Buyer Leads - Finding The Ideal Buyer!

Video Transcription

Andrew: The song now for the past three weeks that we've done this.

Jared: I know. I forget it every time just because I'm super slow and I think it's something like (singing). No, I don't know. The topic today, man, is a good one. It's something that we hear as an organization from our clients more and more and it's the buyer leads, right? It's the buyer side. For the last couple years, we always said, "Buyers are liars." Are they really? I think it was a really good topic that you brought up as an idea today, Andy, to wrap about. Tell me a little bit about what you guys are hearing from a buyer perspective. Why are buyers an ideal candidate?

Andrew: I'm going to do a little bit of a different approach with it. Obviously, on the real estate side, there are obvious benefits to the buy piece, but let's just put this on the table. Buyers provide, and sellers honestly as well, but buyers provide so much referral opportunity on the real estate piece that it allows you to actually build out a significantly more robust business-to-business network as well. Outside of just going out and trying to find the other buyers and potentially pay for Facebook ads, look at the Big Z, or whatever other lead sources are out there.

The Ramsey leads, and I'll just name them because I think it's important that for people to understand what I'm talking about. Dave Ramsey, they're charging 350 a month plus a 35% referral fee. There's so much out there in terms of, "Hey, if you can pay then you can play," but some of the stuff that you guys are pulling, it allows them to actually go and form a relationship to get them well before, that they're actually looking to purchase. Again, that's where a lot of the relationship that you and I have and how you guys have it with the other agents that you're working with, they're able to manipulate it and say, "Hey, listen. I need someone who might have had a family event." They have good credit, maybe it's a military, maybe it's a two family income, or whatever that is, and actually get to a little bit more the nitty-gritty of who their ideal buyer is. They're not just trying to fish for any single buyer, they're actually getting the people that they want to work with.

Jared: The targeted buyer that they want to go after and I think that's such an important piece. We talk to these agents that are like, "Hey, I have a buyer. I have someone that wants to buy this specific type of house," so they go in with a little different approach knowing that, "Hey, if you do list your house, we already have someone that wants to buy it. Let's figure out that price and let's go." You also touched on something a few minutes ago, too, that it allows you to customize who you're comfortable in working with. In some cases, the data allows you to go after a type of buyer that's fairly new, maybe a young college graduate, a young married couple that has a career, has good credit, has high income, but hasn't pulled that American dream card yet. More now, everything's settled down a little bit and the inventory's picking back up that these are ideal candidates for agents to-

Andrew: This is the time, man.

Lead Inventory Report

Jared: Yeah. We're creating a lead inventory report. We have one for, obviously, on the listing side. The seller side, we also have one and we're working on for the buyer side. A couple of the categories like we talked about.

Andrew: Go more into it. Tell a little bit more, because I love this stuff. I love what-

Jared: The categories that we can talk about, here are a couple from a high-level that I just mentioned. The young professionals, they're out of college, that are looking to build a family, start a family, get married, that are currently renting. We know that there's a renter flag on their record, we know what their income is, we know what their credit score is, and we know that they're an ideal candidate to be a first-time home buyer. There are also segments of ages out there, some empty nest apartment livers that do want to go back to the home life. That could be a segment of that renter category. Another, we have a likely-to-sell category... I mean, a likely-to-buy. On the likely-to-sell, we also have a likely to buy, so we take a lot of the data characteristics and build an algorithm that we have identified these homeowners, these are actual homeowners, that are ultimately likely to buy.

Andrew: Is that more of a move up, move down, or what's the...

Jared: More of a move up, I think. We already have the downsizer where-

Andrew: That's so sweet.

Jared: Yeah. Where you're forced to move down, but now the families are forced to move up. You have square footage, number of children, age of children. You kind of know that these guys are splitting up the seat.

Andrew: You have two potential transactions, because you have the sale and you have the buy on that list.

Jared: On that list. Yeah, exactly. You could start either at the beginning or you just have the renter that doesn't have any property to ultimately sell, or do you find the likely-to-buy category, which you can ultimately double-dip, so you can get the selling, the listing, and then the purchase transaction. The last one... Not the last one, but the other one I wanted to highlight, it's pretty exciting too in some cases for the seasoned agent, the more qualified agent, but is an absentee owner, like three plus database. Someone that owns two or more, three or more absentee owner properties. To me, they're ideal candidates that are likely to buy, because they're looking to maybe build-

Andrew: More so build out their portfolio.

