Whenever I’m discussing real estate with a potential client I always ask the question, “Where are you in the buying cycle?”
Most consumers start their home search anywhere from 6 to 12 months prior to when they think they want to move. Statistics show approximately 87% of buyers start their search on the internet. By the time they are considering a REALTOR® they have already decided what type of house they like.
When buyers are about 6 months out they may start to attend open houses. They do this for two reasons. First, is to actually go through houses that are the style they think they prefer to see if it really suits their needs. Second, they are checking out the REALTOR®. So, all you REALTORS® out there make sure you are on your game because every open house is a job interview.
When buyers are at this stage they should also be investigating all the other service providers they will need to complete the sale, such as, lenders, home inspectors, lawyers, contractors, and movers to name a few. Their REALTOR® should be able to assist the buyer in this area as well.
About 3 months prior to when they want to move buyers will start viewing homes with their REALTOR® and because most buyers have done their research they are in a good position to make the BIG decision.
As a REALTOR® I feel it is very important to know where the buyer is in the buying cycle because the type of assistance I provide will depend on where they are in the cycle. When a buyer is at the beginning of the cycle REALTORS® should be helpful with market information. This will help start building the relationship with the buyer. This is where many sales reps drop the ball because the buyer is not buying immediately so the sales reps don’t bother with them. If the buyers are helped at the beginning stages and the relationship is developed properly – this will be a sure sale!
As the buyer moves forward in the process this is when the REALTOR® needs to ramp up their service helping the buyer get all their ducks in a row – financing, lawyers, etc. Then when the buyer is ready to start to view homes they are already prepared to put in an offer.
Coldwell Banker Pinnacle Real Estate Sales Representatives providing Ultimate Service® are ready to assist buyers every step of the way through the buying cycle. Happy HOUSE HUNTING!!