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What is reverse prospecting?

As the market continues to “soften” and sellers are growing more weary of listing their home for sale, a hot topic of conversation in the real estate world as of late has been reverse prospecting.

What is reverse prospecting?

Reverse Prospecting (RP) is the publication of a homebuyer’s wants, needs and desires in their next home, allowing for Realtors to actively search for potential buyers for their listed properties. Think of it as an MLS of buyers, whereby agents can match their properties’ characteristics against buyers’ desires in a home (location, sq footage, beds, baths etc.) and find appropriate matches.

Are there different types of Reverse Prospecting?

Yes! There are three relatively common types of RP. 

1. MLS infused RP. This is described above. Agents prospect their listings against potential buyer information.
2. Location specific RP. Whereby an agent will publish, via letter, advertisement etc., a buyer’s needs into a specific area. If you are working with a buyer who is looking for a specific model of home in a specific subdivision, this is a very effective means of RP
3. General RP (Such as my site allows for). This is the general publication of your buyers’ wants, needs and desires in their next home to the general public. Whereby the public is able to proactively search for the next buyer of their home by cross-referencing their homes characteristics against buyer needs. Obviously, a buyer’s personal contact information is never disclosed… only their agents’ contact info!

 

A Warm Welcome to Russ Lyon Sotheby's Inernational Real Estate

BuyerHunt welcomes the Realtors of Sotheby's Equitable and Russ Lyon, who just this week formed Russ Lyon Sotheby's Inernational Realty. We hope that the partnership proves fruitful and worthwhile. Let's hope you take it easy on those "little guys" in Paradise Valley! Welcome to BuyerHunt!

The New World of Real Estate

“Do not go where the path may lead; go instead where there is no path and leave a trail.” –Ralph Waldo Emerson

Will you survive in the new world of Real Estate? As the technological landscape changes, I truly believe that only those with a wide-open mind will prosper. Here is a very quick experiment by which you can evaluate your “trailblazing aptitude”. 

The Experiment: (Keep in mind I live in Phoenix, AZ.)

Facts: Earlier today I purchased a ticket to leave for Alaska departing tomorrow. I sit down to lunch with my wife and tell her “Honey, I am heading up to Alaska tomorrow”.

Question: Is that an accurate statement? Or better yet, could it be proven inaccurate in any way?

Now… how about this…

Facts: Earlier today I purchased a ticket for Alaska departing tomorrow. I sit down to lunch with my wife and tell her “Honey, I am heading down to Alaska tomorrow”.

Question: Is that an accurate statement?

To most people the answer is obvious. “No, the second statement is not accurate. Alaska is North of Arizona, therefore you would be heading UP to Alaska.”

Right?…. Wrong!

Both statements are very accurate, or very inaccurate if you’d prefer.

Since your days in grade school, you have been conditioned to look at a map with North up and South down. But why does this make it a fact? A map is nothing more than a snapshot of the earth from space. Ask an astronaut if there is any directional compass in space. Space is void of direction… they’ll say “no”.  You could very easily turn a map upside down and have it be perfectly accurate still! North would still be north and south would still be south… and both would still be defined only by their magnetic pull (which is all that matters). As Einstein put it… “isn’t it all relative”?

Now, of course, we must abide by certain standards and rules. It makes things easy and creates order. I can’t show up fifteen minutes late to a listing appointment and excuse my tardiness with the excuse that I go by “Corey” minutes, which are actually a minute and half by world standards. It just won’t fly.

This is simply an exercise in perception, adaptation and your ability to think outside the box. Authority does not create fact… it creates conditions, and conditions change.

Darwin wrote that in the long run, only those who can adapt and remain “fit” in a changing landscape survive. Trust me people, the landscape of real estate is changing… conditions are changing. Our friends at Google and Zillow are spending billions of dollars making sure of it. Might it be time to embrace the change?

   

It is people’s inability to conceive of “what will be” that thwarts innovation and progress, and ultimately leads to failure! Don’t be among those who are left behind.