Jared: Yeah. Their portfolio, or if they're owning a couple or three or more absentee properties, that would be an ideal candidate to be like,

"Hey, man. I have this quadplex, a duplex, or a single family dwelling. Would you like to add that to your inventory?" There are a lot of ways we can twist and turn the data from being a likely-to-sell lead, like we always do, to ultimately likely-to-buy. That's the advantage of trying to double-dip those transactions.

Andrew: Nice.

Jared: Yeah.

How to Narrow Down the Criteria or Which List to Start From?

Andrew: That's interesting. If you had an agent, you were talking with them, how would you navigate them to pick a list, or how would you help them understand how to either narrow down the criteria or which list to essentially start from?

Jared: Yeah. That's a great question, because we talk about this internally as an organization of, "We are the experts, so we need to be those experts in what's going on right now." Depending on budget, but I would recommend some owner-occupied, non-owner-occupied data to utilize the prospect with. Absentee owners, whatever the flavor might be or whatever the niche within that data set. Also, the owner-occupied stuff, if you're a younger agent wanting to work with younger families, we can build out a data set that these are owner-occupied, motivated to buy and/or sell homeowners. The data really speaks to the agent on what they're comfortable with. Once we identify the market that they're really wanting to work with, what have they done, what are their experiences, then we'll come back and say, "Here's what you need to do and here's the total number of records that you need to buy. If you lay an egg, then you call me back. We'll start over and we'll help you out."

Andrew: That's going to happen.

Jared: No one's laying an egg, man. Everyone's going to-

Andrew: It's going to happen. Yeah. You see it on the dial side as well. I can't emphasize... I was just looking through YouTube the other day, because I do a lot of comparative research as to, what are other data companies saying?

Jared: Yeah.

Andrew: Man, you and I have riffed on this quite a bit and we've done all the side-by-side stuff. We've looked at all the big name real estate data providers and everything else, and there is no comparison. I wish that people would actually know that and understand that.

Jared: I know, right?

Andrew: I can't say it enough. If people want the hard data, man, I'll send them the hard data. It doesn't matter, but there-

Jared: I love that. Yeah, you're one of our biggest advocates with digging in and seeing how the data performs. That's the actionable item that we love to share. There's another one that these guys loaded in 690 absentee owners into their CRM. Communicated with the data, less than 30 days, they were able to get $3.5 million in listings.

Andrew: That's awesome.

Jared: From the leads within that 690 leads. Now, does it happen every time? No, but is it happening? Absolutely. If you don't build it, they don't come, so if you don't pick up the phone and call them, they won't answer. You know what I'm saying?

Andrew: Walking through the cornfield.

Jared: Yes, exactly. Have you seen that TikTok song about corn now? It's some trend and shit. It's so bad, but somehow it's on my algorithm, because I live in Nebraska. This little kid singing about corn and it's stuck in my head.

Andrew: I have not seen that, but hey, you know.

Jared: Yeah, now that we talked about it...

Andrew: It'll definitely happen soon.

Jared: Yeah, it'll be popping on your "For You" page.

Andrew: Geez Louise.

Jared: I love it. No, that's good shit man.

Andrew: Yeah.

Schedule a Session to Help You Identify your Game Plan

Jared: At the end of the day here, just as a quick little session with you, buddy, is there are different data available for every agent. Whatever you're comfortable with and what you want to start with, or if you don't know, let's have a conversation either with myself, Andy, or both. Let's identify game plan and follow through, because the execution is where the money is made.

Andrew: So happy you said that, dude. As always, my friend, it's always fun.

Jared: It is.

Andrew: Again, I can't encourage agents enough to just explore the opportunity with some of these buyer leads. Again, with the changing market that we're experiencing right now, the more buyers, the more inventory you have on the listing side as well, the better off you guys will be. Again, as the market starts to soften up, the more people inside of your 90-day pipeline, the better off people will end up being long-term.

Jared: Amen. It's a numbers game, buddy, but you got to do the work. I appreciate you, Andy. The J and A Show has concluded. We'll talk again in a couple weeks, brother. Have a wonderful day.

Andrew: Yes, sir. You too, man.

Jared: All right. Peace, homie.