Who are the buyers out there looking, today
Buyers are not all the same. Some are more qualified than others. Some are more motivated than others. Some buyers are in the business of buying and selling. Working with an agent who understands how to attract the right buyers for your home is extremely important to achieving your maximum return on investment. Experienced agents have worked with many different types of buyers and are aware of the value of each to you as a seller. Here is how I categorize buyers.
There are 4 basic types of buyers:
1. Prime – this is the “must buy soon” buyer who is “pre-qualified and ready”. These buyers are the most likely of all buyer types to have a buyer’s agent guiding them.
2. Good – this is the “strong interest, but not in a hurry” buyer who may be prequalified. They usually hire a buyer’s agent, eventually, but may still be out there on their own for now.
3. Investor – this is the true bargain hunter looking for rock bottom prices. They look for unrepresented sellers (they love FSBOs). Often, they are expert negotiators, experienced at driving hard bargains, and willing to walk away from anything that is not to their advantage. Often, they use an agent who specializes in investors or they are agents themselves.
4. Looky Lou – these are weak buyers who want to buy but may not qualify for a loan. Typically, they are simply time-wasting prospects. As such, most agents will not work with these “buyers”. But, be aware that there are many of these folks active in the marketplace, usually showing up at open houses, especially FSBO open houses. They often seek “owner financing” or rent-to-own properties.
Quality buyers in the market today are tech-savvy, well informed, and typically well represented by a buyers’ agent or are themselves, aggressive negotiators, determined to get the best possible deal. Gone are the days when the best quality buyers are naïve, under-informed, and unrepresented, dependent upon the listing agent to handle the transaction. More than at any time in the past, having a Realtor on your side makes good business sense.