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Qualifying the Buyer

"Hope springs eternal in the human breast." - Alexander Pope

If you don't have the time or inclination to accept calls from prospective purchasers, then train someone to screen these calls or sell the plane through a professional sales company.
"General Tips" on helping a prospective buyer know you and your plane and vice versa:

  • Be nice…don't act as if the caller is an interruption to you. Be grateful they called and treat them with courtesy.
  • Supply as much information as you can, but get some, too.
  • Get their name, phone number and location. If you are in Maine and they are in California, distance becomes a critical factor.
  • Find out what they are flying now and what they like or dislike about it. The more you can uncover their dislikes the more you can help them like your plane!
  • Find out when they want to have their plane flying.
  • Find out how they intend to use the plane.
  • Find out if your plane is in their price range.
  • Find out as much as possible about any other planes they are considering.
  • Find out their role in the purchase: decision maker, influencer, information gatherer or gatekeeper. They may be all 4.
  • Try to get a commitment on something, even if it is only to call you back to discuss their review of your spec sheet. The ability for both parties to make and keep commitments is a key factor in any future relationship!
  • The OBJECTIVE here is to find out as soon as possible whether or not the prospective buyer has a chance in becoming a real buyer. The sooner you find that out, the better for all concerned.
  • Keep a spread sheet list of each prospect with notes on what was said. Any misunderstandings have a chance of resolution, if there are notes.

Who is going to call?

Initially, the dealers with money to spend will try to beat each other to your door. They offer quick cash and offer 20% to 40% below retail pricing. Of course, they have holding costs, similar to yours. They typically budget for a 6 month holding period including insurance, hangar, demonstration costs, fuel, maintenance, upgrading equipment, paint and interior, plus interest expense. After reviewing these costs, this may be your best option.

Next, brokers will call to elicit an exclusive listing with them. Both dealers and brokers also have their researchers call to learn about their competition. Be careful how much free information you give away here, without getting any in return.

After the first 3 to 4 weeks, the retail buyers will begin calling although they may be represented by a "buyer's broker". If you have the time and energy, it is the retail buyers that will offer the most for your plane.

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