As a property buyer or vendor advocate, you’ll come across your fair share of ‘tyre kickers’. To save you time and effort, it’s important to recognise these types of clients so you can focus your energy on finding those ‘Goldilocks’ clients in what I call the ‘sweet spot’.
Clients who will cost you
– The overthinker
This type of client overcomplicates the property buying or selling process by coming up with trivial issues. For this client (and for most of the examples that follow), fear is a driving factor (especially for first homebuyers) and can cause them severe anxiety when buying a house. Listen to them, understand their fears, allay those fears, devise a clear strategy and help them to focus on their goals.
– The dreamer
This type of client wants, as the saying goes, Champagne on a beer budget. They believe in the impossible and they’ll be impossible to satisfy unless you can persuade them to focus on must-haves rather than on a wish list they can’t afford, and help them understand the cost of time delays and how these relate to achieving their ultimate goal.
– The commitment-phobe
Often this type of client is on what we call a ‘fishing expedition’. They’re vaguely interested in buying or selling a property but haven’t committed to doing so. Key signs are they haven’t arranged finance, they don’t have loan approval, they are not in a hurry to buy, they don’t have to sell and they don’t ask pertinent questions.
– The DIYer
This type of client will use you as a benchmark but they believe they can buy or sell a property without help. They’re looking for a cheaper way to buy or sell a house and that can end up in disaster. It’s your job to help them to understand why they need to assess their goals, their emotions, and the practicalities of assessing property for growth and yield prospects or completing all the due diligence needed for the process of buying property.
– The indecisive
These clients don’t know what they want, let alone what they need, and don’t listen to your expert advice. They’ll change their mind almost daily and twice on Sundays. Reveal their fears, help them understand what outcome they want to achieve from their property journey, then show them a clear strategy to help them.
Tips to find the right clients for your property advocacy business
Look, you can convert all of the ‘wrong’ clients with hard work and a high degree of emotional intelligence. However, you’ll have an easier job dealing with clients who are committed, who can put their trust in you and learn to face their fears. You need to earn their trust. And trust comes with what is now known as ‘social proof’. And for social proof, you need a strong recognized brand, a well developed reputation, mentoring, systems and processes.
How to win the right clients
– Tap into your network of real estate agents
You know, the network you’ve been nurturing over the past few years. Real estate sales agents will have weeded out the more indecisive and fearful clients for you.
– Improve your social media profile
Facebook, LinkedIn, Instagram. Not only does social media enable you to reach more people, but also, you’ll be able to display testimonials from satisfied clients. Social proof.
– Be backed by a trusted brand
If you’re a solo operator, you might find it harder to win clients. With the backing of a trusted and recognised brand like Property Mavens, you’ll get better recognition and credibility. Plus, with a trusted brand, you’re less likely to attract the time wasters and price shoppers.
– Exceed expectations
I almost didn’t include this as it should be a given (plus the phrase is, in my view, overused). However, to get those first testimonials, and continue to attract them, you need to go above and beyond your clients’ expectations.
– Have expert support from an experienced community
One aspect of being in the Property Mavens Group that I haven’t stressed enough is that we can share our potential clients, help support each other and achieve more together.
If you think you could make it in the buyer or vendor advocacy world, please get in touch. More experienced advocates make for a much larger collective property advocacy brains-trust.