On this episode of the Real Estate Marketing Show we discuss buyer loyalty and how to find homes that are not yet in MLS
A lot of agents are coming to us, saying that they are working with mostly buyers. In our town alone, there are 1,800 agents, less than 400 properties in the market right now and a population of almost 300,000 people. All we keep hearing across the country is that inventory is low and it’s definitely a sellers’ market still. Nonetheless this podcast is actually one of the best things to keep in mind to keep you your relationships good with buyers for the rest of your career!
So what are you doing to find homes that are not in the MLS right now?
We listen to agents everyday that are legitimately crying, ready to leave the business!
Why? Because they write offers on 4-5 homes, getting into bidding wars, then all of a sudden, their clients start to think they’re idiots! “What a crappy agent! I’ve lost 4 houses, can’t you get me a house?!”
If you are going to work with buyers you have to do it right!
They are very excited and, more importantly, emotionally attached to a home: This is where they are going to put their family! So we owe it to them to do what we are supposed to do.
Okay, so what do we, agents, need to do? We need to do things that other agents can’t or won’t! That is our model, and we want you to adopt it.
Every time you find yourself not doing something, ask yourself if you are doing something that another agent can possibly be doing. And hopefully the answer is ‘no’. That way, you can look your buyers straight in the face and say: ‘Look, I do everything that I know in my industry to find you a home’.
So what are some of these things?
- The very best way is still mailers. But we got to do it right! We want to make them very specific and very customized so when we are sending these out, for a buyer who legitimately needs a place, they go: ‘Hey, that’s my house!’ Now we can also take it to the next level: Beautiful 8.5 x 11 postcards and send them out as cheap as 55 cents. Spent a few hundred bucks on these! In fact, 20% of all money made should be spent in on marketing!
- Sometimes, the wrong people get the mail and throw it out! This is the time when you must knock on doors to follow up! We find house all the time for buyers because we are genuine with them.
- Let’s get into some network groups: In your town you should have a group of agents who are willing to share ideas and share their listing before the MLS. We call this If you don’t have a network group, start one! We like them to be in person, as it’s important to create the relationship with the agent and build trust. But you can also use Facebook to create one, or even LinkedIn.
- There are also a lot of different ways to get real estate agent lists: You need to have software that can successfully deliver messages to these agents!
- Now we are also emailing the agents and we would even go as far as creating ads on social media and say ‘we have a buyer’ or create a video! And these are the kind of things that create buyer loyalty!
There are two different ‘conspiracy theories’ on this:
- Bring them into your office for a buyer consultation and show them the value that you add and this is why they should commit to you.
- Don’t put yourself in front of them, without prequalifying them etc. Meet them at the house and get the relationship started.
Once you meet them at the house, you can ‘guide’ them back to the office to show them what you do to find houses that are not in the market and the marketing plan you can launch just for them. 36% of all homes we sell have never hit the market!
So what we do when we get them to the office? We give them a presentation that we have prepared. This is for you not to get off track. Show them the 6 steps of buying a property you will go through, all the things you can offer them that other agents can’t or won’t do and see how you get along and if you like each other.
Once you get the green light, make sure to state how much time, commitment, and money this marketing plan will take for you. The only thing you are asking in return is that they work with you exclusively and are loyal to you.
Then we go into a buyer’s agreement. In most states, it’s industry standard to have a buyer’s agency. If they say ‘no’, tell them “okay, let’s go see some homes, let’s work together, and if I have proven to you my services, would you sign this so my broker can accept you as one of the buyers of our company?”. If they still say no, tell them that you guarantee your services and if they’re not happy, they can get out of this agreement in 24 hours. We want our buyers to be happy and work honestly with them.
Look for buyers, look for listings, look for short sales, foreclosures, all at the same time, so once you are comfortable and confident as an agent going forward, knowing that you know where to get those things, life gets a lot better with buyers!