I just saw a great quote by Dana Kovach of Kovach Marketing in Newport Beach.
Dana was commenting on the program of some clever builders to combine buyer-retention events with prospect-motivation events. The idea is to have them attend the same venue, at the same time, and allow the buyers-in-backlog to bond with each other as well as their potential new neighbors and give them their own, personal reasons for deciding to live here.
This has an obvious leverage impact on the events budget. But it also adds another tool to the sales process.
Dana's quote:
Buyers are the best sales team you can inspire.
WOW!! That's as simple as it is profound.
How often do we tap into that resource...one that is likely just waiting to be asked?
Of COURSE, there are bound to be cancellations. If we have no cancellations, we are not serving our prospects well enough. But we should not simply give up on those who might cancel.
Keep them involved. All buyers-in-backlog. Having a predicable book of business will make you noticeable to lenders, equity partners, etc. It also reinforces your (normal) sales team and the trade partners who rely on closings to be successful. Every buyer-in-backlog is a precious commodity.
Take their buying temperature often.
Ask for their help in making new sales...by referrals and by their own comments to the prospects they will meet at your events.
They can be involved in choosing their own neighbors!
Keep in touch and keep in business. It's that simple.
Thanks, Dana, for a wise observation!!
2 comments:
Hey Dave, I enjoy reading your blog...one question and I'll ask you again tonight in class, what exactly is a buyer-in-backlog? Are these people waiting to buy the same product, or have already bought and waiting to move in?
Thanks, Ben
Hi Ben.
Your question is a real lesson to me. I write this blog to be a service to those in the new homes profession and to help them make better decisions.
This is more difficult when I jargon-dump people whose business language may be different. You are certainly no stranger to the business and your message points out that I can communicate better if I use normal language.
(To others: Ben is a long time associate in construction and is taking my upper-levels class on Master Planned Developments at UCI. Certainly not a beginner in our business!)
Lesson learned.
Now, to the meat of your question...
Backlog is a term that SOME in the building business use to describe people who have documented a sale but not yet closed. They have demonstrated a serious interest, but "the check hasn't cleared yet."
Thus the remarks about those who are "buyers" but still could cancel or be cancelled. Buyers-in-backlog is just an elaboration of jargon. It refers to anyone who has purchased any home, any plan, any location, etc. but have not yet closed nor moved in.
HARD
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