WORKING WITH BUYERS

Weekly Objective: Become an expert Buyer’s Consultant!

Are you a consultant or a salesperson?

Watch: What is the Difference between Consultative Selling and Normal Selling?
Action Item: Take notes as you watch this video and be able to explain to a prospect in 30 seconds how your role as a consultant differs from that of a salesperson.

 

This week’s plan will be as follows:

Monday: How to conduct an initial phone interview

Tuesday: Putting together your Buyer Presentation

Wednesday: Practice your Buyer Presentation

Thursday: How to set up your Buyers with an MLS search

Friday: Effectively Showing Properties

 


DAY 1

Monday’s Objective: As you diligently continue to prospect you will begin with see your phone ring from prospective Buyers. Today we are going to focus on the initial phone call from a prospective Buyer. The goal of this initial conversation is to schedule a face to face appointment and get them pre-approved! Use the following questions to conduct this initial conversation.

13 Steps to the Initial Phone Interview:

  1. Ask if they are already working with an agent
  2. Ask if they are pre-approved for a loan
  3. Tell them why it’s good to get approved
  4. Ask if they already have a lender
  5. Schedule a meeting where all parties can attend
  6. Explain the questionnaire
  7. Explain how the MLS works
  8. Tell them they will sort through the list of potential homes
  9. Explain that buying is a process of elimination
  10. Explain that they will be comparing properties when you show them homes
  11. Explain that they will have 2-3 homes to write offers on
  12. Summarize the process and get the initial appointment
  13. Remind them to get the pre-approval

This approach may seem a little aggressive but getting your Buyers into action immediately commits them to you and your process. If they are not willing to get pre-approved or set a time to meet then they are probably not real Buyers.

 

Action Items:

  1. Watch Talking with a Buyer for the First Time- Phone Conversations
  2. Do a mock phone call with a fellow agent or friend. Keep in mind that practice is the key to success.  A professional golfer wouldn’t think of changing his or her swing during a tournament. They would spend hours honing their skills on the practice range. Take this same approach!

 

Resources:

 


DAY 2

Tuesday’s Objective: Learn how to prepare your Buyer’s Presentation.

The Buyer’s presentation is really a leave behind marketing piece that establishes your credibility and professionalism. Going through each page is NOT the purpose of this material.

The real goal of the appointment is to go over the Buyer’s questionnaire and explain the difference between a “Sales Person and a Consultant” and explain that the home selection and buying process.

 

Action Items:

  1. Watch: Home Buyer Consultation Script
  2. Create your Buyer Presentation using Toolkit CMA

21 Steps to Creating a Buyer Presentation:

  1. Send Aaron Edwards an email to register you for ToolKitCMA. aaronedwardsonline@gmail.com
  2. Once registered go to http://www.toolkitcma.com/and login using your email as your username and your password is simple, it’s “password”.
  3. You will be charged $8.00 per month through your Silvercreek office bill. You will have unlimited use of the program for all days of that month. You are only charged for the months you use Toolkit CMA. If you don’t use it next month, no charge. They have a great support hotline if you need additional help: (800) 828-0970.
  4. After logging in go to the preferences tab and setup your profile.
  5. Click on the “View/Print the Startup Guide” if you would like to use that as a reference and or continue with the steps below.
  6. Click on “Edit my Agent Profile”
  7. Complete all the applicable fields and click save.
  8. Click on “Add/Change my Agent Photo”.
  9. Upload your photo and click finish.
  10. Click on all of the other tabs that you wish to customize.
  11. Complete all the applicable fields and click save.
  12. Next click on “Presentations” tab.
  13. The select the Buyer Presentation folder in the large left box.
  14. Select or deselect any of the slides that you would like in your presentation. This is done by checking or unchecking the boxes.
  15. When you have taken care of the boxes click “Next” under the Buyer Presentation box.
  16. Follow the prompts to complete all of the fields for each section. Ie Prospect Name; Prospect Mailing Address, etc.
  17. Update or change the cover letter to your liking.
  18. Select “Create Presentation” and review the results.
  19. If you find that you don’t like something about the slides (pages) go back through steps 13-17.
  20. Print, bind, email or use the presentation on your tablet for your Buyer meeting.
  21. You should practice delivery with another agent or family member prior to meeting with a client.

