Have you ever noticed that many of the top real estate agents in your area put a home on the market and have it sold in a few short weeks while most agents' listings linger on the market for several months and almost all For Sale By Owner homes just don't sell at all?
All 3 are advertising in the same place, the same papers, and on the same internet sites like Craigslist.com and Kijiji.com. But top agent properties are selling, and others aren't even getting showings... let alone offers!
These top agents have developed a technique and skill set that allows them to maintain a steady stream of qualified buyers for their listings. They get more traffic because of it, and that generates offers for their listings.
Their secret is simple! They're patient and they know how to work the time-cycle of home buyers.

Simply put, home buyers don't buy on a whim. It's a long, drawn out process for them that usually lasts around 6 months... but can take as much as 2 years for some.
The process is divided into 3 major stages.
Stage 1. DREAMER Buyers (100% of buyer leads)
This is the crowd that makes up most open house visitors, calls the most on real estate ads, and visits the show homes out there more. They usually aren't pre-qualified with a lender, and they don't really know what they're looking for. You'll identify them when they say "we're just in the early stages". They don't know what kind of a home they will buy, and that's the question they're trying to answer.

Stage 2. GATHERING INFORMATION Buyers (50% of buyer leads)
These are the people who know that they're going to buy, and they know what they're going to buy. They've probably been to the bank to get approved, but there's something stopping them from making that buying decision. Usually it's a lack of market knowledge; they aren't sure how to actually buy a home and they haven't developed the knowledge and skills to identify good value in a particular home. But they definitely don't have a time frame for their purchase.
Stage 3. RIGHT NOW Buyers (10% of buyer leads)
These are the gems. They know what they want, they're approved to buy it, they can identify value when they see it, and they have a deadline to buy. If they walk into the right house... they're going to buy it.
Most Realtors and almost all For Sale By Owner sellers are forced to work with the RIGHT NOW buyers, the ones who want a home this week or this month and aren't already working with another Realtor. It's this limited exposure to the buyers market that puts a damper on the sale of the home... fewer buyers!
The problem is that almost all For Sale By Owner sellers, and most agents as well, "write-off" people who are not ready to buy right now or in the near future. These sellers want to sell now and aren't interested in a buyer who doesn't want to buy now. So they keep advertising, keep marketing, and keep sitting open houses. This eliminates about 90% of the buyer inquiries that they get.

But when a Realtor understands that about 50% of the buyer inquiries will buy some day, and the agent develops a system to be there when those buyers are ready... they become so much more effective as an agent. They're able to grab that buyer sooner, establish a relationship with them, and control their home buying process. This gives the agent the benefit of having a strong supply of buyers for their listings; while eliminating that buyer as a possible buyer for the For Sale By Owner and the other agents' listings. When that buyer graduates from "GATHERING INFORMATION" to "RIGHT NOW"; the agent is already in place.
In the Edmonton real estate market, where I work as a Realtor, the competition for buyers is very intense right now. We're in a declining market and as such very few people are wanting to buy a home right now. By using this technique of securing the buyers in the GATHERING INFORMATION stage, my team and I are able to sell our listings quickly and for more money than our competitors. We get the lions share of the buyers, while the other agents get the left over scraps and the For Sale By Owners get the crumbs.

Admittedly, the administration and management of this sort of a system is huge and takes a great deal of time and organization. Currently, we have more than 1,000 people in our buyer incubation system. This means that we're sending literally thousands of emails every week, talking to 100's of people every week, and working excrutiatingly hard to stay on top of everything. But that's what this business is all about, and why people hire us!
The results show in the performance of our team. Ranked #2 in our office of 100+ agents after only 6 months of this approach, and spending absolutely no time "cold calling" or sitting open houses. We work with the buyers, the real buyers who are ready to buy now... but first contacted us 3-6 months ago.
When we put a house on the market for our sellers, one of the first thing we do is send an email or call anyone in that massive database who's looking for a similar home. Remember, this is someone who's expressed an interest in this type of home... someone who the other agents and For Sale By Owner sellers are going to spend weeks of time and 1,000's of dollars trying to get in touch with. We already have their contact info... and we're going to call or email them the day the home is listed.
Doesn't that just make sense?
John Carle
http://www.knock-knock.ca/
John is a real estate agent in Edmonton, Alberta, Canada. He markets and sells homes throughout the capital region, including St. Albert, Morinville, Sherwood Park, and Fort Saskachewan. His knowledge and experience has garnered him the respect of agents and consumers alike throughout the area. In the past 10 years, John has helped to shape the face of Edmonton real estate.
John is a great resource for any home seller or real estate services. If you don't live in the Edmonton area, he'd be happy to find you an agent that he would trust...
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