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Real Estate Agent’s Dilemma – Many Home Buyers, Low Inventory

June 14, 2015 by Gloria Keith

desert:car

 

NO HOMES OUT THERE!!!

Have you said this to yourself lately? “They would buy a home in a minute if I could just find them something”

There are times throughout the year when there is a shortage of inventory. There just doesn’t seem to be enough houses to show your buyers. The common complaint is that… “They are a motivated buyer, they are qualified, but there’s hardly any houses to show them…let alone put in an offer!”

The second problem is that oftentimes if you do find something they are prepared to offer on but they are not alone… you are forced into a multiple offer situation which makes it very difficult to be efficient with your time.

What’s the solution?… Here are 4 very important steps to follow:


1. Tell your prospect you need to meet with them so you can have a “buyer strategy review session”. The purpose of this meeting is to go over “what we’ve learned together and we will decide on a plan for what we should do next”. This is where you can educate your buyer so they can move forward in the home buying process.

2. In that meeting it’s your job as a Real Estate Professional to tell them the truth. “Mr./Mrs. Buyer, the home you’re looking for is not on the market and we need to review our strategies for finding your dream home, may I explain?” (OKAY)

“We have three options here…

#1. Increase the amount of money you are prepared to spend so we can be more competitive, or

#2. Reduce some of the criteria for the home you want to buy, or

#3. Expand the area you want to move to”.

Help them decide which is the best approach to get the job done now.

illusionist3. This is a tough one but you need to be realistic – even if they aren’t. You are not a Magician! If your buyer is not prepared to change their strategy then you need to change yours… it’s not your job to find something that doesn’t exist. Put them on the back burner and stop spending so much time looking for a needle in a haystack.

4. Here’s one more idea before you go after another buyer… you can always door knock the area they are looking at to see if there are any “pocket listings” that have not listed yet.

Conclusion: Don’t fall into the trap of “I’ve spent so much time with these people, I can’t afford to let them go now – maybe something will show up”. Just because they are motivated and are prequalified financially doesn’t mean that what the home they want to buy is readily available.

This will slow you down immeasurably and ultimately cause great frustration for yourself. The solution if they are not prepared to change?… Find a buyer who you can help. Don’t get stuck with a buyer you can’t help. If that happens, you need to go to work and generate some new leads. That’s a much more productive approach in the long run. NO Excuses. Bruce Keith

Leave a comment below. What’s your favorite solution when you can’t find what your home buyer wants?

Filed Under: Blog, Sales Training, Selling Skills Tagged With: Real Estate Coaching, Real Estate Training, Strategy

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Comments

  1. Major Nagra ABR,SRS says

    June 16, 2015 at 6:32 am

    Dear Bruce Keith,
    It’s well written and timely approach to deal with buyers in present situation, specially in GTA, but in this competitive real estate market, no age can afford to leave the buyer clients either.
    Do you have a suggestion/ strategy to get more listings and what’s your take on online lead generation.?
    Looking forward to.
    Thanks
    Major Nagra

    • Bruce Keith says

      June 16, 2015 at 8:03 am

      Hi Major…two questions:
      1. More Listings: the best source will always be to cultivate your Past Clients and Sphere of Influence (call them every 90 days). My rule is to add one name a day from my regular prospecting and slowly build that list up. Be sure to ask everyone you speak to for referrals. Here’s the most comfortable way to ask…”As you know, I’m always looking for more people to help in real estate…so, I was wondering…WHO do you know that needs my help to buy or sell a home this year?” (This is taken from my “All the Right Words” Scripts and Dialogues Package on my website https://brucekeithresults.com/product/all-the-right-words-complete/

      2. On-Line Lead Generation: I am a big fan of this approach – add it to your list (not everyone wants to lead generate by traditional cold calling). Just be aware that the return is around 2-4 good leads out of every 100 inquiries. Move quickly through the on-line inquiries, don’t get bogged down on trying to reach everyone. Good luck. Bruce

  2. Sharon Chisholm says

    June 16, 2015 at 7:50 am

    Brilliant! Excellent advise; not only does this help get the foot in the door, but I love the idea of offering to go door knocking in a area that they would like to live!

    99.9 of realtors out there would never offer or do that! :)

    I love these emails with Tips! Thanks Sharon :)

  3. Angela says

    June 16, 2015 at 8:45 am

    One more thing I’ve done to bring a reality check to the buyer client is to show a sold search criteria to them. Eliminate all repo, short sale, distressed sales. Put in their criteria and show them what they sold for in the last 3-6 months. It opens their eyes quickly to see the true state of the market. I’ll also expand that same search to the entire state to show them just how far they need to go from the city to find that brick home on an acre with shop at the low price they are asking for. It usually works.

    • Bruce Keith says

      June 16, 2015 at 4:53 pm

      Excellent input Angela, nothing is more effective than helping them understand what the truth is telling us. Well said, add that to the list. Bruce

  4. ram pawar says

    June 16, 2015 at 11:13 am

    Excellent advise . happened some time

    • Bruce Keith says

      June 16, 2015 at 4:52 pm

      My pleasure…Great minds think alike. LOL Glad we’re on the same page. Bruce

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