No matter how many buyers or sellers we interact with on a daily, monthly, or yearly basis, there are a few strategies that always work. One of our lead Metrix Coaches, Jerome, has outlined five buyer and seller strategies that he believes work every time.
When working with buyers it is crucial that you properly and effectively set the table to minimize any potential fatigue. From the very beginning, set the right expectations with your client so everyone is on the same page. In a shifting market, there are times where the competition is heavy or there is a struggle getting closing costs paid. That being said, reassure your clients that you will take care of them in any situation.
The next strategy to keep in mind when working with buyers is: property funneling. With so many options available, buyers can get caught up in the shiny objects on the market. Jerome recommends to help your clients get clear on what they are looking for and encourage them to be specific (“picky”). Once your clients have outlined their ‘wants’ and ‘needs’, then begin funneling the property showings — Start with the Top 10, then Top 5, then Top 3, etc. This not only helps your clients stay focused on what they are looking for, but it also helps protect your time as the agent.
Another strategy that Jerome follows when working with buyers is not being tied to the outcome. No matter the market you work in or your level of production, we all tend to hold on to clients. It is easy to get hung up on a transaction or become emotionally involved; we can feel an ‘obligation’ or ‘responsibility’ to helping our clients. Just remember, you do not HAVE to work with everybody.
When working with sellers, especially first time sellers, it is vital that you educate your clients on what they are and are not responsible for — closing costs, additional fees, etc. Additionally, educate them on where the market is today and what to expect. Jerome strongly encourages that you always set the right expectations, for both buyers and sellers. Furthermore, by spending time educating your clients, you will help them feel much more comfortable.
The final strategy that Jerome believes is important when working with sellers is: consistent communication. As agents, one of the top complaints that we hear from leads is, “I never heard from my agent”. To get out ahead of this, Jerome does a weekly check-in with each of his clients, whether or not there is an update on the property/sale. Jerome even goes one step further. From the very beginning, he sits down with each of his clients and maps out a “communication plan”. By doing this, Jerome’s clients know when they will hear from him.
By implementing these strategies into your business, you will set yourself up for success!