So you've amassed a sizable lead database and have maintained contact with some of them for years.

You have been sending them general real estate marketing information, but they have not yet purchased a home. How can you determine whether any of your contacts are ready to buy a home? What indicators should you look for? And what should you do once you've identified them?

In today's essay, we'll look at a few of them.

1. Your Buyer Leads Have Just Passed A Significant Life Milestone

Most of us would like to become homeowners at some point in our lives. And we've all fantasized about how the situation will unfold. And, yes, we would love to have the ideal set of circumstances before taking the plunge into homeownership. However, certain life events can propel us into homeownership far sooner than intended.

Expecting children, family members moving into your house, receiving an inheritance, or a new job opportunity are all examples of life events.

So, if any of your contacts are going through one of these life events, put yourself on their radar and reach out to them. Show real interest in them and their new living situation while remaining courteous. At the same time, remind them that you are a real estate agent who can assist them in meeting their new homeownership needs, as well as guiding them through the process and protecting their interests.

Make it a point to tell them that as property buyers, they are not obligated to pay your commission.

2. Your Buyer Leads Are Pre-qualified For Financing

One of the most significant barriers to homeownership is financing. Real estate is exorbitantly priced. And, as of the publication of this essay, we are experiencing a tremendous real estate boom, with housing prices rising. While this substantially helps current homeowners, it makes it even more difficult for first-time purchasers to enter the market.

So, if one of your leads is well-positioned to qualify for home finance even in the current economic situation, has a fantastic credit score, is a disciplined saver, has solid job security, and lives comfortably within their means, stay in touch with them on a frequent basis. Look for residences with high investment potential and have them ready when you contact them.

And if your lead is already looking for finance, that's even better. Encourage them to obtain a pre-approval letter if they have not yet spoken with a lender. You can recommend them to a reputable mortgage lender.

3. Your Buyer Leads Have Been Residing In The Same Location For Many Years

According to the National Association of Realtors, the average US homeowner stays in the same house for 13 years. The amount of time varies by location. For example, the median homeowner in Austin, Texas keeps their home for 8 years, but homeowners in Pittsburgh and Philadelphia keep their homes for 16 years.

Do some research to determine the median and average homeownership length in your service region. And if one of your leads is getting close to that point, reach out to them and offer your services.

4. Your Buyer Leads Are Already Aware Of What They Want

As we've indicated in previous articles, every customer (regardless of industry) goes through a cycle known as the "buyer's journey." This path is divided into three major stages: awareness, consideration, and decision.

The buyer enters the awareness stage when he or she becomes aware of a problem and begins researching to better grasp that problem. This could be the early research step for real estate in general.

The consideration stage occurs when the buyer already knows what their problem is and is seeking solutions. This is the stage when a homebuyer knows they want a house and is determining how big it should be, where it should be located, and what features they want. They may begin looking for financing options, but they are not yet ready to make a purchasing choice.

They already know what their ideal home looks like, what their budget is, and when they want to move. They are now looking for real estate professionals and may already have pre-approval from a lender.

So, if your lead has already said that they require a three-bedroom, three-bathroom detached or semi-detached property for less than $500,000, that lead is almost ready to buy.

5. They Have A Reasonable Timeline And Have Shown They Are Serious About Purchasing

Have you ever heard that work moves to fill the time allotted to it? If your lead has only a hazy sense of when to look for a home, the entire process is likely to drag on indefinitely.

If, on the other hand, your leader just has a few months to find a home, they will do everything possible to ensure the process goes well.

Of course, you have a fiduciary duty to your clients and must safeguard their interests, but you must also ensure that you are working with a serious client. It helps to ask qualifying questions to do this. Among them are the following:

• Are you represented by another agent?

Some purchasers believe that by contacting multiple agents at once, they would boost their chances of finding the ideal home for them, or they wish to select the agent that "offers the lowest commission rates." And, yes, they do occasionally want to spend their weekends looking at houses they have no intention of purchasing.

Of course, you must respect your time and efforts as a real estate professional. So don't be afraid to inquire whether your leads are already working with another agent or broker. This can offer you an idea of whether they are serious about buying or not.

It may also be a good idea to require a signed buyer's agent agreement. That way, you can accomplish your job to the best of your ability while knowing that the time you spent working with a lead was not wasted.

• How long have you been looking for your home?

Whatever response you receive will provide you with a much clearer idea of how serious your lead is. For example, if they have been looking for a house for more than a year or so, this could be a sign that they are not motivated, that their finances are not in order, or that their home price estimates are too far off the mark.

• Have you already been pre-approved for a mortgage?

While pre-qualification is only one stage in the financing process, it is a strong indication that the buyer is serious and has already done part of the legwork. Once you've helped your lead find the ideal house for them, pre-qualification might help you make a stronger purchase offer.

Pre-qualification also provides you with a specific price range for properties that your customer can afford.

Of course, just because they haven't been pre-qualified doesn't mean this isn't a strong lead. It just means you must point them in the right way.

• Would you be willing to make an offer straight away if we discovered the appropriate house?

This is a forthright question that may come out as excessively forceful if you haven't established enough rapport before asking it. But don't forget to do it.

If the answer isn't "yes" or "absolutely" or something along those lines, your lead isn't likely to buy. They are not yet at the decision stage of their buyer's journey and require additional nurturing. Use your best judgment to determine how much time you should devote to these leads right now, and prioritize prospects that are on the verge of making a purchasing decision RIGHT NOW.

Conclusion

If any of these factors apply to the lead, you can be confident that he is ready to buy a new home. On the internet, you can locate a large range of properties in his preferred area that will match his budget and other specifications.

Tours can also be arranged in many circumstances. So go ahead and do it. A good prospect can help you by demonstrating that they are prepared. They've decided what they're searching for, will set a fair schedule, and will obtain pre-approval ahead of time.