“Long-Time Buyer Needs”

A fixture of most broker weekly meetings is the 15 minutes or so allotted to “Realtor Networking.”

The purpose is to give office Realtors a forum to plug their current and upcoming listings; promote listings that have just had price reductions (“price improvements”); and to broadcast what their Buyers are looking for.

There’s no hook or buzzer waiting in the wings, but the convention is for individual Realtors to limit their pitch to a minute or so per property — enough to hit the home’s highlights, and convey basic information like finished square feet, location, and list price.

Need a picture?

Imagine what a commodities pit would look like if everyone took turns, was sitting down, and no one yelled (and they weren’t all guys wearing crazy-colored vests).

The usual order is “Pre-List’s,” “New List’s,” “Price Reductions,” and “Buyer Needs.”

Lately, however, it often seems like there’s a new category: “Long-time Buyer Needs.”

“Long-Time Buyers Needs

A feature of every market, “Long-time Buyers” do in fact seem a little more plentiful these days.

There seem to be three types in today’s market:

One.  Buyers who think prices are headed (still) lower, and therefore aren’t in any rush.

Two.  Buyers who don’t know what they want — or, if it’s a couple, can’t agree on anything.

Three.  Buyers who are focused on a neighborhood or market segment where inventory is genuinely tight (more common than you’d guess in the Twin Cities currently).  

“Two Strikes and You’re Out”

For Realtors, the crux is determining whether the hitch is the Buyer’s lack of motivation, or lack of inventory.

When it’s the former, the faster you move on — the better.

When it’s the latter . . . you hang in there with ’em (if you can afford to).

That includes continuing to network what your clients are looking for at weekly office meetings — just perhaps not every week.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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