Someone submitted a great question to The Real Estate FAQ, so I thought I would share it here.
The question was, “What is a realistic number of homes you should view prior to buying?”
It’s a tough question to answer… there is no hard and fast answer. Beware the agent that limits how many homes they will show — and it does happen, at least in the Phoenix real estate market. I’ve never understood the agent who says, “I’ll only show someone X number of homes.” (I had someone tell me their agent limited showings to five homes. How utterly ridiculous.)
On the other hand, no one wants to wander aimlessly, looking at dozens and dozens of homes with no progress or end in sight.
The short answer to the question is, “as many as it takes”. But there are some strategies and things to keep in mind in any home search, and I discuss some of them in the answer I left to the question on The Real Estate FAQ.
Technorati Tags: real estate FAQ, home buying
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{ 12 comments… read them below or add one }
Lani Anglin-Rosales 01.20.08 at 10:11 pm
Once upon a time, I wrote about this in an article called “The Rule of The Five.”
I think it’s different for every agent, but agents should be able to retool after every tour.
Jay - The Phoenix Real Estate Guy 01.20.08 at 10:41 pm
That’s a great post Lani. And I agree with it. I suspect Benn would not be opposed to showing a sixth or seventh home though. It’s the agents that seem to randomly assign a maximum number of showings (and who likely make zero effort to even get those showings close to what the buyer is looking for) that drive me bonkers.
In our market, with it’s 54,000 listings, many buyers are gripped by fear that they are missing out on that perfect home. At times, when you drive into a subdivision and there are seven homes on one street for sale, it’s difficult to convince a buyer they don’t need to look at more.
Lani Anglin-Rosales 01.20.08 at 11:10 pm
I hear what you’re saying: (1) in a crowded market, it can be difficult to not pop in to each of the 20 neighboring houses and (2) some agents put a numerical limit on numbers of homes they will show independent of their ability to read a clients’ needs.
What the bottom line is (and why some probably limit their shows) that some people are not real buyers, they are lookie-lous but if an agent can’t tell that early on through conversation and face time, they are probably the kind that should put a limit on it anyhow.
I like that you’ve outlined this on the FAQ- it’s a very important question.
Buy Property in Bulgaria 01.21.08 at 3:46 am
Very interesting. I guess everyone could come up with a different answer to that question
Norm Fisher 01.21.08 at 6:21 am
It must be interesting having 54,000 properties on the market. Where I work, it’s pretty easy to pick the best 6-8 homes in a given price range and assure the buyer that the other options begin to go downhill after that.
Anonymous 01.21.08 at 9:47 am
For some homebuyers who are not familiar with Southwestern architecture and lots (i.e. everyone who is not originally from here) it may take quite a few showings before the full picture sinks in. My wife and I looked at 20 houses in the span of a week. It was completely worth the time and effort, and we ended up with a great home in a wonderful neighborhood.
Yet I understand that this would be an extreme amount for some. The difference is in what the buyer is looking for. Is this a starter home that will be sold in a few years when the family grows? Do the buyers change jobs frequently? In our case: are the buyers trying to find a place to put down roots for the long term? Depending on these answers, 5 may be enough, or it may take 25.
Francy 01.21.08 at 10:08 am
It really is difficult for me to say that I will only show “X” number of properties to a buyer. I see my role as more of a facilitator than a salesperson. My philosophy is to determine how serious the potential client is and go from there. Sometimes it may take quite a few showings. For example:
1. If a buyer is moving here from outside the state they may be unsure of the area they want and may need to view homes in several locations.
2. There are those that think they know what they want until we start looking at properties. Finding a property for them becomes a process of viewing and adjusting - so that I can determine what it is that they are looking for.
3. There are also times when a couple may have different expectations and it becomes a matter of finding something that both are happy to own.
4. Sometimes there is a combination of items 1, 2, or 3.
It is true that showing a large number of homes can be expensive, time consuming, as well as exhausting. I find that working with these individuals can be personally rewarding for me and has helped to build friendships, repeat clients, and referrals.
There will always be individuals who don’t plan to purchase anything and have NO problem taking advantage of an agent. Requiring that a potential client is pre-qualified *before* you begin showing homes will usually eliminate these individuals.
Steve Belt 01.21.08 at 10:37 am
Earlier this year, I showed a young single lady more than 50 homes, before she did an about face and purchased the 3rd condo I showed her. And everything she looked at was in a 4 square mile area in Tempe.
I don’t have a limit on the number of homes. I don’t have a time limit. I have a, “am I getting jerked around limit”.
Doug Quance 01.21.08 at 6:58 pm
I don’t have a limit to the number of houses I will show to a client - but I will try to limit the number I show in a given day to 6.
After 6 homes, the buyers are starting to forget the features of each of them as the properties become a blur in their memories.
I have people on my website that have been online shopping since 2001. I’m glad I haven’t been showing them houses this whole time…
Sam Chapman 01.22.08 at 7:42 am
Part of the question should also be - how many homes am I willing to show a buyer? If I show 12 homes a weekend for 4 weekends, maybe my “buyer” really isn’t serious.
Vicki Moore 01.22.08 at 3:01 pm
I agree with Steve. “am I getting jerked around limit”
I go through an extensive questionnaire to get to the heart of what they’re looking for. If I think I’m showing them what they’ve asked for but not hitting the mark with them, then I’ll have another sit-down.
I did have a buyer say, “I’m a shopper.” Uh-oh.
Santa Barbara Real Estate Voice 01.25.08 at 5:49 pm
Jay,
Crazy if someone would give a definite number on this. Every client is a little to a lot different and so there is not way to go about this. As agents, we know all the various personal situations that arise with buying and selling homes and working with buyers and sellers. Sometimes you can sell a home in a weekend and other times you work with clients for 1-2 years. Everyone has different circumstances.
The only time I could imagine putting a max number on showing homes to a client would be if they are an entry level buyer, or first time home buyer and after several showings and discussions they had still not been to a lender to see where they are at financially.
take care