There’s a crucial step in the listing process between generating the appointment and actually going out on the appointment, and that’s prequalifying. It’s often overlooked and therefore is the number one reason for agent frustration and woes. Assess your list of buyers and sellers right now. Ask yourself how many of those frustrating situations began after finding out information that you didn’t know at the time you took the client on? Even if it was something the client failed to tell you, its still on you for not digging deep in the first place. After all, you are the professional and they’re looking to you to draw out their needs and guide them in the process.
How important in prequalifying? So important that you shouldn’t even go on a listing appointment for your mom’s house without prequalifying her! It sounds ridiculous, but that is exactly how agents end up taking overpriced listings that sit on the market forever or end up cancelled – because they didn’t ask the up front, important questions. It’s also how agents end up working with buyers who ‘waste their time.’ Neither of these situations are actually the prospects fault, but yours.
Almost all of the ‘problem’ clients are the result of agents not prequalifying them from the start. Because if they knew then what they know now, they would have never taken them on in the first place, right?! Remember: the unmotivated buyer or seller is script proof and contentious.
Prequalifying is the process that allows agents to find out who is the motivated buyer or seller. These prospects will respond to your questions and cooperate with your professional recommendations. In addition to motivation, prequalifying prior to the appointment will tell you their needs, wants, goals, options, timeframe and expectations.
All of these are critical pieces of information to have to evaluate if this is a prospect you can really help or just a ‘lookie loo.’