There are 2 types of real estate agents: The ones that are prepared and the ones who are not. Unfortunately, many real estate agents are glorified door openers... They go from house to house with no clue about their client’s details or house desires, and no information about the houses they are showing. They spend hours upon hours showing with little to no meaningful results.
If this agent sounds familiar do not fret. There is one thing that you can do before going on showings that will not only help you close more deals, but make you a better agent.
That one thing that you need to do is run your comparables. I know it sounds obvious but many agents do not do it and it shows! So, here are 3 reasons why you need to run your comps before showing your buyer.
Reason #1 - Understand what other houses are active in the area.
If you are in a cold, warm or hot market it is always good to know at least 3 to 6 other active homes that are on the market similar to the one you are showing. The reason why you want to do this research prior is that in order to win your client's loyalty you need to be an asset. If your client loves the house but prefers a bigger kitchen, it would be beneficial to know in advance what else you can show them. It also helps pinpoint your client's wants vs. their needs. For example, I know of a house with a bigger kitchen however it has a smaller yard. Would that be okay for you? This can help you gauge what they want, what you should show, and help you find the winner faster.
Reason #2- You can identify good deals and bad ones.
Another benefit of running comps before your showing is you will be able to inform your clients beforehand whether or not the house could be considered a good deal. You will be able to let your clients know what a house similar build down the block went for. You can also let them know if it's under or over-market value. This helps you shine even more so as an asset.
Reason #3 - Identify leverage for negotiations
Let's say your client likes the property and wants to put in an offer. What if you could let them know what the highest property sold for in the area recently? You can let them know the condition of that property and justify what you think they can get this property for. You can show them what houses are currently under contract. You can also identify if this house is a stale listing or not and justify coming in at a lower price. Even better, you can do this on the spot which will further position you as an expert, and allow your clients to place offers faster.
There are many benefits to running comparables for your buyer clients prior to your showing. If you do so your expertise in your niche areas will grow. You will become an asset to your clients and you will close more deals because of it.
Do you run the comps before your showings? What other strategies do you use for showings that help lead to more closings? Comment below.