Overview

This article explains the concept of expiring buyers in Loop Software and provides guidance on managing your buyer (applicant) database effectively. Maintaining regular contact with buyers is essential for keeping your database current.

What Are Expiring Buyers?

An expiring buyer refers to a buyer who is approaching the 90-day mark without any recorded contact or activity. Loop Software is designed to ensure regular engagement with buyers. Activities that count as contact include:

• Making phone calls
• Scheduling viewings
• Adding offers
• Adding notes to their profile
• Updating their "last contacted" date in the software

If no contact is recorded within 90 days, Loop will issue a warning seven days before the expiration period. Once the 90-day period lapses without contact, the buyer is marked as expired.

Key Notes:

• Expiring buyers are approaching the 90-day deadline.
• Expired buyers are those with no contact recorded for over 90 days.
• Both expiring and expired buyers remain active in the system, receiving property matches and updates.

Managing Expiring Buyers

Adding the Expiring Buyers Widget

To monitor and manage expiring buyers effectively, add the Expiring Buyers widget to your lobby screen:

1. Click the + button in the top-right corner of the lobby screen.
2. Select the Expiring Buyers widget.
3. The widget will display a clear list of buyers nearing the 90-day mark.

Reviewing Buyer Profiles

1. Click on a buyer’s profile from the Expiring Buyers widget.
2. On the right-hand side of the profile, review the following:
   • Last Contacted Date: The most recent interaction.
   • Registered Date: When the buyer was added to the system.
   • Expiration Due Date: When the buyer is due to expire.

Updating Contact Information

To reset the 90-day period:

1. Call the buyer and record the interaction.
2. Add a note to their profile:
   • Go to the Add Note section.
   • Write a note (e.g., "Spoke and still looking").
   • Check the box to Update Last Contacted Date.
3. Save the note. This action removes the buyer from the expiring list and resets their 90-day countdown.

Alternatively:

• Book a Viewing: This automatically updates the last contacted date.
• Record an Offer: Use the buyer profile’s options to add an offer.
• Manually Update: Use the three-dot menu to select Update Last Contacted Date and include any relevant email or interaction notes.

Buyer Categories

The buyer database is segmented into four categories:

1. Active Buyers: Regularly contacted and engaged.
2. Expiring Buyers: Nearing the 90-day contact threshold.
3. Expired Buyers: Over the 90-day threshold without contact.
4. Archived Buyers: No longer active or looking.

Note:

The first three categories continue to receive property matches and updates. It is the agent’s responsibility to ensure timely communication.

Support

If you have questions or need assistance:

• Contact the Loop Support Team at [email protected].