There are many different types of real estate clients, all with varying goals and interests. Understanding what your client’s goals are can make your business very profitable. I've probably seem them all in my 24 years in this business. Here are three typical examples: (I’ve changed their names to protect the guilty. Ha!)Roy is a current client. He has purchased 5 real estate investment properties through my program. At my very first club meeting, (only 3 people showed up), my advisor at the time told me that Roy didn’t have any money, and to not waste my time on him. But, experience has taught me to never underestimate anyone. So instead of just glossing him over, I spent time with him and his wife at Starbucks. They explained their finances, and what their investment goals were. I matched them up with some great investment properties. Today, they are very happy investors and one of my best clients. Another investor at that same meeting had a lot of cash. I will call him John. My advisor suggested that I focus on him. I consulted with John and his wife also. Their investment goals did not fit well with my program. They were looking to get rich quick. I have a much more conservative approach. At any rate, they did end up buying a home from me. I also got a listing from them. Even though our philosophies differ, I still have a good relationship with them. You never know, our relationship could develop into something more in the future.
The last type of investor was again at the same meeting. Let’s call her Mary. Mary was a young lady who wanted to buy investment real estate too. She looked promising at first. After over 10 meetings with her, she ended up putting one in escrow. Then over the next excruciating 6 weeks, and what seemed like endless meetings, she backed out of the deal on the day of closing. Mary ended up wasting my time and that of my team. Time I could have been spending with clients serious about buying. These three types of clients all wanted to buy real estate, and had the means to do it. I ended up making money on two of the clients, and nothing on the last one. My focus quickly went to the clients like Roy. His was a serious buyer with goals that matched my program perfectly. He wanted low cost, cash flow properties with substantial equity. And that is what my program offers. Most real estate investment clients are awesome to work with. However, it is very important to know exactly what their goals are. Don’t be afraid to ask pointed questions like; ‘What is your purchase time frame?’ and ‘What is your exact budget?’ You may also want to get your fee up-front to see just how serious a buyer they are. Spending more time with viable clients and weeding out the questionable ones, can help your business grow much faster. Brett Young - Valley Realty http://www.rooftopprofitmax.com/
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