. In 3 years they want to sell but list their home with a random agent as they offered a lower commission rate. Your lack of relationship has meant you don’t stand out, you’re the same as everyone else. So they pick the cheapest agent.
You meet a client at an open home, they love the house, they buy the house! You look after them throughout the process and give them a gift at settlement.
You then set a plan to reach out to them after a month and check how they settled in. Then you (or we!) check in with them once a quarter, offer market updates, congratulate them at anniversaries, check in on how they are, and continue the relationship you started. Three years down the track they call you in, take your advice on how to list, what marketing you recommend, what price is realistic, and pay the commission rate that you ask for because they trust you as the best choice. The relationship is cemented by repeated and consistent communication and has solidified your role as their expert. You’re their agent.
Putting continuous effort into the relationship and educating and adding value to the client, adds jellybeans into the trust and familiarity jar so when the time comes, you are the name on the signboard out the front of their property.
Make the most of the list of buyers that you accrue to maximise your number of new vendors and as always, listen for that “not yet”, as it may mean “sometime soon”.