PART TWO of THREE.
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When is it ok to fire your buyer?
On yesterday’s podcast, we discussed in great detail the importance of having and using a Proven Buyer Presentation, so your buyers will actually be educated on how they SHOULD be acting while working with you!
Let’s assume you are now using a Buyer Presentation with each and every new buyer prospect. If you’re not, then you haven’t really hired them, nor have they hired you, so how could you ‘fire’ them?
Let’s assume you’ve met with your buyers and presented to them, you’ve got the buyer agency signed ideally, and you’ve done your buyer prequalification questions. In other words, you believe they’re ‘real buyers’. (Again, if you’ve skipped either step in the process, you really can’t judge if they’re going to actually work with you exclusively if they’re qualified or motivated). Decide to use both of those critical tools, so you now can decide if you should hire or fire them!
8 Reasons you should consider ‘firing the buyer’:
1 – You work hard to find them the next home to see, leave them text, voicemail and email that they should see it urgently…but they don’t call you back until 3 days later, or maybe not at all. You may want them to buy more than they want to buy, and / or, they may be working with someone else or lost their motivation. Caution: Make sure they’re not just vacationing somewhere or sick, before you decide they’ve ghosted you. (Check their social media, etc). Communication is key.
2 – They are not actually pursuing their financing, in spite of your best efforts to connect them with a quality lender. Check your facts first. Has the lender dropped the ball? Did they find out they’re not qualified? Some (mostly 1st time) buyers actually think the lender’s letter of required documentation is actually optional. Counsel your buyer prospect and see what’s happening before you declare them a non-buyer.
3 – They won’t sign your buyer agency agreement. Did you present to them why it’s beneficial to them? If they still won’t sign, why not? Maybe they want to keep their options open. Maybe you haven’t instilled confidence in them. Maybe they just aren’t comfortable for some other reason. Drill down before you break up with them. Is it you or is it them?
4 – Do they have realistic expectations? Are they ‘fishing in a lake with no fish’? Champagne tastes on a beer budget? Before you judge, make sure you’ve really drilled down on what it is that they ‘have to have’ versus what would be ‘nice to have’. Are you/they being overly particular and need to extend their price range or a geographic search? If they are truly unrealistic with their expectations, counsel them to come back to you when they are ready to look again.
5 – Do these buyers insist on some sort of kickback or rebate? There are some legitimate programs that might make sense, like Homes For Heroes, but if they just want/need part of your commission in order to make the deal work, this is an unreasonable, unethical request. Even if you wanted to, it’s not legal to pay a commission or referral fee to a non-licensee. Time to fire the buyer.
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
6 – They want you to show them homes before they are pre-approved or loan committed, or won’t supply you with a proof of funds letter. This is time-wasting for you and for them. Find out what their delay is and if it’s logical, help them through it. If they just aren’t sure they want to transact, it’s time to move on. Leave the door open and be polite, but fire the buyer. (Or put them on ice til they get their financing lined up).
7 – They are combative or abusive in some way and won’t listen to reason. If they just had a bad day and it’s an isolated incident, perhaps forgive and move on. If it’s just their personality and they’re not respecting you, time to fire the buyer. This includes midnight drunken texts or other crazy behavior. No transaction is worth sacrificing your mental health. This goes for any time you feel unsafe or get the willies from someone. Trust your intuition.
8 – Are they acting like the last ‘real buyers’ who you worked with and closed? ‘Real’ buyers are: qualified, communicative, realistic, respectful and appreciative. Are the buyers in question following that profile or are they playing by different rules? It could be time to fire them.
Bonus point: Do NOT post on social media, bragging that you ‘just fired a buyer’ or anything about your experience that caused you to make that decision. Assume that everything you post is searchable by your name. Just say ‘Next!’ and get back to work.
Homework: Review your list of buyers who you believe will buy... especially the ones to who you are actively searching for and showing the property to. Have you fully prequalified them? Do you know what’s happening with their mortgage or where their ‘all cash’ cash is coming from? Are they responsive and cooperative with you? Who makes the cut? Also…what are you doing about becoming a Listing Agent?