One of your tasks as an exceptional real estate agent is managing client expectations. This is true for buyers and sellers alike. You are responsible for presenting realistic sales and pricing figures for a given market as opposed to what your clients may be seeing in the media. Your best information will be based on the indicators of interest you are seeing firsthand in your marketplace.
Indicators of interest are simple yet powerful signals for measuring how well a property is going to do in the marketplace. Your evaluation begins with numbers of inquiries you receive by phone and then how many people come to open for inspections. From there you can count how many come back for a second inspection. The private second inspection is, of course, a strong indicator of buyer interest. These are the people you want to interview further.
The next step for an interested buyer is the contract request, or request for legal documentation. You will want to monitor which interested parties actually pursue this documentation and are willing to pay a solicitor or conveyancer for legal advice. From there you will see who finally makes an offer and what kind of offer they are willing to present. Of course, sharing this information with your clients as events occur will help prepare them for actually entering the market.
There are six simple, key elements to an offer once it is made:
What is the name of the person or entity who will be making the purchase?
Who is the solicitor or conveyancer?
What is their timeline for settlement?
Will they want to do inspections on the property?
What price are they offering?
How much of a deposit are they willing to make?
Once you have answers to all or most of those questions then you will know with certainty if you have a qualified buyer, and you can now set realistic expectations for all parties involved.
I really hope you’ve enjoyed today’s Coaching Tip, and I hope to see you here again next week. Thanks for watching.