KNOW YOUR BUYERS!

As you know, aside from food and clothing, shelter is a fundamental need. People
need a roof over their heads, a place they can call home.




Now, this may seem like obvious information and not important for us to think
about, but really, it’s a very important thing to be aware of as you sell your real
estate. Why?




Because this awareness points to one essential fact that should give you an
ENORMOUS amount of confidence; especially if this is going to be your very first
(of many!) real estate sales transactions: there will always be people looking for
houses, regardless of whether we live in good times or bad. Knowing the types
of buyers in the market will help your position as a seller!


The Buyer Pool


So who are these buyers that are poised to do business with you? They are people
in your buyer pool. The phrase “buyer pool” refers to those people who are
interested in buying a certain piece of property in a certain location at a certain
price. This is the group that you, as a seller, should focus on. The buyer pool is
different from the bunch of mere onlookers or “prowlers” who like to spend
Sunday afternoons looking into the homes of other people.




As you gain experience in this field, you’ll almost instantly be able to tell the
genuine buyers from the speculators (or the people who are just bored and like
looking at real estate…and yes, there are some of them out there).
Bill Effros, in his great book How to Sell Your Home in 5 Days, says the profile of
a buyer pool will change constantly. Some buyers may decide eventually to
purchase a home elsewhere, some get frustrated and leave the pool; still others
decide they want to buy and therefore stay in the pool.1




The buyer pool is made up of different types of buyers – bear in mind that some
buyers are looking for homes NOT to live in, but to invest in. You will typically
encounter a mix of the following types of buyers:
 End buyers: buyers who will live in the home.

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Before we start