Qualifying Buyers for Auction

Qualifying buyers for the auction is the final call to find out whether or not they are interested in attending and also whether or not they will be bidding.

In my experience as an auctioneer, there are four types of people when it comes to bidding. I have created scripts to make it easier for you to deal with all four types.

To begin the phone call, you will say:

“Hi Mr. and Mrs. Buyer, thanks so much for your interest in the property. As you know, we are getting close to auction day and I’m just giving you a call to find out if you will be attending the auction on the weekend?”

So, if the potential buyer says yes, they will be attending, you then need to find out if they are bidding and how much they are actually willing to bid to.

You might think this is a bit of a bold question to ask, but you can justify it by telling the buyers that in order to educate the seller and get the reserve set at a reasonable price, knowing how much they are willing to bid will actually work in their favor.

Some people will say that they are bidding but are not yet sure as to how much. This is when you offer to send them through recent sales indicatives and make sure they have a copy of the contract, conditions, deposit, and anything else they need.

If, however, they are unwilling to tell you how much they will be bidding, then at least you know you have a bidder, they are just keeping their cards close to their chest.

If the buyer says they will be attending but won’t be bidding, you need to find out the reason. This may be because they are interested in making an offer afterwards or are unable to bid cash unconditional. Now you know that you’ve got a conditional buyer. You will come across more of these people than any other type.

Now, let’s focus on those people who say no.

If someone says they are not interested in attending the auction or they don’t wish to pursue the property, you still need to try and get them to attend.

In most cases, once they have made up their minds, it will be very hard to persuade them otherwise. All you can do is thank them for their interest and ask if you can stay in touch with them for hopefully one day serving their real estate needs. You could also finish the phone call by asking them how much they think the house will sell for and let them know of the competition to guess the correct selling price, with the prize being a bottle of Champaign. Again, you can take this information back to your seller in order to educate them on setting the reserve.

So, these are the 4 main categories of buyers that I have come across in my years as an Auctioneer. Make sure you download the audio containing scripts for these 4 categories and register for my upcoming FREE half-day Real Estate Brilliance webinar by clicking the button below.

Good luck with your auctions!

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