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I worked with an out of state buyer for two whole summers, their shopping list was very specific up to about $25Ok for a summer home. We bonded nicely and kept in touch over the winters; no problems. Can't tell you how many homes we looked at, even homes that were not listed yet but would be my listings if they were interested. The hubby pulled out a Merrill Lynch Asset balance printout one day at lunch to impress me.
Anyhow, they answered an ad in the local free paper and bought an older doublewide set the wrong way on an overgrown city lot for around $100K from a FSBO. !!! and had the nerve to call me all happy about it.
Well, I couldn't resist; sent them a bill for my time, gas, meals, missed opportunities with other buyers and general aggravation. LOL ! and I'm so happy I did. Some people are totally clueless not to mention ignorant. Of course, they threw the "bill" away, but they won't ever forget the message. (And that was before we smartened up and eventually the reason for Exclusive Buyer's Agency Agreements ! )
I've actually had a couple of clients through the years that I have often thought about sending a bill to!
I wondered if anyone had done it and how it turned out!
I tend to work more with buyers but one of the agents in my office that works mostly with sellers now takes a $500 fee upfront to go towards photos, ads, etc. It is credited back to seller when the home sells but if she has the home for months with no sale and the sellers list with another Realtor, she has the $500 that she spent.
It is unfortunate that some people don't understand how the business works and how expensive it is to give top service. Luckily though, many people who have bought and sold with good agents do eventually realize what it takes.
Then there are those who will never have respect for an agent and have that attitude that we are one step above used car salesmen. Naturally I never expected to get a response from the bill, but just envisioning them opening it up was beyond "priceless".
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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LOL there's only 30 properties in my 200 square mile service area. I usually only show 4 in one day. sometimes like Chet I get lucky and play the hand correctly and win.
I've sold several homes that I never technically showed to a buyer. (Granted, the buyers were investors that I work with from time to time and sometimes buy without seeing interiors.)
1-5 - Probably 30%
6-10 - 30%
10+ - 35%
And probably 20% of buyers view more than one property, but end up buying the first home they viewed. (In fact, I've done that myself twice - our current home and our vacation home were each the first - but not only - properties we looked at.)
I'd say 5-10 with the average buyer. I comb through properties fairly deeply before showing, call agents if they are short sales, ask who the bank is, if the SS is approved, condition of home, will it pass inspections, etc. I try not to waste my buyer's time slogging through properties.
Investors..totally different story, they have to run the numbers on everything, so this takes time. Also the same with low end buyers, finding a home that can pass inspections is tough but it can be done.
I agree with the most, all depends on whether its a first time buyer, a relocation, or a new transaction for someone thats been thru the process multiple of times.
The most I ever showed was to a young lady, recovering from a divorce and starting over, and living within her means, after being in a 3500 sf home, she bought a 150,000 condo, and it was so difficult to find that in any way compared to what she had. After 59 different showing, and Im talking about from one end of county to all parts. Rewarding and still a a great friend. She even attended our Bday Rockband party.
Like Quilterchick, all of us have been used, burned and taken for granted. I showed some out of state people, spent all weekend, and even bought lunch, and to find out the next day , with a sweet thank you email, they landed on an open house, and you know the rest of story. One day will have to all post our sob stories and all vent together. lol
What is the highest number of houses you have showed to a client in one day?
My top, with a regular client was 24 - but she was very particular - and knew within a second whether she even wanted to stay more than a minute in a house. Unusual circumstances with an unusual client. My absolute highest was when I was my own client - 37 houses in one day - and I bought the very last house I looked at.
I won't usually show more than 8 in a day or the buyers can't keep it straight what they saw.
Most of my buyers make an offer after 5-10 showings, but with the REO and short sale market, the showings get to keep going b/c a good offer doesn't always mean going under contract anymore.
I have been keeping track of my exact average for the past 2 years so I can use that number when I work with buyers because many buyers think they need to look at EVERY house or they're missing something.
My current average is 6.3 houses and I work the vast majority as relocation. People are able to visit the area and look around and know where their job is going to be, so when we look at houses, they know what area they want, and they've eliminated a lot from the online listings.
I've sold sight-unseen several times, and have shown 1 house a few times. 6.3 is the average which includes a buyer looking at 19 houses a couple of months ago.
I've lost many clients to FSBO's, but by remaining cool, and understanding that they found something that I did not, I will more than likely reap the benefits thru them talking me up later/or referring someone else to me, or maybe even selling in a few years.
Acting out will guarantee me a big fat O in there book for the rest of their of their lives. I've been disappointed, but I never recall being mad.
I would say 3-8 listings is typical for me to show in my area with about twice that many drive-bys. Sometimes I show 1 home other times more like 30 and all too often people simply never buy due to changing ideas or circumstances or the perpetual cold feet. If they are serious and we hit the 30ish mark, I usually attempt to connect them with a few builders and find them a nice lot. At some point it's important to realize that if the element need to be that exact that building is going to be the only option (unless older/historic homes are in the criteria).
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(And that was before we smartened up and eventually the reason for Exclusive Buyer's Agency Agreements ! )
Working with buyers
