REALTORS® work on the commission they receive once a real estate deal is completed, meaning they are not paid hourly for the time they put in to help a client buy or sell a home or tract of land. This is why the phrase “time is an investment” rings true in the real estate industry. Whether representing a buyer or seller, REALTORS® must learn to determine if they are investing their time in “deal-makers” or “deal-fakers.”
At Guidry & Company Real Estate, our REALTORS® are foundational to the success of our brokerage. Therefore, we are advising how they can quickly identify non-committal buyers versus those committed to the home-buying process.
Are They Pre-Approved?
Mortgage pre-approvals are not required to attend an open house, so it can be hard to know if everyone in attendance is qualified to purchase the home. For this reason, open houses can be hot spots for non-committal buyers. To avoid this, when you hold an open house, you should first identify which buyers have been pre-approved and spend most of your time with them. Simply put, pre-approvals are essential because without them, all a potential buyer can offer is an empty promise. Your REALTOR® provides a wealth of knowledge regarding types of financing and how the pre-approval process works and can recommend lenders with proven experience in getting the deal done.
Has the Buyer Committed to You as Their REALTOR®?
The goal for any REALTOR® that represents buyers is to find clients who are not working with other agents. When a buyer agrees to work exclusively with you as their agent, they value your time and energy. However, when working with a non-committal buyer, there is always a chance the client could buy with another agent, making the time you spent working with them a loss. The bottom line is: you should only commit to clients that are committed to you.
What Kind of Questions Are Clients Asking?
Pay close attention to the types of questions potential buyers ask. For example, questions about financing, inspections, and appraisals show that clients are interested in buying. However, you may be dealing with non-committal buyers if they ask fewer questions or lack transparency in their opinions and intentions. Additionally, if a client fails to be on time for showings or doesn’t communicate in a timely manner, their priorities may be elsewhere.
Know Your Worth as a REALTOR®
If you are a REALTOR®, ask yourself these questions when deciding if the potential time invested in a client is worth it or if they might be non-committal buyers. It’s important to realize that you have ultimate control of your business and who you do business with. Guidry & Company Real Estate strives to help our REALTORS® maintain confidence in their abilities and manage their time wisely, and we are always excited to welcome new REALTORS®. So, if you are new to the industry or just looking for a new brokerage to call home, give us a call today!