Thread: parking your buyers

I'm just curious as to whom has really concentrated on systems for parking their buyers. I know theres the MLS for parking and selling your listings - but what systems have others devised at parking their buyers through the buying cycle.

Originally Posted by promortplanner

I'm just curious as to whom has really concentrated on systems for parking their buyers. I know theres the MLS for parking and selling your listings - but what systems have others devised at parking their buyers through the buying cycle.

Parking a buyer is not a real estate industry term. You sound like a domainer. A realtor can park their buyers with an P&S while waiting for the mortgage lenders to approve the loan. Again, what do you mean by parking their buyers?

I apologize for the termilogy error. Being from California, we make up our own language (dude, awesome, etc..)

I'm not sure what a domainer is so you'll have to explain.

To expand on the reference "parking your buyers" - What systems do you have in place to manage your contacts of potential buyers?

Here's what I've noticed since I'm always focused on contact conversions.

• Buyers take an average of 6-9 months through the buying cycle.
• They'll contact an average of 17 agent (12-13 through their education phase of kicking the tires).
• The last agent they talk to is the one who ultimately gets the sale.
• Agents generate about 25 contacts a month regarding some piece of real estate information, they usually are only willing to work with 2 potential buyers, and from that average about 1 sale.
• Agents are only willing to work with prospective buyers about 2-4 week max - they want the "hot buyers" - the ones they see as buying now.

To rephrase the question" What system do you have in place to manage your contacts, create shelf life and keep in front of those contacts, and improve your contact conversion ratios - while you show around the so-call "hot buyers"?

MLS - a system or "parking lot" for your listings.

Where do you park your buyers?

If your MLS system has an automatic e-mail system, that is a great program to use. It automatically sends new listings based on criteria you submit. They don't know it's automatic (unless you tell them) and they think you're on top of things and keeping them on your mind. There's also some great database programs such as Top Producer that can help you get organized and send you reminders on who and when to call.