Prospecting for buyers

Prospecting for buyers is easier than prospecting for listings because referrals arrive more naturally and because open houses attract prospective buyers and provide you with a great prospecting platform.

If you're short on buyer prospects, increase the frequency of your open houses. (Chapter 8 provides a complete how-to guide.)

The type of houses you choose to show determines the kinds of prospects you generate. Obviously, higher priced and more exclusive properties draw more discerning buyer prospects, while lower priced properties attract less affluent prospects.

To build your business quickly, work to generate leads from more first-time home buyers by planning more open houses in the low range of your marketplace. First-time buyer prospects benefit your business because they

1 Can be sold into homes quickly, since they aren't burdened with the need to sell homes in order to make purchases possible.

1 Lack experience with other real estate agents. They don't have current agent affiliations, and they don't approach a new agent relationship with the baggage acquired from a less-than-stellar past experience.

1 Acquire strong loyalty when good service is rendered. This allows you to establish a long-term relationship that may span 10 to 15 years with multiple home sales and purchases over that period.

1 Provide you with an opportunity to establish relationships with their friends who may also be considering first-time purchases.

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