In a seller’s market, buyer leads are plentiful. However, this means many are not serious. Buyer leads know they’ll have trouble securing a listing at an affordable price in many markets, so many will attempt to work with multiple agents. Take the steps below to ensure your buyer lead is both serious and serious about you.
Try these 4 Suggestions to Lock In Buyer Leads:
Ask if the Buyer Lead is Working with Any Other AgentsThis question should be second nature to you. Be wary of buyer leads that have no intention of remaining exclusive to you. If you do choose to work with one of these leads, be conscious of how much time they’re absorbing.
Have Buyer’s Sign a Buyer’s Broker AgreementsA buyer’s brokers agreement makes the buyer responsible for the buyer’s agent commission, even though that fee is paid through the seller’s proceeds. Your buyer’s broker agreement should clearly outline your compensation (commission), your duties, and the buyer’s responsibilities. A buyer’s broker agreement will decrease the chances of a procuring cause debate.
(Pro Tip: A procuring cause – complex process that determines which buyer’s agent is entitled to a real estate commission when a buyer works with more than one buyer agent. Generally, the procuring cause is not the agent who showed the first home, other factors such as negotiation and first offer accepted carry more weight. Procuring cause laws also vary by state. Have buyer leads sign a buyer’s broker agreement, so you can avoid a procuring cause all together!)
Ask Your Buyer to Represent YouWhen you cannot attend a showing or open house with your lead, ask they represent you. Ask your buyer lead to provide your business card to listing agents. Also, ask that they sign your name on any sign in sheets at open houses or showings. This will mark your territory and decrease the chances of other agents prospecting your lead.
Ask that Leads Be PatientChances are your buyer lead will begin their home search on their own. According to NAR, over 90% of leads search online at some point during their home search process! Ask for lead’s availability in advance, so you know when they’re available for scheduling. Otherwise your lead may be tempted to meet up with agent to get a quick peak at a home. An easy free tool for checking lead’s availability is Survey Monkey. With Survey Monkey, you can check lead’s availability with easy, customizable surveys.
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