Resources:

 


DAY 3

Wednesday’s Objective: Practice, Practice, and Practice!

As stated previously practice is the key to success in the real estate business. Meeting with your first Buyer is going to cause some anxiety. Sorting out bullet points in your mind are key to conducting successful.

 

Action Items:

  1. Re-watch Home Buyer Consultation Script:
    • This time as you watch the video take notes on the questions and talking points the Realtor asks during the consultation and prepare your own list of questions you would like to ask. We have also attached a sample list of questions to get you started.
  2. Grab a fellow Realtor and practice your Buyers presentation!

 

Resources: 

 


DAY 4

Thursday’s Objective: Learn how to set up your buyers with an automatic MLS search.

By now you should have a great idea on what your Buyers are looking for. At this point we need to get them set up with an automatic MLS search so technology is working on your behalf.

 

Action Items:

Set up an automatic email search using your own contact info (in place of your actual client) based upon the following criteria:

  • 3 bedroom or more
  • 3 bath or more
  • 3 car garage minimum
  • Ada County
  • 2000+ square feet
  • 0.18 acre lot or larger
  • Under $400,000

Steps to setting up the auto search:

  1. Login to the IMLS/Paragon
  2. Start a search
  1. Input the criteria into a search
  2. Click the “Save Search” tab and select “Save Search As….”
  3. Select the “Contact” tab and click “Add Contact”
  1. Enter their First and Last Names and their Email at a minimum, then click “Save”.
  2. Click “Save & Notify” and your new contact will start to get MLS listings that meet their criteria.
  3. You may get this error if you have included “Coming Soon” listings in your search. If this happens you will have to modify your search criteria (by unchecking “Coming Soon” under the “Status” search box and then repeat steps 3-7.
  4. You will get a green box saying that it was a success after clicking “Save & Notify” if you have done it correctly.
  5. Then go to “Preferences” and select “User”
  6. Click on the “Email” file and expand out the “Email Signature” file. This will let you customize the email signature that goes out with your auto emails.
  7. Then click on “Contacts” and select “View/Manage Contacts”
  8. Select the hotlink contact name that you have created
  9. Select the “Buyer Activity” folder the select “Save Search For (YOUR CONTACT)”
  1. Select “EMAIL NOTIFICATION”
  2. This turns on the notification that you setup initially. If you don’t do this step you or your clients will not receive email notifications of new or status change listings.
  3. This is your chance to setup your email and how it will look as it goes out to your clients. Add yourself as a BCC
    • Change the Subject Line to something like, “Your Home Search”
    • Make sure it’s the Client Detail selected as the report that goes out
    • For “Type” leave Price Change and New Match or select if they don’t auto populate
    • Review your email signature
  4. Click “Ok” in the upper right hand corner.
  5. You should get a little green box in upper right hand corner that it was a success.
  6. You have now successfully setup the auto listing email to your client

Resources:

 


DAY 5

Friday’s Objective: Learn to effectively show properties

At this point your clients have narrowed their search down to less than 6 properties. In the prior lessons you explained how buying home is a process of elimination not selection. Make sure you emphasize the importance of eliminating homes with the drive by technique.  Once you’re ready to put them in your car follow these important steps:

  1. Did you do Effective Planning?

From the first interview with your buyer prospects to the opening of your car door, have you done the right planning for your showing day? Are you showing them FSBO’s as well as MLS listings under a buyer representation agreement. Do you have a firm grasp of their requirements? Have you made a final check of the recent MLS activity (hot sheet) to be sure that all of today’s homes are still on the market and at the prices you have with you?

Don’t start out wrong, have your planning done for a successful showing day.

  1. Know the Route and Don’t Look Lost

Even if you have to drive the entire route the day before, be sure that you can take the most direct route to each home in turn. Your buyer clients are hiring you as the expert in the area and the properties listed there. Don’t damage that expectation by driving around unable to locate a street that’s been there for ten years or more.

  1. Have Yours and a Buyers’ Packet of all Pertinent Information

There’s no such thing as too much information when you’re showing homes to real estate buyers. If for no other reason, having things like floor plans, survey plats and restrictions documents, you’ll be able to answer questions they’re sure to ask.

