One of the biggest draws to the real estate industry is its variety and flexibility. The daily excitement of not knowing what’s coming next keeps us motivated and interested. However, this very excitement can also lead to uncertainty in our business operations.
Join me in Episode 111 of Coaching on the Go as we delve into a crucial aspect of real estate that often gets overlooked: mastering buyer work. While the excitement and variety of the real estate industry are major attractions, they can also lead to uncertainty without the right processes and systems in place. This episode aims to equip you with strategies to bring stability and predictability to your business.
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In Episode 111, you’ll be equipped with strategies to bring stability and predictability to your business.
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The Challenge: Balancing Variety with Predictability
Real estate professionals are drawn to the industry for its flexibility and daily excitement. However, this desire for variety can sometimes result in a lack of certainty in business operations. During a recent coaching session with a young sales associate, I discovered that he had never engaged in buyer work—a significant gap considering the current market conditions where buyers are scarce and urgency is low.
To thrive in such a market, it’s essential to master buyer work. Here are three steps that can help you regain control and achieve buyer mastery by the end of this financial year:
Step 1: Check in with Current Buyers
Reach out to anyone who has inquired, provided contact details, or inspected your properties in the last three months. Asking a simple yet powerful question can help identify serious buyers: “If you could move into your ideal property in the next four to six weeks, what would that mean for you?” This question helps you gauge their readiness and motivation, allowing you to focus your efforts on the most promising leads.
Step 2: Revisit Old RFIs
Go back six to twelve months and contact those who took contracts during that period. These individuals might have been in research mode initially but could now be ready to make a move. By revisiting these old inquiries and asking the same question, you can uncover potential buyers who are now clearer about their property needs.
Step 3: Explore Really Old RFIs
Don’t hesitate to contact people from five to seven years ago. They might be in a different stage of their property journey, possibly looking to upgrade, downsize, or sell. A simple check-in can reveal new opportunities. Reach out and say, “I know this is a bit of a call out of the blue. I met you six years ago, and I wondered what ended up happening at that time.” This approach can help you reconnect with past clients who might be ready for their next real estate transaction.
Making Buyer Mastery a Permanent Strategy
By implementing these steps and making them a permanent part of your business strategy, you can create a reliable and predictable business model. This stability will allow you to enjoy the fun and variety of real estate without the stress of uncertainty. The best agents I know who are thriving right now have become buyer masters. They have strong buyer lists and are well-prepared for market shifts and changes.
Imagine having a stable and predictable business regardless of market conditions. It’s possible when you master buyer work and make it a consistent part of your strategy. Stay tuned for more tips and insights.
Until next time, happy selling!
Summary:
In Episode 111 of Coaching On The Go, we delve into the critical importance of mastering buyer work to bring stability and predictability to your real estate business. We outline three essential steps: first, check in with your current buyers from the last three months; second, revisit old inquiries from six to twelve months ago; and third, explore older inquiries from five to seven years ago. By implementing these strategies, you can transform your business, ensuring a strong buyer list and preparing for market shifts, ultimately creating a reliable and predictable business model.
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Caroline Bolderston
With over 18 years of industry experience Caroline has a track record of personal high performance and exceptional results. Taking her passion for Real Estate sales and her genuine interest in sharing her expertise to develop others, she was the creator of the Belle Property Academy which has delivered many $1M agents and high performing sales teams.