Fundamentals In Real Estate Series Part 5 Working with Buyers

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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.

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Fundamentals In Real Estate Series Part 5 Working with Buyers

  1. 1. Fundamentals In Real Estate Series Part 5 Working with Buyers Pranav Pandya Franchise Development Manager RE/MAX Mumbai Gujarat Maharashtra
  2. 2. RE/MAX Mumbai Gujarat Maharashtra RECAP • Part 1 - Getting Started • Part 2 - Marketing • Part 3 - Prospecting • Part 4 – Working with Sellers
  3. 3. RE/MAX Mumbai Gujarat Maharashtra Today’s Agenda • Where do you find buyers? • What can be done to attract buyers? • 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
  4. 4. WHERE DO YOU FIND THEM?
  5. 5. RE/MAX Mumbai Gujarat Maharashtra Ways to find buyers • Calls on property ads – newspaper/magazine • Former clients, friends, center of influence, etc • Open houses • Door knocking and cold calling • Clients with homes currently listed
  6. 6. 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
  7. 7. WHAT CAN BE DONE TO ATTRACT THEM?
  8. 8. 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
  9. 9. RE/MAX Mumbai Gujarat Maharashtra Specific type of buyer • First time buyer • Apartment buyer • Buyers looking in a specific neighborhood area • Buyers who sign representation agreements • New construction home buyer • Executive homes
  10. 10. QUALIFYING BUYERS
  11. 11. RE/MAX Mumbai Gujarat Maharashtra Ask Questions Financial Qualifying Needs and Priorities
  12. 12. THE BUYER INTERVIEW
  13. 13. RE/MAX Mumbai Gujarat Maharashtra • A Buyer Presentation include • Offer of purchase and sale agreement • Loan rate/financing information, if needed • Articles on market conditions and statistics • Your newsletter • Testimonials • Area information • Relocation information, Utilities info., moving with kids info., property tax info.
  14. 14. 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 with contact information • Company brochure / Profile
  15. 15. RE/MAX Mumbai Gujarat Maharashtra • Obtain all the relevant buyer information • Names • All phone numbers incl. business, emergency • E-mail addresses • Employment details, where, for how long • Family members names and ages, education requirements • If out of town, where family and friends are located
  16. 16. RE/MAX Mumbai Gujarat Maharashtra • Discuss Finances • Employment history /Down payment /Loan • Discuss Buyers’ Needs and Wants • Discuss and Sign Buyer Representation Agreement • Review Purchase Agreement • Discuss Procedure Followed for Viewing Homes • Keep in Constant Contact
  17. 17. PROPERTY SELECTION
  18. 18. SHOWING PROPERTY
  19. 19. DUE DILIGENCE CHECKLIST
  20. 20. RE/MAX Mumbai Gujarat Maharashtra • Professional Property Inspections • Protect Yourself and Your Client • Presenting an Offer • Negotiation
  21. 21. OVERCOMING OBJECTIONS
  22. 22. RE/MAX Mumbai Gujarat Maharashtra • Typical Objections • Handling Objections • Other Buyer Objections • Commission Cutting
  23. 23. SAFETY CONSIDERATIONS
  24. 24. THE LOWBALL OFFER
  25. 25. SEMINAR SELLING
  26. 26. 6 MISTAKES BUYERS MAKE
  27. 27. 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
  28. 28. RE/MAX Mumbai Gujarat Maharashtra Thank You

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