Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris.
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Todays show is focusing on real estate BUYERS…lets start with a few facts:
Fact: No buyer actually HAS TO buy. They can always rent, move in with parents or kids, travel the country in an RV, keep their current home, live in corporate housing, or extend their current lease. A 1030 buyer can just pay the taxes.
Fact: When you have enough active listings, you can refer your buyer prospects to buyer partners for a referral fee. When you work with buyers yourself, they can be your own repeat and referral clients, luxury or buyers whose listings you have.
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?
IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris’s Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com/
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. Can you know for certain? Are you using a buyer pre-qualification script where you ask specific questions? How well do you understand their needs, motivation, and qualification?
2. In order to see property with you, buyers must either have a proof of funds letter if they’re all cash or 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.
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 ‘lowball’ or look before they’re prequalified, they may not be serious.
Note: This has become more of an issue with the shifting market. Sellers still have very high expectations; buyers read headlines like ‘30% increase in price reductions’. Some buyers insist on coming in too low, causing them to be outbid. Some sellers counter offer full-price offers because they expected to sell for more than the list price. It’s your job (and the other agents) to negotiate a meeting of the minds.
4. Buyers must actually communicate with you urgently. When you leave a message to see a home today that meets their criteria, they need to either answer the phone or call you back with urgency. If you are chasing them down or feel ghosted, you are working with an unmotivated buyer.
5. Buyers must have realistic expectations based on both their qualifications and what your market has to offer. Finding a 4 bedroom, 3 bath in Santa Monica for $300,000 is not likely to happen!
6. Buyers must be willing and able to meet the expectations your market requires to compete if necessary. What happens to their down payment if they have to close an appraisal gap with cash? How far over asking are they able to go and still qualify for their loan? If they’re not willing or able to do what it takes, you are probably wasting your time (and theirs), or need to be searching in a lower price bracket to achieve success.
Ultimately, the answer to all of your buyer challenges is one very important thing. Become a powerful listing agent. The more listings you have, the more leads you’ll generate on your own. You’ll have more control of your time, income stability, and freedom. Until then, make sure you’re always following the 6 points from today’s podcast about determining which buyers will actually BUY!
IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris’s Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com/
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