Recently, a Denver home seller asked me how many buyers I had for his home. As I was a little taken a back, I asked him why he was asking that question. He told me that another agent stated that with his large team, they worked with many buyers and could more easily get the home sold than other agents.
The key to selling any product is having the demand. So, it is natural for sellers to look for the agent with the most number of buyers. In fact, many agents claim they have buyers or have the ability to reach more buyers than other agents.
Is this true? Could one agent have more potential buyers for a seller?
Before we can answer this question, you need to understand that the real estate industry is not about convincing buyers to buy a home but convincing sellers to sell their home. In fact, one major brokerage coaches their agents that listing homes for sale is the key to a successful career. With more listings, you not only get a commission when the home sells but you potentially get a lot of “leads” as people come to tour the home. Basically, they are using the seller’s homes as a marketing tool for attracting new business.
So, the sales approach for agents is to convince you to sell your home. Agents will make claims and use sales scripts stating they have many buyers looking for “homes like yours” to give you a false sense of security that you will have a quicker sale by hiring them. You have probably heard all the pitches— “We have buyers looking for homes like yours ”; “We have the biggest team and most salespeople to get your home sold.”; “We do the most advertising.”; “We sell more homes in your price range and/or neighborhood.”
These comments and scripts are typical sales approaches and it’s wise to question if they truly do have more potential buyers or if there is some other factor at play. These statements merely give you the false sense that your home will sell more quickly using their services.
But back to the fundamental question – “Which agent has the most buyers for your property?”
The largest team with the largest number of salespeople?
The one that does the most advertising around the area?
The one that belongs to the largest brokerage or national brand?
The one that sells more in your area or price range?
While all of these sound compelling, the truthful answer is none of the above! Buyer’s do not simply look at one agent’s website. They look at the national portals like Homesnap, Zillow or Trulia to find their home. Or their agent sends them daily homes listed by all agents in the MLS database.
Buyers do this because they are fully aware that all of the homes that match their requirements are not listed by one agent. In the Denver market, there isn’t even one brokerage or agent that has a significant market share. So, buyers need to scour the listings of all agents and For-Sale-by-Owners to avoid missing out on the ideal home.
At the end of the day, buyers need to find the best property that meets their needs – regardless of the agent that is listing the home. This means there is exactly the same number of potential buyers for your property regardless of the agent, brokerage, scripts or gimmicks they use to solicit business.
So, instead of listening to agent’s false claims about the number of buyers they have, why not ask more pertinent questions like “Which agent will represent me the best when buyers are negotiating to purchase my home?” And “Which agent has the business and negotiation skills to keep more money in my pocket?”
In the end, home sellers should be less worried about the size of the brokerage or team and more worried about who can help you hold on to the most money. As I always say, ANYONE can sell an underpriced home. Don’t let that home be yours!
If you have any questions or want to know how to select a listing agent that has your best interest in mind, feel free to reach out.
Real Estate Advisor
Smart Growth Living – Denver