Qualifying Clients For New Transactions And Future Business
Qualifying clients is critical before undertaking any work on their behalf.Qualifying is a process that involves satisfying yourself about two basic issues.
- Can the potential clients achieve the outcome they seek?
- Can you, and are you willing to, help these clients achieve the outcome they seek?
Qualifying Sellers: Are They Ready, Willing & Able?
Sellers are ready to sell if the appropriate circumstances exist for them to achieve their goals.These circumstances would include a clear and unequivocal readiness to downsize, upsize and/or relocate.
When they talk about their desire to sell and move, do they seem to be tell you how they honestly feel? Or do they appear to be saying what they think you want to hear?
Trust your feelings…are these home-owners as ready to sell as they claim to be?
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Owners are willing to sell if they can they make the emotional commitment to move.
Once again, when qualifying clients as sellers, trust your feelings… are these owners as ready to commit to moving as they claim to be?
And finally, with the requisite authority to sign whatever legal documents are necessary to transfer ownership, prospective clients are able to sell.
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Qualifying Buyers: Can They Complete The Purchase?
When qualifying clients as buyers, you want to satisfy yourself that they have the financial ability to purchase the kind of property they are seeking.Keep the qualifying process simple.
Here are some questions that will generate the information you need to help make your decision about qualifying clients.
1. How long have you
been looking for a new home?
Depending on market conditions, the response will shed some light on factors such as their knowledge of the market and how easy or difficult it will be to find a home for these people.
Depending on market conditions, the response will shed some light on factors such as their knowledge of the market and how easy or difficult it will be to find a home for these people.
2. Do you need to
sell your current home before you can buy?
Most sellers need the equity from their current homes to buy new homes.
If they haven’t listed or sold their current homes, you might be able to help them. And helping them helps you.
Most sellers need the equity from their current homes to buy new homes.
If they haven’t listed or sold their current homes, you might be able to help them. And helping them helps you.
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3. Are you working
with another agent?
If they have hired another agent, refer them back to this agent.
If they have talked to, but not hired other agents, prepare to offer them a compelling reason for hiring you ... once they have been qualified.
If they have hired another agent, refer them back to this agent.
If they have talked to, but not hired other agents, prepare to offer them a compelling reason for hiring you ... once they have been qualified.
4. Have you met with
a lender yet?
This helps you assess how committed they are to buying.
If they answer yes, ask ‘have you been pre-qualified or pre-approved?’
If so, the lender’s terms will help define the parameters of your search.
If they answer no, you will have another demonstrate your great client service.
Ask “may I call a lender (one of your referral partners) and if and he has an opening available tomorrow or the next day, would you consider sitting down with him to determine what he can do for you?”
Agreeing to meet with your lender shows a high willingness to buy.
And if they qualify, you are ready to get hired as their agent.
Qualifying the Relationship: How Does It Feel?
Once the process of qualifying clients has been completed to everyone's satisfaction, there is one more important step before getting yourself hired by these new clients.- How does the relationship feel?
- Based on your initial impressions, ask yourself the following questions to assess your feelings.
- How effectively can
you and these people work together as clients?
- How closely does this client match my ideal client in my target market?
- How would I feel about working with this client over the long term?
- How would I feel about recommending this client to my referral partners?
- How does this transaction contribute to my overall business and marketing goals?
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Note that these questions are not intended to gather factual information. They are more like an intuitive check.
From my experience, business relationships that feel good at the offset invariably work out well.
On the other hand, relationships that feel neutral to bad from the beginning are usually problematic.
Far too often, I have denied or ignored these feelings only to regret not having followed my instinct.
The bottom line on
how relationships feel? If they feel good…go for them. They will probably work out well.
If you get no feeling about them…figure out what will make them feel good, and do it.
If they feel bad…don’t go there.
Refer the qualified clients to another agent and settle for a referral portion of the commission.
It will work out better for every one.
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Ensuring Compatibility With Your Clients
Compatibility with clients is a key element to developing and maintaining and effective relationship with them.By sharing common values with your clients, you can truly understand their needs and wants. And by understanding these needs and wants and fully appreciate what it will take to satisfy your clients.
As part of launching any marketing initiative, clarify the kinds of clients that you want to attract and serve.
Start this clarification process with identifying those things that you value.
If you have not yet clarified your personal values or need a refresher, check out Chapter One of How To Achieve Better Marketing Results—Sooner.
Once you have identified your own values, you will be in a better position to attract and serve people with who you share common values.
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Qualifying Clients—The Marketing Payoff
Qualifying clients is more than a single step in an individual transaction.Properly handled, the process of qualifying clients can make a valuable contribution to your overall marketing plan.
It is part of the process that helps sustain the flow through your client pipeline.
Even clients' failure to qualify offers marketing payoffs.
If prospects do not qualify—for whatever reason—it does not mean that they will never qualify.
From the perspective of prospects' attitudes, simply consider them Category II prospects, treat them like clients and keep in touch with them.
When they do qualify, they will probably come back to you. And if they liked the service that you provided to them, they might refer other people to you.
Even if they did not qualify for appropriate financing, by referring them to your lender, you have made an investment in future referrals.
Regardless of the outcome, your lender will appreciate the referral. This will enhance your relationship with the lender, encouraging her to make referrals to you.
Similarly, by making referrals to other agents, you can reasonably expect referrals back from them in similar circumstances.
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