The Art of Disqualifying Buyers as Rapidly as Possible
Disqualifying buyers? Is this common wisdom turned on it’s head?
You bet it is.
See, some leads that you generate don’t have the appropriate DNA (desire, need, ability).
If leads are just kicking tires, move on. If they’re looking for a house for their Aunt Mimmie who’s moving here in thirty years, move on. If you just don’t feel good about them, move on.
They’re just going to waste your time.
That’s why it’s so important that while prospecting, you need to politely identify if a lead has the right DNA. In essence, your challenge is to disqualify them as rapidly as possible using questions.
It’s the old 80/20 rule. It’s the reason the vast majority of salespeople produce a FRACTION of what top performers on the very same sales teams produce.
When you generate 100, 200 or even 300 or more buyer or seller leads a month you must thin the herd.
For instance, as your prospect base rises, you will see a diminished level of quality. But as your prospect base lowers, you’ll see a rise in the level of service you can provide. And you will also see more transactions as a result.
Imagine if you were working with 50 prospects this month. If that’s the case, then you’ll fill up your days helping those 50 prospects. Each one of those 50 prospect gets a very small sliver of your time.
This has become known as Parkinson’s Law.
Now, if you were working with 25, you would fill up your time helping them. Now, each prospect would get twice as much attention from you, which naturally means better service.
The end result: you’ll be able to develop a closer, more trusting relationship with each prospect. And the likelihood is high that those who you gave up were high-maintenance and demanding, a dangerous combination when time is scarce.
I think you’ll agree: most professional real estate agents are afraid to give up prospects. But if you focus on your highest quality prospects and devote 90% of your time serving them then you’ll reward yourself with a consistently growing business.
Got any horror stories of working with the wrong clients? Please share your story!