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Where competition is fierce and inventory is limited, it becomes increasingly important to prioritise the needs and interests of buyers.
With buyers comprising 50 per cent of any transaction, it is astonishing how often they find themselves overlooked and undervalued in the real estate industry. Agents, who are traditionally seen as the facilitators of transactions, tend to divert their attention towards sellers and listings, neglecting the crucial role that buyers play in shaping the market dynamics.
This imbalance in focus not only undermines the buyer’s experience but also perpetuates a fragmented and inefficient real estate ecosystem. Buyers, eager to find their dream homes or investment opportunities, often face hurdles and frustrations as they navigate through a sea of properties and encounter the complexities of the buying process. By neglecting buyers, agents miss out on valuable opportunities to establish long-term relationships, understand evolving preferences, and cultivate trust and loyalty.
Recognising the significance of buyers in a tight real estate market necessitates a paradigm shift. Agents and industry professionals must reevaluate their strategies and approaches to actively engage buyers and prioritise their needs. This involves dedicating time and resources to understand their aspirations, concerns, and constraints. By providing personalised guidance and support, agents can empower buyers to make informed decisions, navigate market challenges, and secure the best possible deals.
Some of my top tips to master the art of buyer engagement are:
- Prioritise proactive outreach: When listing a property, don’t solely rely on marketing platforms. Instead, make it a priority to personally reach out to potential buyers. For example, create a call list of 100 buyers who might be interested in the property based on their previous inquiries or preferences. By proactively contacting them before the property hits the market, you demonstrate your dedication to helping buyers find their ideal home. This personal touch not only shows that you value their business but also increases the chances of securing a quicker sale.
- Nurture relationships: Creating a campaign, whether it’s an auction or a private treaty, requires maintaining a list of hot buyers. Regularly update these buyers with relevant information about the property and its progress. Instead of merely checking in once a week, take a more comprehensive approach. For instance, you can catch up with them once a week to discuss their requirements, provide market insights, and address any concerns they may have. Additionally, send them informative emails twice a week, sharing details about the owner’s motivation, other buyer interest levels, and potential obstacles they might encounter during the purchase process. By keeping buyers informed and engaged, you foster a deeper connection and establish yourself as a trusted advisor in their home-buying journey.
- Retain a top 30 buyer list: In addition to your campaigns, maintain a separate list of 30 hot buyers. These individuals may have missed out at auctions or submitted unconditional offers in the past. By acknowledging that 50 per cent of all property sales involve a buyer, you understand the importance of maintaining relationships beyond a single transaction. For most industries where someone had hundreds of thousands, if not millions of dollars, companies would be rolling out the red carpet offering a concierge service.
- Offer a concierge service: Treat your top 10 buyers like VIPs and offer them a concierge service. Put yourself in their shoes and act as their surrogate on popular real estate platforms, such as REA and Domain. For example, you can subscribe to email notifications and alert them about properties that match their criteria before they have a chance to discover them. Emphasise that you’re not seeking any remuneration; you’re simply providing a service to help them find their dream home. By demonstrating your commitment to their success, you establish trust and strengthen the buyer-agent relationship.
- Foster relationships beyond transactions: If a buyer purchases a property through another agent, don’t let that be the end of your interaction. Update your database and make a note of their purchase anniversary. For example, set a reminder to give them a call or send a handwritten card on that date. This small gesture allows you to maintain contact and demonstrates your commitment to providing long-term support. By reaching out with a thoughtful phone call or a personalised card, you position yourself at the forefront of their minds when they decide to sell the property or refer their friends and family to your services.
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