It really depends on the client.  If it is a  matter of low inventory and they are realistic ... I stay the course.  We might look at tweaking their search criteria or increasing their price point to see what else is out there.  

I would be sure they understand you are the ONLY source for listings. Not Z, T or anyone else. There are no secret homes stashed in the back for other people. What's on the market is out there. 

I always ask them how they want to proceed because then you'll get an answer to my questions above. 100 to 1 says they don't believe that's all the inventory. You're lying to them.

Here's one - why wouldn't you sell them a house if you had one?

As everybody has said before me, it depends on the relationship you have with them.  I usually tell people "here's everything that matches your specs" and as new things come on the market, I'll be sure to send them to you ASAP!  They know up front what there is and they'll know when they've seen it all.  

Lastly, I generally show one property at a time when my client calls me at 7:30 am, to tell me they see a new listing has come up.

I would certainly stay in touch and let them know I an continuing to look, and perhaps am even networking behind the scenes for them. Re-examine what they say they want versus what they have seen.

I try to keep their attention focused on what they already DID see and determine the likes and dislikes to move forward.

It depends. On buyer, property type, scarcity and the market. I have a pipeline of buyers/tenants who need a specific type of property in a particular area. That property can either be built, or wait until something is available that will work. If it's a residential client looking in a price point higher than what they want to pay or attributes that can only be built, "I cannot help at this time. Call me if you wish to modify your criteria, or I'll call you when I encounter something that might work for you."
Serial lookers who can never be satisfied?
🔫

You keep in touch in some way to let them know there is nothing new... so they know you're still on the lookout.   How often you need to make a "touch" depends on the individual.  

Time to regroup and communicate. Obviously you have not heard them or they have not communicated what they need and what they would like to have.

It all depends on the client.  In our market there is an extreme lack of inventory in certain segments plus a lack of reality at times.   Toss the concept of compromise into the equation just for the hell of it too. Definitely not the best of times.  Nor the worst either.  It is what it is.  

If they're patient, truly understand the market and have the ability, they can/will buy.  Hopefully with you.    Carrot dangling can keep them informed - some people want that...others not so much.

all you can do is stay in touch and keep them updated

I depends.  If you have show them homes that meet their criteria and they have not pulled the trigger maybe it is time to revisit their wants and needs list.

You share the facts and your best advice. Sometimes, they will have to wait or change their requirements.

 Evanston Il, a suburb of Chicago.

Jack, you are suggesting your buyer has seen every house for sale in the Chicago region. Wow! But we know that is not true. 

The reality is the buyer expectation and existing market are not compatible.

This may be driven by a price point incompatibility or a faulty 'no compromise' mindset.

Based on your assessment, one situation requires a strategy change while the other means you must wish them happiness, health and prosperity as they go forward in life.

Over the years you have developed resources that allow you to LEVERAGE this situation to not only address the buyers issue but to press forward your message into the community.  This change in strategy approach should compel/require an investment from the buyer that will keep them on board as they continue to contemplate their situation.

DO NOT continue schlepping buyers around when you know the potential of success nears zero. If you can't make it work for BOTH yourself and the buyer, it is time to cut the cord and let their ship sail. You and I know they will come to the knowledge of the truth you shared, but it is highly likely another will reap the benefit. That is life.

I have them make a list of what they need and what they want, then I find a seller with that property.

Send them a listing what is in their parameters and let the data speak for themselves.  Since MLS data is public domain, they expect agents to discover pocket listings, properties where agents do not get compensated. It sounds they are working with several agents also. When it is too quiet they bought properties already.  

In a thinventory market I have this conversation up-front that there won't be much to see... so I set the expectations early. I have been known to sit people down and log onto MLS with them and show them there is nothing more and start a dialogue about adjusting their search parameters to open up the field.

