As we head full force through summer, we’re encouraging you to dive into the real estate market. There are various factors that lead to your success as a real estate broker, here are a few strategies to help your deals close faster.
Pursue Qualified Leads
Finding leads and finding qualified leads are two very different things. You might send an email blast or LinkedIn message to find new leads and get 10 responses back. Of those 10, it’s worth your while to complete a preliminary interview to assess their level of interest and determine if they’re truly a qualified lead and worth your effort to pursue.
Pursuing a qualified lead is hardly a walk in the park. True leads require dedication and nurturing to complete a sale and reach the client’s end goal. Not every lead you find will ultimately turn into a customer, but that’s ok. Your time is valuable and limited. You’re better off investing your time pursuing five genuine qualified leads than wasting time on twice as many leads that don’t go anywhere.
Start With the Basics: Know Your Client’s Budget and Timeline
Anyone who has shopped for real estate or even watched an episode of any buying and selling show on HGTV likely knows the typical routine of a real estate agent who’s pushing hard to make a sale. They walk a buyer through the house and highlight the key features of a property to appeal to the needs of the buyer. Once they’ve seen the location and have made an opinion, then they share the price or the property.
Save yourself some time and start off at square one. Instead of finishing with the price of a property in an attempt to push a sale, you’re better off starting off by solidifying your client’s price point and timeline. At the end of the day, these are often the two most important factors in closing a deal.
A client’s timeline is, in a sense, another aspect of their budget. Whether they can afford their real estate purchase or they’re pre-approved for a loan may help determine what property they pursue purchasing.
Going into the real estate selling process with a new client is a challenge in and of itself. You can significantly benefit from making things as easy as possible for all parties involved by starting with the basics and going from there.
Create a Sense of Urgency
Time is of the essence in the real estate industry. The most successful real estate agents maintain a sense of urgency by being direct in a respectful way. While you want to be careful not to come off as abrasive when working with clients, it’s important to create a sense of urgency in your conversation to push the process forward at a time when it may be coming to a lull. Creating a sense of urgency may be as simple as the difference between “I’ll wait to hear from you when you’ve made a decision” and “so let’s make a deal.”
Work with Investors
Working with various real estate investors can help you achieve both of the previously mentioned tips. Rather than pursuing traditional financing opportunities such as visiting a local bank and waiting on a single deal, you can benefit by spreading your eggs across more than one basket and soliciting the support of a loan brokerage.
Soliciting the support of a partner like Innovative Capital opens the doors to alternative financing. Rather than allowing your clients to invest their time in pursuing one lending source at a time can be hurtful to the timeline of your deals closing. Too often after months of paperwork and filing, a loan may fall through the cracks, and with it will go your deal. Working with a brokerage that has multiple lending partners provides the availability of a backup plan. Don’t wait until it’s too late and you’ve already lost your deal.
The real estate industry is fast-moving and competitive. Keeping up with the pace is vital to your ongoing success. Closing deals quickly may be easier said than done, but our tips can help you spend more time enjoying the sun and less time negotiating.
