Question:
Walter, first let me say that I think you are an awesome coach and I love attending your sessions at the NAR conferences. I subscribe to your newsletter and refer to your articles often and refer others to your free stuff.
So, now I would like to “Ask Wally” what should I do with a client (that was referred from a past client) who has been out 3 times and won’t pull the trigger? He is qualified and wants to buy a second home in our resort town, but “thinks” the prices will still come down (and they probably will). How can I get him to commit? Should I stop showing him properties?
He is supposed to come down today to go looking again and I would like to “nail down” his motivation, if any. Thanks for taking the time to respond. I need all the help I can get in this tough market.
Sharon A. C.
Answer:
Hello, Sharon! Thanks for the nice words. I want you to think about what I am about to tell you…it might apply, and it might not. I want you to see the big picture so you feel better about kicking this guy in the butt.
1. Most of your time should be spent soliciting sellers, making listing presentations, getting price reductions, and following up with them. More sellers mean more activity in co-op showings, offers, double-ended transactions, and buyer calls. When you spend most of your time doing this, tough buyers tend to go away as a referral or to our new buyer’s assistant.
2. I would have asked him a LOT of questions, gotten him pre-approved, met with him, and asked him to sign a loyalty agreement. You might not have this buyer if you had those requirements and he failed to meet them. Remember, a lot of listings means you can raise your standards with buyers.
3. Assuming you do items number one and two above, you took this guy because he had motivation and he followed through on your systems. Therefore, he should have you writing offers on all property he likes at the price that he feels we might fall to. At this point, that can not be more than 20% off already low prices. Every two or three properties shown should result in an offer at the price he feels we will be at in a year.
4. If he has not done 1-3, you should feel okay about working on business that is a little more profitable.
Hope this helps!
-Walter
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