I have several that are in that position right now - I look for something for them several times a day and am even phoning others to ask if they have anything coming on the market or some to see if they want to SELL! I absolutely don't let that ball drop. Just because there's no inventory today doesn't mean there won't be something tomorrow or next week or next month...stay on it!

I know I just said this yesterday, but here is my point again...

You can't try to talk sense into someone after you have already wasted time on them...it needs to be BEFORE you start showing.

I have an in depth chat with the buyer BEFORE about what they think they want.  We know the market quite well and can say with authority..."what you want does not exist, so what are you willing to give up?"  IF they are not willing to consider that you may be right, why bother burning your gas?

Or I let them know it is slim pickings and their choices will be A,B, or C.

I also let them know that I will first show the "A" list and then the "B" list which will be a step down from the "A" list. 

That is reality...everyone shows the most suitable properties first, but yet most buyers think that they more they look, the better the properties will become. You need to dispell that myth.

Luckily, we do not get tire kickers off sign calls, so the calls that we do get are serious buyers looking for exclusive representation.  That helps.

Eve

I tiell them there is nothing else to see that meets their parameters.  Then I call them 2 times a week

You've seen everything there is to see within your criteria.  Now it's time to consider changing your criteria.

That depends on the buyer and on you. If you have been open and honest with them and spent the time with them to find out "What" they are looking for it could be time to sit down and have a deeper talk with them.

Are they realistic about what they want and their budget?

Try to pin down what properties have come close to what they are looking for and determine. What they LIKED about them as well as what the DID'NT.

It might be time to adjust either their budget, geographic search or features.

Right now its tougher than normal because the inventory is so low but new properties do come on the market everyday.

You need to ask yourself if these are clients that are really ready to buy.

Good luck 

Let the data speak on your behalf. Demonstrate on the MLS that they have seen all matching properties.

Never have to do that: I use Instant Inventory!

Stay in touch... don't let them get away.

Time to dig even deeper Jack Lewitz by searching expireds and FSBO's.

In this scenario the client has to either get their fill or call it quits. You can coach, nurture, counsel & prompt this to go either way professionally

We are running into a lot of that right now. If I have nothing new to show them, I still email them once a week to let them know nothing new has come up for them to see. That way they know I'm still engaged in looking out for them. 

Jack Lewitz It's time to reassess their needs.

I still remind them that I look twice a day!

I have an email template that says If you can't find anything that meets your criteria, you might consider widening the area, upping your price, or giving up a "must have" feature. Otherwise, you can continue to wait, and look, and hope.

With thin inventory with specifics needs, you do run out of inventory quickly.

Jack Lewitz - we will keep looking until we find the right home for you!

In the meantime, I will keep sending the new listings. Is that okay with you?

They may need to be enlightened about the reality of the marketplace.

Others have given good answers

I just try to provide them regular updates, even if all I'm telling them is that I have nothing else to tell them. If they're serious, they will understand.

There's always something else to see!

I would definitely keep in contact with them. If they have champagne taste on a beer budget maybe they will get more realistic soon.

I am sure they will find something on Z for you to show them, if you let your clients do this to you.

The news needs to be fact and told in truth. You are not responsible for manufacturing the MLS market. You can only do your part.

I think that Lyn Sims gave you a wonderful answer.  A

Jack, I have done that more than once in the past year. I normally explain to those clients that the house they want may not be on the market yet, and we keep the search alive. We're closing one in a week or so that started in December 2015. We had many months with no showings at all. 

Either they need to come up with more cash to meet their dreams or reduce the number of picky must have's on the list. Now that you invested many hours with them you must put them on a call schedule, not a drive in car schedule. 

Probably walk away because it sounds futile at that point.

Over the last couple of years with a shortage of listings i have lost buyers who did not believe me that there was nothing to see. When a new one came up, they needed to jump and didnt. It tales communication and often showing them what there is so they know for sure there is nothing

Definitely a challenge...I would set up a lunch meeting or a meeting in my office to go over in detail their expectations vs. what the market is bearing.