Working with Out-of-Town Buyers
As a real estate agent, it’s essential that you find a niche within the market that suits your skill set and has plenty of activity, thus offering you a healthy source of revenue. Recently, Tennessee has been seeing more people moving here than any other state in the country. If you’re still looking for your niche in Middle Tennessee, specializing in relocation may be just the right market segment for you.
Today, we’re sharing eight strategies and tips for working with out-of-town buyers. Whether they’re moving from a rural area to the suburbs or heading here from the coasts, you can equip yourself to be the ideal real estate agent for anyone new to the area.
Focus on Offering Next-Level Customer Service
Out-of-town buyers can’t work independently in the same way that local buyers can. They aren’t able to tour neighborhoods, visit local shops, or take walks at night to see whether or not they feel safe doing so.
In lieu of this freedom to explore, you have the opportunity to present yourself as a real estate agent-cum-concierge. Prepare materials that can serve as guides to specific areas.
Each neighborhood may deserve their own e-brochure complete with notable features, crime statistics, restaurant and shopping recommendations, locally-trusted veterinarians, information about schools, and tips for navigating to and from the neighborhood.
Once you know what a potential buyer is looking for, you can send along e-brochures for neighborhoods that would suit their needs.
Establish Excellent Communication
Your out-of-town buyer will be reassured to hear that you are available, responsive, and helpful. This means that you return texts, emails, and phone calls, even though your client may be reaching out from another time zone. While you can’t be expected to answer the phone at 2 a.m., you may find that expanding your available hours by two or three hours even a few days a week will allow you to connect with your niche clientele.
Identify and Understand Your Client’s Needs
You will be acting on behalf of your client as you analyze neighborhoods, tour homes, and interact with local vendors. You can only serve as a top-notch surrogate buyer if you have accurately identified and understood what your client truly wants and expects.
If you have excellent interviewing and note-taking skills, you may wish to employ these skills to do just that. Otherwise, consider creating a questionnaire that each client can fill out once they have decided to proceed with your assistance. Refer back to this document frequently to make sure you’re remaining focused on your client’s top priorities.
Share Informed Market Insight
As a real estate agent who lives here and works through a locally-based real estate brokerage, you have market insight that your client won’t glean online. Share these insights freely. Once your client has decided that you are an excellent source of reliable information, they’ll trust you. Remain trustworthy throughout this transaction and beyond, and they’ll definitely recommend you to anyone they encounter who wants to relocate to Tennessee.
Encourage Early Pre-Approval
There’s no getting around it: this is a competitive, red-hot market that highly favors the seller. Some sellers won’t want to work with an out-of-town buyer. Those who are willing to consider an offer from your buyer will only do so if their offer is accompanied by a healthy pre-approval, though.
Encourage your client to get approved immediately, even before you assist them in a serious search for a property. Otherwise, you’ll waste their time and your own chasing opportunities that have no chance of happening.
Maximize the Benefits of Technology
Today’s real estate process can be conducted entirely remotely. Documents can be shared, reviewed, and signed electronically. Home and neighborhood tours can be filmed. Conversations can take place via video call.
Leverage these opportunities to make the process of shopping for a Middle Tennessee home as seamless as possible. Rather than focusing on any challenges your buyer may face, direct conversations toward the many ways you can facilitate a great transaction.
Schedule an In-Person Visit
Despite the technological capabilities we have today, your buyer will eventually need to visit the property in person. If possible, a three-day visit is ideal, because it allows for you and your client to see and inspect every relevant aspect of the home and the surrounding area.
Close the Deal with Confidence
We aren’t suggesting that you behave with entitlement, pushing your buyer to take the plunge, nor are we recommending that you plead or beg. What we are saying, though, is that once you see true interest and enthusiasm from your client, you should move to close with confidence. Assume that things going well does mean your client wants to buy, and move seamlessly to continue facilitating the process, just as you have thus far.
Whether you’re a newer agent or are an experienced agent eager to expand your niche, we hope this guide has been informative and thought-provoking. We wish you every success as you continue to work diligently to create successful partnerships between you and your clients!
Are you an agent who has successfully focused on relocation in recent years? Consider mentoring an agent who wants to do the same. Your experience and insight are one of the best resources a newer agent could receive, and we certainly value your contribution to your professional community.