In today’s market, it’s not as obvious as what it has been in the past to identify your best buyer. Ensure you stay close and don’t figure it out too late!
Click to watch the video (or simply read the transcript) below to learn more.
Here is another Coaching on the Go moment from real estate coach Caroline Bolderston.
Today I have a very important conversation for you around who is your best buyer?
I have a couple of agents who’ve had auctions over the weekend and as I’ve been catching up with them, some alarming things are coming to light. I thought I’d share it with you today so you don’t make the same mistakes!
Firstly, you don’t necessarily know who your best buyer is right now, it’s not as obvious as what it’s been in the past.
Are you letting the best buyer go to quickly?
One example on the weekend where, the best buyer I believe had already been found for this particular property.
There was a gap between what that buyer was prepared to offer on auction day, under auction conditions and where the vendor wanted to be.
However, the mistakes that I see being made right now, are that agents are letting these buyers go too quickly. They’re forming the opinion that they’re just trying to take advantage and trying to be an opportunist in this kind of market.
Guess what guys, that still might mean you’ve met your best buyer!
Are your vendor bids disengaging buyers?
In this example on the weekend, the agent got a live bid from the registered party and there was only one registered bidder, he then placed the vendor bid $100K above where that live bid was.
Now my suggestion here is to really think about what you’re doing with the vendor bids. What happened in this instance, is that the buyer completely disengaged from the process, they basically wiped their hands and said “see you, we’re out of here!”
What’s happened now, being that today’s Tuesday, the agent has tried to reconnect with that buyer and they’re just not interested anymore, not at any price because the buyer has started disconnecting from the purchase. They start convincing themselves of all the reasons why they’re glad they haven’t purchased it.
Here’s what you need to do
You need to focus that every single buyer you meet who has some level of interest and is prepared to bid at auction, could be your BEST buyer and you need to keep them close. Do NOT let them go.
Do not let your best buyer go!
I would have rather seen what happened in that particular example on auction day, is that they had worked the buyer against the vendor with the reserve, and see if they can inch the offer up.
So that’s my message today:
- Who is your best buyer?
- How do you know when you’ve found them?
- Ensure you keep them close.
- Keep them thinking that they’re going to purchases, give them hope.
Keep working this up until midnight on Sunday and on Monday.
Get the deal done because you might have already met your best buyer on the property!
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