Why is it so hard to get buyers to get preapproved?
Trying to get buyers to get preapproved genuinely feels like pulling teeth sometimes. You can give them all of the information, connect them in multiple different ways, tell them they can use whatever lender they want, provide DPA options, tell them they need it for their offer, etc. They still will never do it and if they do, at the very last minute. Even if you don’t want a hard pull, many lenders can and will do a soft pull just so you can see where you stand in this market and what you can actually afford. They say “oh yeah that’s awesome. I’m gonna do that” and then never do it.
I’ve started implementing a 3 showing rule. I’ll show you three homes without a preapproval and if you wanna see anymore after that, you need to get one. Otherwise, you’re wasting my time and taking away from me being able to work with clients who are actually prepared or at least willing to get prepared.
Before anyone comments saying I must be doing something wrong, I’m not. This is a problem across my entire team dealing with buyers in our specific state. If we are licensed in the neighboring state (which I am) buyers are usually 10x more prepared and if they aren’t, they usually will go and get their preapproval after I tell them they need one bc the market here waits for no one.
What are yall doing to get people to get preapproved or has anyone else felt the same?