Work the “Shiny Penny” List With Real Estate Buyers
Buyers will buy the best house for the money. Period. So, find the best homes for the dollar in your market to share.
You’ve heard the saying, “Buyers are liars.” We think that’s harsh, oof course. But the truth is that no matter what a buyer tells you — “We want a 4 bedroom, 2 bath, 2-story house on half an acre,” — they’ll buy whatever the best house is in their PRICE range, which sometimes means a 3 bedroom ranch. It’s really about the price. It’s always about the price. I learned this concept early on and saved myself a lot of headaches and a whole lot of time.
Let me be CLEAR — this year, I want each and every one of you to focus on building LISTING INVENTORY, not playing with buyers. That said, 25% of your business will come from buyers, so if you’re going to work with them, I want you to work smarter and make the most of your time (so you can get back to listing properties!)
Now, here’s what I want you to do: Take all of your buyers and put them into price categories. How much they can AFFORD to pay for a home. Next, look at the listings in your market and put THOSE into price categories as well. Then in each price range, pick out the 1-3 that are the absolute best house for the money. The ones that just pop — and stand out from all the rest. THOSE are your shiny pennies.
Now, instead of showing your buyers 150 houses that they aren’t going to buy, work that Shiny Penny list. Let your buyers know that these homes are the best value, location, condition, terms — everything for the amount of money they are willing to spend, and they should bring their checkbooks because the listings won’t last long!
You know what will happen? The listings won’t last long — and if you’re the agent that is wisely working your Shiny Penny list instead of driving all over town, the sale will be yours! Keep this in the back of your mind this year, “Less stress. Income higher. Work the house. Not the buyer.” It’s a Power Agent® thing. And it’s something that should be your thing as well! Watch this…
So, remember, this is the time to focus on getting LISTING INVENTORY. But if you are working with buyers–focus on those Shiny Pennies! (Power Agents, you’ll find this handy form in the Playing With Buyers tab in your Classroom!)
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