Realty Agent Professionals Team : Buyer Loyalty - Create it

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Buyer Loyalty - Create it - Or Lose 'em

By: Scott McClain
Thursday, April 12, 2007 7:51 PM

I had purchased a neighborhood today that I recently sold a home there in 42 days. Quite a feat in this market especially since the home backed up to a very busy road (which was the common complaint of the 30 or so showings it had in that time).

So I went over to get some new pictures of the neighborhood itself to add content to it. As I was parked near the entrance getting my pictures and was walking back to my vehicle there was an elderly couple picking up a flyer from a home on the corner that is currently listed with a REALTOR®. I politely asked were they considering purchasing a home in the neighborhood to which they answered yes.

Of course I'm thinking "AWESOME! A NEW CLIENT!". Well, I offer my a greeting, introduction of myself, a handshake and a business card and ask if they were currently working with anyone. A practice I do with any and all new clients. The gentleman states that they are "locked into someone". I said Great, who is the realtor? to which he could not tell me the last name or the brokerage. But I said I'm sure they will do a good job for you and parted ways.

I drove to the other entrance of the neighborhood and took some more pics and then returned to get some pictures of the private community lake and find them waiting to go into a FSBO home - without their REALTOR. I got out and we spoke for a few minutes again about the home they were waiting for the owner to "tidy up". He stated, without my even asking, that if they could buy it from the FSBO they would be able to save money. It was all I could do to keep from laughing so hard I would wet myself. But I shook his hand and said "Don't ditch your REALTOR it will be much to your advantage to allow her to work this deal for you." And he just smiled.

I went away wishing he would have had more information regarding who the REALTOR was that he "locked into" so I could call her and suggest that she might want to give their cell phone a jingly immediately.

I have ways that I create loyalty with my buyers. It seems to work because I have only once had them go without me and I suspected all along that those particular buyers might and didn't put much time at all into them due to that fact. And those that I know have no loyalty at all I simply smile and wave at them as I say goodbye.

So, what do you do to create loyalty? Buyer Broker agreements? Simply ask? Give us some ideas and input on what you do to create loyalty and furthermore, what you do when you find that the buyer has no loyalty.

Comments

Member Since '06	Gloria Losie said: We have a Brokerage Agreement here in GA that I like to get signed. You know how that goes. Some sign some don't. I call them, email them and try to keep in touch. However, people are people and they are out looking while you are trying to find them a home with their criteria. It is a dicey game. April 13, 2007 4:31 AM
Member Since '05	Becky Troutt said: Scott, I love what you're done with your hair! I don't use a Buyer Brokerage Agreement. I don't expect someone to sign something I wouldn't sign. If someone handed me that and told me I had to sign it to work with them, I'd tell them to go take a long walk off a short cliff! It's hard to know how someone is until you work with them. And I think it's an uncomfortable situation to put someone in by telling someone that barely knows you that they can must sign it and they are tied to you like a ball and chain or else! Yes I'm sure I've lost a couple buyers, but the majority stick with me. I am nice to them, I don't pressure them and they realize that, once they start working with me. I treat people like people, not paychecks. I joke with people once I get a feel for them, so it's fun to go house hunting with me. I don't make it stressful. I'm serious when I need to be, but laugh when the time is right. People just want someone nice and helpful. Once they see you are just that, they don't leave to go find someone else. April 13, 2007 5:21 AM
Member Since '06	Dick and Dixie Sells said: Never have used a Buyer Broker Agreement. I agree with Becky that I wouldn't want to ask for something to be signed that I wouldn't sign either. Just build trust and show them that with your market knowledge and negotiating skills that the bottom line is that THEY will come out way ahead working with you. April 13, 2007 6:19 AM
Member Since '07	Jeff Goldman said: I have had issues about getting buyers to sign brokerage agreements in the past, mostly because I was afraid to pressure them. The irony of it is that I get sellers to sign a brokerage agreement and they pay for my services, but I haven't been willing to get buyers to sign a brokerage agreement when my services to them are free. As a general rule, I now try to get buyers to sign agreements before I start showing them homes. April 13, 2007 8:58 PM
Member Since '06	Steven Pallesen said: I've kept away from the buyer broker agreement as well. However, I am implementing it in a program in which the buyer has an incentive to receive a part of my closing commission should they do the work of finding and initial driveby of property they may be interested in. Then giving me a list of those, including fsbo, for me to then call and set up showing appointments. What I've found, however, is I still end up pulling up the information, previewing, etc. so then what is the point to give a part of the commission? Often we think price may be the determining factor in whether someone works with us or not. Fact is we just need to realize and appreciate the value we each bring to the table and others will too, eventually. May 6, 2007 12:37 PM