15 Buyer Mistakes That Cost You Commissions! Page 0

Tim & Julie Harris® Real Estate Coaching https://timandjulieharris.com

15 Buyer Mistakes That Cost You Commissions! Page 1

15 Buyer Mistakes That Cost You Commissions!

Whether you’re new to real estate and just getting started with buyers or a grizzled veteran who is getting burned out on the buyer train, when there’s trouble in buyer paradise, its usually because you’re making any number of these 15 mistakes!

Working with buyers isn’t as easy as everyone thinks and if you’re never been taught the right way to do it, you’ve likely missed out on a lot of commission checks along the way. Below, we’ll teach you the most efficient and effective techniques to working with buyers and the mistakes to steer clear of!

1. Not Prequalifying the buyer before showing property. Nine out of ten buyer problems can usually be avoided when you stop making this fatal mistake! Isn’t it strange how the most important and expensive purchase of most people’s lives doesn’t always start with a professional trying to identify key information? You wouldn’t let a surgeon cut you open without a full workup, right? This isn’t any different! What kinds of things do you need to know before putting a buyer in your car? Never forget to ask them about their financial ability to buy, their motivation, time frame, expectations and if they plan to only work with you!

2. Not meeting your buyers at the office first! Are you trying to make it on the next season of Dateline NBC? Sadly, safety has become a growing issue in our industry and the number of suspicious behaviors and assaults is up from decades ago. Both women and men should not take their safety for granted and brokers should have a ‘office first’ policy to ensure everyone’s safety. Another tip? Get a copy of your prospects driver’s license!

3. Not using a proven buyer presentation. If ‘winging it’ has been part of your vernacular, we suggest your remove that right now! When you use our proven buyer presentation, you’ll be addressing many important (and often overlooked) topics that you can’t afford to be surprised by!

4. Not setting expectations ahead of time. This applies to the buyers qualifications, the conditions of your market and their price range. Surprises to the buyer such as appraisal

Tim & Julie Harris® Real Estate Coaching https://timandjulieharris.com

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conditions or the challenges of buying ‘as-is’, are typically not welcome ones! During a stressful time for the buyer such as this, you’ll be a hero if you set the expectations up front, relieving them of the stress of unanswered questions in their minds.

5. Poor follow up if they don’t buy the first time out. When a buyer rejects the houses they saw on the first time out with you, don’t let them get away without setting up that next showing appointment! Leaving them to languish on the negative ending hurts your momentum.

6. Not using closing scripts. When you don’t make intentional efforts to close the buyer throughout the showing process, you set yourself up for a never-ending ride on the showing carousel, which leaves you burned out and thinking that real estate sucks. Don’t allow the buyer to dictate the showing schedule. Need better scripts? We can help you with that!

7. Only using the MLS to find property. BIG mistake! So many agents get in the lazy habit of running a hot sheet and calling it a day. Can’t find anything new? “Oh well, I tried,” is their thought. Learn how to create inventory and you’ll never have to worry about that again. Oh, and we can help with that too!

8. Waiting for the buyer to find their own property. They hired you to help them find a property, right? Well, go find it! When you do nothing, the buyer either thinks you’re overpaid or when they have to find it (only to lose out on it) they blame you. Neither of these is good for your reputation!

9. Not being urgent enough with showings, offers and negotiations. If your car isn’t stocked with pens, paper contracts and/or your laptop complete with Docusign, you’re at a serious disadvantage! Stop using the excuse that the listing agent hasn’t called you back and find them. Track them down at the office or call their broker if you have to – your commission check depends on it.

10. Not knowing what, other than price, is important to the sellers. Hate to break it to you, but price isn’t always the most important thing. You can write a top dollar offer for your buyer, but if the sellers tipping point was an ideal closing date or a leaseback, then you lose! The agents who win consistently in multiple offer situations are one who aren’t afraid to grill the listing agent on what the seller is looking for in order to make a deal happen.

11. Weakness in strategizing with clients who have to buy and sell at the same time. Not preparing your seller-buyer for the time frame of their sale and what they’re up against on their purchase side can cause the deal to go sideways really quick. Without a discussion about potential lease-backs, living with family/friends or temporary housing in a fast moving market, your seller may flip out and either back out of a deal or not even bother to counter out of fear. Have the discussion up front!

Tim & Julie Harris® Real Estate Coaching https://timandjulieharris.com

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12. Lack of knowledge of financing. At the pace most markets are moving today, your buyer cannot afford to write an offer with FHA financing and expect to be competitive. Understand your market and the financing options available to your buyers to help their offer stand above the rest!

13. Lack of emotional control during the deal. We’re not just talking about the buyers and sellers, we’re talking about YOU! One of the biggest mistakes agents make is in trying to justify their commission by blowing things up that don’t need to be. Stop trying to be the hero by lamenting to your clients all the drama that the other side may be putting you through. The way to really get hero status in their eyes is to show them how smooth you’ve made this very important event in their lives!

14. Not using a buyer agency agreement. At the very least you should be discussing buyer loyalty! The easiest and most natural time to do this is when explaining their agency rights. So why don’t more agents get the buyer to sign on the dotted line?

15. Not being a listing agent so you don’t have to worry about 1 through 14. Really want to avoid all of these headaches? Do what we tell you to do all the time – become a great listing agent!

By now you’ve probably identified at least a few mistakes you’ve been guilty of when working with buyers and hopefully have had some a-ha moments that are cementing some new habits for you. From prequalifying to closing day and all the details in between, it seems that all the biggest mistakes made with buyers can be categorized as either the agents lack of knowledge or their lack of preparation.

Tim & Julie Harris® Real Estate Coaching https://timandjulieharris.com

Want To Learn More? Schedule A FREE 1-On-1 Coaching Call Now!

If you’d like to learn more, or if you want to finally take control of your real estate career and make the income you know that you deserve, schedule a free coaching call with us today! It’s a quick, easy way to identify your existing strengths, areas for improvement, and how hiring a coach can help you reach the next level in your career!

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