Targeting First-Time Buyers
“Hit ’em where they ain’t.”
–Hall of Fame Outfielder Willie Keeler’s advice to hitters
“To establish a toehold in a market, target business that others aren’t focused on.”
–Corollary, Ross Kaplan
Sort of like Keeler, my advice to new Realtors is to go after clients — and business — that other Realtors . . . aren’t.
Just as it’s easier to win an open seat than it is to defeat an incumbent (see, “Political — and Real Estate — Incumbents“), it’s easier to get hired by someone who’s never worked with a Realtor before.
And who might that be?
First-time Buyers.
Uncontested Clients
Of course, there’s another reason first-time Buyers are more promising prospects for newbie Realtors: they’re typically less lucrative clients — and therefore less marketed-to by veteran Realtors.
That’s because representing Sellers is less time-intensive than representing Buyers — especially in a Seller’s market where many Buyers (and their agents) are having to make offers on several houses before finally getting one accepted.
If you assume that Buyers’ agents have to show 8-10 homes to get one sale . . . that’s suddenly a lot of (time-consuming) homes to show.
Meanwhile, the listing agent literally has Buyers — and Buyers’ agents — coming to them.
How do all all these parties get in touch with the Broker?
Easy.
Their billboard (er, “For Sale” sign) is sitting right in the front lawn (and online, and in your email, etc.).
Can you say, “in the driver’s seat?”
Getting Established
Which explains reason #2 prospective sellers are a richer target: they’re easier to identify (if not market to).
After all, you know where they live.
There’s a saying in the industry: “those who list, last” (or something like that).
That’s never more true than in a Seller’s market, where listings (“inventory”) = showings = business = deals = more business, etc.
However, before you can last in the business, first you have to get a toehold.
The easiest way to do that is to court new Buyers (assuming you can find ’em).
See also, “Realtor Job Description.”
