The 5 Types of Buyers and How to Identify Them

 As a real estate agent, you’re obliged to provide excellent service to your potential and existing buyers whether you are working for yourself or with an agency. It is understood that the sales process can be tough but it's not always the agents selling the property who are at fault. Buyers can sometimes be difficult too, with similar traits popping up from time to time and making life frustrating for you.

Here’s how to identify the 5 types of buyers:

• The Bargain Hunter

This type of buyer often makes multiple offers on different properties. When dealing with one, make sure to get everything in writing along with the deposits. Educate your buyer with research and comparative sales in the area. Your job is to find the right property at the right price for the buyer, not a bargain.

• The Disrespectful Buyer

Opening closets, turning on appliances without asking, letting their children run amok or refusing to remove their shoes are their favourite hobbies. With this type of buyer, you have to take the direct approach of requesting them to stop doing it or mention the trend of developers or sellers putting webcams in and around the properties for sale.

• The Verbal Negotiator

You may have dealt with buyers who refused to put their offer in writing and insists on a verbal negotiation. If this happens, you should explain that it is in their best interests to provide an offer in writing, as it will contain all the necessary details regarding price, terms and settlement.

• The Inspection Expectant

Some buyers expect the agent to drop everything to provide an immediate inspection. When this happens, explain that you need at least 24 hours’ notice to view a property. You could also give interested buyers 2-3 appointment times and get them let you know which one suits their needs. This will help to weed out the genuine buyer from those who aren’t interested.

• The First Home Buyer's Advisor

When dealing with a first home buyer, you’ll likely be introduced to the buyer’s friend, family member or a “trusted property expert” who is assisting the first home buyer with the purchase. If you find yourself in this situation, you want to work with the adviser as much as the first home buyer. Avoid being in conflict with the adviser as you’ll find yourself on the losing end.

The process pf buying and selling may be stressful but it doesn’t mean you should let the stress get to you. Avoid taking criticisms personally and give your buyers some space to think. After all, you want them to come back to you when it is the right time to buy a property.