Benefits of Working with Buyers
In real estate, if an agent doesn’t have clients, they don’t have a business. Some people choose to focus on working with buyers, and others choose to focus on building a listings-based business. Either can work for you if you provide the right kind of service.
Most rookie agents will deal mainly with buyer clients. And then, many choose to continue to concentrate their efforts on buyers or have a mixed clientele of buyers and sellers as their careers take off. Listings get a lot of love – but buyers have a lot to offer, too. So, this week, we want to draw attention the benefits that come with working with buyers and having a buyer-based business.
Rookie Real Estate Agent, p. 159
1. Lasting Relationships
First and foremost, when buyers, create the potential for long-lasting relationships. An agent gets to know buyers’ wants and needs during each transaction and spends time with them during an important part of their lives. If an agent does their due diligence and acts as a fiduciary, they’ll keep in contact with them as they grow and change. “What I love about working with buyers is being able to make a difference in their lives,” says Tesha Shannon, an agent from Dallas- Fort Worth, Texas. When you work with buyers, you will fill out a Wants and Needs Analysis that will give you true insight into what they are looking for in a home. This isn’t just about paint color and bedroom count. It encompasses your clients’ dreams, their future plans, and even things they feel are missing from their lives. As their agent, you will have the opportunity to fill in any of those holes for them.
Buyers, particularly first-time buyers, are about to make a life-changing investment. Clients may want to purchase multiple properties in their lifetime. You have the opportunity to be their agent of choice each time. Or they may be interested in purchasing investment properties.
And here’s the clincher: When you help someone buy and stay in touch, who will they call when it’s time to sell? Today’s buyer is tomorrow’s seller.
2. Little to No Expense
Unlike working with sellers, buyers cost very little to work with. Aside from normal marketing, advertising, and some gas money, there often aren’t many, large out-of-pocket expenses while working the buy side of a transaction. While you will probably have to pour in more time with the home search and offer process, you can save in the financial department. This is why so many agents choose to focus specifically on buyer clients when they are launching their careers.
But no matter how long you’ve been in business, if your bottom line is important to you (and it should be!) working with buyers can help with that.
3. Learning the Market
Working with buyers shows an agent what is desirable in their current market. Buyers drive demand. By knowing buyers’ tastes and what they seek in a home, you can better advise the sellers you work with. Buyers also ultimately determine what homes sell for. A seller can list their home for any amount they choose. It will ultimately sell for what the buyer is willing to pay for that property in that location in that condition in that market. Essentially, a buyer’s agent gets unfiltered feedback on what demands top dollar.
Working with buyers provides so many other benefits as well. Depending on how you do business, you’ll discover these with the more transactions you have under your belt. We’d love to hear your favorite things about working with buyers on our Facebook page. And don’t forget to check out our blog for more insight and information.
*Most of this information is from Rookie Real Estate Agent: Launch a Limitless Career That Lasts by Jay Papasan. The book is available for pre-order NOW!