working with real estate buyers
DESCRIPTION
When you first begin your career in real estate, you will more than likely start working with buyers. There are many reasons for this which is centered on your prospecting and trust issues. Typically sellers pay the commission and look for more experience which is why a Sales Associates will usually start out working as buyer Sales Associate. Regardless, you are a Sales Associate who wants to build a business and the buyers you work with will be your future sellers. It is important to build a good relationship with them so they will trust you with the sale of their home in the future. Being friendly, helpful, understanding, listening to their needs and maintaining constant communication and service are the keys to success. You want to become the buyer’s Sales Associate for life.TRANSCRIPT
Fundamentals in Real Estate Series Part 5 Working with Buyers
Pranav Pandya
Franchise Development Manager
RE/MAX Mumbai Gujarat Maharashtra
RE/MAX Mumbai Gujarat Maharashtra
RECAP
• Part 1 - Getting Started• Part 2 - Marketing• Part 3 - Prospecting• Part 4 – Working with Sellers
RE/MAX Mumbai Gujarat Maharashtra
Today’s Agenda• Where do you find them?• What can be done to attract them?• Qualifying buyers• The buyer interview• Property selection• Showing property• Sample due diligence checklist• Overcoming objections• Safety considerations• The lowball offer• Seminar selling• Six mistakes buyers make
WHERE DO YOU FIND THEM?
RE/MAX Mumbai Gujarat Maharashtra
Ways to find buyers
• Calls on property ads – newspaper/magazine
• Sign calls• Former clients, friends, center of
influence, etc• Open houses• Door knocking and cold calling• Clients with homes currently listed
RE/MAX Mumbai Gujarat Maharashtra
• Website inquiries• Social media• Generic promotion ads - bus benches,
billboards, etc• Referrals• Flyers, Just Sold/Just Listed inquiries• Office call duty inquiries• Office leads• Relocation referrals• Referrals from veteran Sales Associates
WHAT CAN BE DONE TO ATTRACT THEM?
RE/MAX Mumbai Gujarat Maharashtra
Sources of Obtaining Buyers
• Home matching service• Market evaluation • Market updates• Buyer information booklet • Home search plan• Pre-qualify• Buyer seminars
RE/MAX Mumbai Gujarat Maharashtra
Specific type of buyer
• First time buyer• Condominium buyer• Buyers looking in a specific neighborhood
area• Buyers who sign representation
agreements• New construction home buyer• Executive homes
QUALIFYING BUYERS
RE/MAX Mumbai Gujarat Maharashtra
Ask Questions
• When do you want/have to move?• Why is that an important time?• How would your plans be affected if you
moved sooner? Later?• If you found a home today, are you
prepared to purchase it?• Where are you currently living?
RE/MAX Mumbai Gujarat Maharashtra
• Do you own your present home or are you renting?
• Will you need to sell your current home before you purchase?
• Have you been pre-qualified for a loan with a lender?
• How long have you been looking for a new home?
• How many homes have you looked at?• Why didn’t you buy one of those?
RE/MAX Mumbai Gujarat Maharashtra
• Is there anyone else who is going to be purchasing this home with you?
• Are you working with a Sales Associate? If yes, have you signed an exclusive buyer representation agreement? Is the agreement current or has it expired?
• Do you have any other ads circled that you were planning to call for information? If yes, please give me the names and addresses, I’ll research and provide the information when we meet.
RE/MAX Mumbai Gujarat Maharashtra
Financial Qualifying
• What price range do you have in mind?• How did you decide on that amount?• How much over that amount would you go if the
home was really appealing?• What monthly payment are you comfortable with?• Do you know about different down payments and
closing costs? • Is your down payment a gift from someone?• Do you have the down payment in your own savings
account?
RE/MAX Mumbai Gujarat Maharashtra
Needs and Priorities
• What will this move accomplish for you?• What neighborhoods interest you?• How far from work do you want to be?• What items must be present in your new home?• What feature, or lack thereof, would immediately
rule out a home?• What type of home are you looking for? What
size?• Are you moving up or scaling down?
THE BUYER INTERVIEW
RE/MAX Mumbai Gujarat Maharashtra
• A Buyer Presentation include• Offer of purchase and sale agreement• Mortgage rate/financing information• Articles on market conditions and statistics• Your newsletter• Testimonials• Title insurance information• Area information• Relocation information Utilities info, moving
with kids’ info, property tax info
RE/MAX Mumbai Gujarat Maharashtra
• Schools, Utilities, Amenities information• Home Buyer Plan of your city• Buyer representation Agreement• Want / needs form• Buyer Guide• Closing cost information• Agency brochure• Your resume, personal brochure or “Meet
_____________” with contact information• Company brochure• Map Book
RE/MAX Mumbai Gujarat Maharashtra
• Obtain all the relevant buyer information• Names (correct spelling)• All pertinent phone numbers incl. business,
fax, emergency• E-mail address• Employment details, where, for how long• Family members names and ages, education
requirements• If out of town, where family and friends are
located
RE/MAX Mumbai Gujarat Maharashtra
• Discuss Finances• Employment history • Down payment • Credit
• Discuss Buyers’ Needs and Wants• Discuss and Sign Buyer Representation
Agreement• Review Purchase Agreement• Discuss Procedure Followed for Viewing
Homes• Keep in Constant Contact
PROPERTY SELECTION
SHOWING PROPERTY
SAMPLE DUE DILIGENCE CHECKLIST
RE/MAX Mumbai Gujarat Maharashtra
• Professional Property Inspections
• Protect Yourself and Your Client
• Presenting an Offer
• Negotiation
OVERCOMING OBJECTIONS
RE/MAX Mumbai Gujarat Maharashtra
• Typical Objections
• Handling Objections
• Other Buyer Objections
• Commission Cutting
SAFETY CONSIDERATIONS
THE LOWBALL OFFER
SEMINAR SELLING
6 MISTAKES BUYERS MAKE
RE/MAX Mumbai Gujarat Maharashtra
1. Not Pre-qualified
2. Don’t shop for a mortgage
3. Don’t get professional inspections
4. Don’t use a professional Sales Associate
5. Buy first
6. Don’t know the cost of buying
RE/MAX Mumbai Gujarat Maharashtra
Thank You