If it’s their first time in a subdivision, some information and covenants from the subdivision would be a great thing to have in their packet. You have your printouts and they should have their own copies with a clipboard and pen for taking notes. Even a map of the area for them to keep would be a nice touch.

  1. Knock and Announce Your Entry Loudly

I once showed a home, and even though I did knock and announce myself, I opened a bedroom door to find a teenager asleep home sick from school. Others have surprised a homeowner in their robe having coffee. Be sure to knock loudly and announce your presence on entry, even if the occupant is supposed to be away.

On one entry, I did my usual loud “Hello, Realtor!” announcement and heard “Hello” back. I didn’t enter. “Hello, Realtor!” again and “Hello” back. He really was a very friendly parrot.

On this subject, it’s also best to go to the door, knock and gain access before walking the yards. If there is an owner or tenant at home, you want them to know that you’re there before they see you through a window in their back yard.

  1. Is Your Lockbox Key Updated and Charged?

With security a big issue, most MLS lockbox systems now have a requirement that the access key be updated either monthly, weekly or daily. Make sure that yours is ready to use.

Also, check or replace the batteries and carry spare ones at all times. It’s a bit embarrassing to be unable to access the key for entry on a showing.

While we’re on the subject, put the key back in your pocket or it’s pouch on your belt before you go in. Leaving it in the home and locking up will ruin an entire showing day.

  1. Take Off Your Sales Hat and Put on Your Consulting Hat

Disagree if you like, but your role is to facilitate the location of properties, present them to your buyer clients and answer their questions/do research to help them make decisions. Your role is NOT to sell them a home.

If you hear an agent or broker complaining that a significant number of his “deals” fall through before closing, it could be that too many “closing techniques” are being used and they’re experiencing “buyers’ remorse.” There are a good number of ways a buyer can balk on a contract without just saying “You pushed me too hard, and I’ve changed my mind.”

Agent forums see this question frequently; “Do you lead your buyers through the home pointing out features, or do you just let them find their way and stay behind them?” If your buyers express that they’d like you to lead them around, then do it. Otherwise, they’ll probably appreciate your presence to answer questions without too much feature-pointing. If you’ve developed a good relationship, your comments are probably appropriate, however, you don’t have to like or dislike the home….they do.

Definitely point out problems you might see. Cracks in walls or floors, as well as mold or water marks are things you should bring to their attention. They still may like the home, but they’ll need to get disclosure and inspection on these items if moving to purchase.

  1. Without Rushing Them, Keep Your Buyers on Track

Too many homes are full of really interesting owner “things”. It’s easy for some buyers to get side-tracked looking at pictures, furniture and other things that aren’t part of the home for sale.

You need to keep your schedule and your buyers in the “home” mode, rather than the “things” mode. One effective way to move them out of a room they’ve gotten too comfy in would be to precede them into another room and make some exclamation like “Wow, this is a nice room!”

It’s also OK to let dawdling buyers know that you have a schedule and need to keep moving. If their excessive time in a home is genuine interest, you can ask them if they’d like you to schedule another showing to get more in-depth into the property.

  1. The Way It Was Is the Way It Should Be

Be sure to leave the home exactly as you found it. That means doors that were open should be open, and closed if they were closed. Make sure that all exterior doors are locked.

If your buyers separate during the visit, and you can’t be with everyone, then go through the home once they’re out and do a last check of all doors and rooms. The only time many agents have been bitten by this is when they were with one buyer and the other unlocked the door to check out the bedroom deck. If you don’t follow behind them all at the end, you could leave an unsecured home.

  1. Review the Day’s Showings and Ask Questions

You’ve shown a dozen or so homes and you’ve been careful to enter properly and lock them up when you left. You’ve answered a lot of questions and driven around a bit. Don’t expect that you’ll remember everything, or that your clients have the same thoughts about a home as they had when they were in it.

Over coffee, or just in the car, go over each of the homes and get their opinions and perhaps their final “no” to each. Ask if there is any follow-up on particular homes they’d like you to do. Maybe they now would like to see one of them again, and you can schedule a return visit.

Do this review when you’re not moving and can take notes. In keeping with your consultant expert image, always write down important information…which is what your clients expect.

Resources:

 


 

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