Working With Buyers – Prequalification, Motivation, Exclusive Agency (1)

Today’s Real Estate Coaching and Training podcast is about working with home buyers. On this podcast you will learn:

– How to get a buyer to sign an exclusive buyer agency agreement.

– How to prequalify your buyers for motivation.

– How to really, truly prequalify for financial ability to buy.  

– Tim and Julie Harris will role-play their copyright Buyer Prequalification Script. 

Fact:  No buyer actually HAS TO buy.  They can always rent, move in with parents or kids, travel the country in an RV, or extend their current lease.  

Fact:  When you have enough active listings, you can refer your buyer prospects to buyer partners for a referral fee.  Work with your own repeat clients and refer the rest.

URGENT! Exclusive Invite: Join Premier Coaching for FREE! You read that correctly, Premier Coaching for the first 30 days is 100%, no strings attached FREE. Here is what you get: DISC Personality Test, Seller and Buyer Scripts, Presentations, Lead Generation Systems, Market Shift Plan, Real Estate Treasure Map, Members Only Community Groups (and a ton more). The best part is you will have a DAILY Live Coaching Call with a Harris Certified Coach. Yep, you read that correctly….every weekday you will attend a semi-private coaching session with your coach. All of this is 100% FREE. Of course, you want to join Premier Coaching. There is Zero Risk and joining costs you nothing. This is the Real Estate Success system you need in this quickly changing market. Join Premier Coaching NOW, 100% FREE 30 Day Access! 

With the changing market conditions, rising interest rates, and uncertainty in the economy, it’s important to know which buyers you should spend time with and which may not be serious.  How do you know the difference?

1 – Buyers should be both motivated AND qualified.  It’s possible to be really motivated but not actually qualified as well as the other way around.  Look at your buyer list and ask yourself if they are both.  Listen now as Tim and Julie share a portion of their buyer prequalification script. Listen to the questions and the order in which the questions are asked. 

2 – In order to see property with you, buyers must either have a proof of funds letter if they’re all cash or a pre-approval letter with specific qualifiers from their lender.  Ideally, they are actually at loan commitment, pending only the identification (and perhaps appraisal) of the property.

A lender Letter MUST include all of the things that actually go into a real loan commitment:

– Verification of down payment

– Verification of employment

– Ratios are acceptable

– All 3 credit bureau scores have been verified

– Not contingent on anything except identification of the property and appraisal at or above the purchase price

– Purchaser is a US Citizen

– Pre-approved to purchase at the price they are in contract for

3 – Buyers must be non-combative and ‘coachable’ by you.  Meet and present your buyer presentation, educating them on market conditions as well as what they should expect from you.  If, after that presentation, they still want to ‘low ball’ or look before they’re prequalified, they may not be serious. Your goal of the buyer presentation is to get the buyers to sign an exclusive buyer agency agreement. You must use the HARRIS Buyer Presentation to explain to the buyer why they would want to work with you exclusively. What are your USPs? (unique selling propositions). What makes you different from other buyer agents? What are the risk reversals of your buyer agency agreement? etc. 

Claim Your FREE Real Estate Treasure Map!