Who are GOOD Clients?

So who is a good client?  That is a good question and times have changed on deciding the answer to that question.  In the past, 3 or more years ago, a client who was buying a home could be considered a valid prospect if they were going to purchase in the next 6 months or so.  A good listing client was one who wanted to list with you.  With little consideration for the pricing of the home, basically if it was priced close to right and competed fairly well with the competition the property was going to sell.

Ahhh the good old days!  Not true any more in both cases.  Lets look at each type of client individually.  First of all let's take a look at the buyer.

In my opinion a true prospect on the buyer side is anyone who is considering a move to your area within the next 12-24 months, and in some cases even longer.  If the client has been preapproved for a loan, and is willing to allow you to help them via the internet I think they are well worth the time and effort to cultivate them into a real life buyer!  It takes a lot more work, time and effort to do that now than it did 3 or 4 years ago.

To do the job effectively and efficiently you need to communicate using many different technologies.  The internet is critical as most buyers start out the process via the internet.  Set the client up on some sort of electronic media so they can look at listings in the area, preferably one which enables you, as the realtor to track what they are viewing. You can't just leave them alone online, you need to track what they are looking at and communicate about the properties via the media they are using.

Next you would need to set them up with some type of email correspondence at least bi weekly. A focused email with pertinent information every 2 weeks will go a long way to show that you are in control of the process and available for any question, concerns or needs the client may have.  Be the "right hand man" for your clients. Ask questions and give answers as needed.

Put your buyer clients on an email marketing campaign as well.  Find out what interests them and develop a marketing campaign specific to their needs.  Monthly would be appropriate for this type of communication.  Keep your clients informed at all times.

Last but certainly not least, you need to talk to your clients at least once a month.  Pick up the phone and actually talk to them, update yourself on their needs and update them on the market they are interested in.  
You must have detailed conversations to move the process along.  Ask them what is working for them and what is not, make changes and plan for the future.  Do not be caught unaware of issues you need to know about NOW.

In short, you need to stay in contact with your buyer clients or they will forget about you and find someone who will communicate.

Now on to the sellers.  Once upon a time all you needed was a house to list. Not anymore, you need sellers who will be reasonable about what is needed in order to have their house in the market not just on the market.

The first thing needed is a good, accurate and realistic CMA on the clients home.  It doesn't really matter what they think it should list for.  What matters is what the house should list for and what it should sell for according to the CMA. In the long run if it wont appraise it wont sell!  No matter how high the home owner thinks the house should sell for it must be listed at a range well within the range the CMA says.  If the seller wont agree to this then it is a waste of time to have your sign in front of it. As the listing agent it can do you more harm than good to overprice a house.

Second, the seller must be aware of changes, upgrades and fixes that need to be done.  They should be willing to make the house as marketable as possible prior to putting it on the market.  If the home will not compete well with the competition you are again wasting your time.  You will only help sell the competitions home rather than your own listing.

You will need to have a scheduled meeting with your sellers every 3-4 weeks to go over any changes in the market conditions. A new CMA should be done to reinforce what the pricing should be especially if it needs to be lowered.  At the listing meeting you should arrange this with the client.  Let them know that you expect them to sit down and discuss changes in price, and or condition of the home and that you will also bring them up to speed on any changes in the market.  An informed seller is certainly a good seller.

If you can convince your sellers to have pre-inspections, appraisals and offer a home warranty you have gone a long way in making your listing outshine the competition.  Remember tell your sellers to "BE IN THE MARKET, NOT JUST ON THE MARKET."

It is a lot more work these days to be the best realtor in your market.  You really have to be on top of any and all situations.  If you are able to really qualify both your buyers and your sellers upfront you will be way ahead of the game.  Your close ratio's will go up if you choose your clients correctly.  Even in the case of a buyer who is 2 years away, they can be your best prospect if you know what you need to know about them and if you do a good job on educating and communicating with them.

To me the process may be longer and harder but really it is much more fun.  It allows you as the agent to really prove your worth.  In sales being able to be worthy of a clients trust for whatever amount of time is the name of the game.  You will build yourself a great reputation and referral base.  You will be the expert in the eyes of your clients and they will tell everyone they know about you!

Wow what a time to buy a home

In the national news we always seem to hear the bad things.  They tell us how the real estate industry is just falling apart.  While I will admit there have certainly been better times in real estate, I try to take a different approach than most.  This is quite possibly the best time EVER to purchase a home. Buyers need to take advantage of the market conditions as they exist today.

Interest rates are at an historical low, tons of inventory on the market, foreclosures on the market with new ones coming every day, listings have been sitting on the market for a long time.  Add that all up and we have potentially the best buyers market you could think of. This could be the "perfect storm" for buyers.  If you are a buyer and have been sitting on the fence now is the time to hop off the fence and get some business done.

As a buyer you can command some respect these days.  You are likely to get a far better deal today than you ever would.  Deals can come in the form of lower prices, more upgrades, more flexible terms in the contracts, more house for the money, more incentives from the sellers.  All you need is a bit of time to look around and get a great agent to help with the process.  (A little plug for myself) I am available to help you today!

As an agent this is a fun time to help buyers.  It is always fun to have a bit of an upper hand with negotiations.  Who knows, what you ask for today you might never have gotten yesterday.  The way to find out is to ASK.  Remember  buyers agents have A fiduciary responsibility to work on your behalf to get you the best deal we can.  Don't be afraid to get your agent to do just that.  I love the negotiation stage of the deal, in my opinion, that is where we agents earn our commissions.

So all you buyers out there, it is time to get off the fence and start looking for your dream house today.  If not your dream house how about some investment properties.  Whatever the case may be NOW IS THE TIME TO BUY!