The Importance of Treating Buyers as a Priority in Estate Agency

It’s often said that the primary focus should be on sellers, with buyers sometimes taking a backseat in terms of priority. This viewpoint is something I strongly disagree with. Buyers are not just potential clients—they are a vital part of an estate agent’s business, and the success of your business depends on treating them with the respect and attention they deserve. If you’ve done your job properly by pricing properties competitively and marketing them effectively, you will start attracting potential buyers. But how you treat these buyers will make a significant difference not only in your current sales but also in the long-term growth of your agency.

One of the most compelling reasons to prioritise buyers is that a substantial portion of your future listings will come from buyers you’ve helped today. In a well-functioning estate agency office, about a third of all instructions should come from buyers who are looking to purchase properties in your area. Not only is this a significant portion of your annual listing goal, but the cost of acquiring these clients is incredibly low, which makes them an indispensable component of your business’s future growth. Overlooking buyers as second-class clients is a mistake that can stunt your agency’s long-term success.

Another key point is that without buyers, no deals are possible. It’s that simple. If your service alienates them, not only will you fail to sell any properties, but your sellers will soon catch wind of your poor service. They will start to wonder why their properties are not attracting viewings and could decide to take their business elsewhere. In the long run, buyers who feel undervalued will leave negative reviews online, and their one-star ratings carry just as much weight as those of sellers. Bad reviews, regardless of their source, can tarnish your agency’s reputation and hinder your ability to attract new clients.

Furthermore, buyers represent a massive source of potential income. Even if only one person can purchase the property in question, the influx of buyers offers a wealth of opportunities. You can use this overflow to not only secure other properties in the area but also to generate additional income through partnerships with third-party suppliers like mortgage brokers and solicitors. Ignoring buyers means missing out on these valuable revenue streams.

It’s also important to remember that today’s buyers are tomorrow’s sellers. In ten years, when you’re not called out for a market appraisal on a prime property, you might wonder why. The answer will be clear: the buyer you dismissed years ago is now selling, and they remember how they were treated. If you fail to provide excellent service to buyers, you’re essentially shooting yourself in the foot, sacrificing future business for short-term gains.

So how do you ensure you’re treating buyers correctly? The first step is the registration process. Whether a potential buyer is calling to register their details or to book a viewing, the process is largely the same. It’s crucial to collect all the necessary personal information, such as full names, current addresses, phone numbers, and email addresses. The more contact details you have, the easier it will be to stay in touch. Additionally, ask about their motivation, ability, and need—this method, referred to as MAN, will help you gauge how serious they are about purchasing a property.

Motivation is particularly important because it shapes not only the current conversation but also how you follow up with the client. Some buyers may have a high level of motivation, like a couple going through a divorce who need to move quickly. Others may be less urgent, like retirees looking to downsize who have been considering a move for the past decade. Regardless of the level of urgency, it’s essential to stay on top of all your clients because motivation can change in an instant.

Ability refers to whether the client can actually make the move they are discussing. If a buyer needs to sell their home first, get a mortgage, or line up a solicitor, these are all opportunities for your agency to offer assistance—and, importantly, to earn additional income. By understanding a client’s financial situation and what they need to do to proceed, you can position yourself as an invaluable resource, while also determining if they are a serious buyer.

Need is another crucial factor. Often, a buyer will have a long list of wants, but it’s important to differentiate between what they want and what they actually need in a property. Someone might insist they need a bungalow, but after further conversation, you might discover they simply need a downstairs toilet. By understanding the difference between wants and needs, you can better match buyers with suitable properties, even if they don’t initially seem like a perfect fit.

Once you’ve gathered all the necessary information, it’s vital to record everything in your CRM system. This includes not only the hard facts like names and addresses but also softer details that can help build rapport in the future, such as personal tidbits about their family or recent holidays. These small details can be great conversation starters and help solidify your relationship with the buyer.

In the estate agency world, there’s a set of questions referred to as the “magnificent seven” that should be asked when registering a buyer. These include questions about why they’re considering moving, when they need to move, their current home situation, budget, and so on. By obtaining answers to these key questions, you’ll have a solid understanding of their motivations, timescales, and financial capacity, which will allow you to provide better service and match them with the right properties.

When it comes to managing buyers, it’s helpful to categorise them into three groups: hot, warm, and cold. Hot buyers are those who are ready to move immediately, often within the next couple of weeks. These buyers need regular communication because they are likely to purchase a property quickly, and if you don’t stay in touch, they could end up buying from a competitor. Warm buyers are those who want to purchase a property but need to sell their current home first. It’s crucial to maintain regular contact with these buyers as well because once they sell, they’ll become hot buyers. Cold buyers are those who want to purchase a property but haven’t yet put their own home on the market. Although they may not seem like immediate prospects, they represent future listings and should not be overlooked.

Each buyer represents multiple opportunities for your business. Beyond the potential for selling them a property or obtaining a market appraisal, there are opportunities to refer them to mortgage partners and solicitors, generating additional income. Moreover, if you find that a buyer is struggling to find the right property, this gives you a chance to demonstrate your value by proactively searching for suitable listings or marketing in the area they’re interested in.

Finally, it’s important to keep in mind that the best way to communicate with buyers is by phone. While texts and emails can be useful for confirming appointments, phone calls offer the personal touch necessary to build strong relationships and gain additional insights. The more personal and attentive your communication, the more likely you are to close deals and secure future business.

In conclusion, buyers should never be treated as second-class clients. They are an essential part of any estate agent’s business and represent not only immediate sales but also long-term growth and revenue opportunities. By providing excellent service to buyers, you’ll not only boost your current sales but also lay the foundation for future success. Treat every buyer as an opportunity, and your business will thrive.