Podcast: Download
It’s seller’s market, which means you’re more likely to encounter crazy requirements from your buyers. What happens when they think you’re not on their side? In today’s show, we’re discussing how to reinforce your relationship and ensure that you inspire confidence & trust while doing the best job possible for your clients!
Look at it from their perspective:
- Overbidding
- Guaranteeing the appraised difference
- Escalation clauses
- Non refundable earnest money
- Not contingent on much of anything if you don’t want out bid!
- Strict lender requirements to achieve their pre-approval letter. Note: many first time buyers / back to market buyers / younger buyers don’t actually BELIEVE all this is required! (Based on coaching calls / Premier client comments)
- Letters of begging to accept their offer
- Not expecting much in the negotiation
What to do when buyers wonder who’s side you’re on….
- Educate them on WHY these things are required. What is a Seller’s Market anyway?
- Be willing to council them to wait if they really can’t compete.
- Turn your VA and FHA buyers into 5% conventional buyers.
- Look off-market for old Expireds, FSBOs, New construction and Zillow Make-Me-Move sellers so your weaker buyers don’t have to compete.
- Use scripts like, ‘May I give you the same advice I would my own brother / sister?’…..
- DO use a buyer presentation so you have better understanding and loyalty from your buyers. The ‘close’ (buyer agency signed) is the result of a great presentation. So have a great presentation.
- Be first to see it, first to write and communicate with the listing agents to win. Go ‘old school’ in your offers: write on paper first, follow with docusign, leave sealed offer in seller’s house, call listing agent. FORCE them to deal with YOU, FIRST.
- Council your buyers that ‘a great deal’ means they’re getting the house they want over everyone else who’s bidding, NOT that they’re beating the seller up on price (unrealistic expectations)
- Be willing to refer them to another agent if the buyer(s) aren’t your cup of tea.
- BECOME A LISTING AGENT so that 1-9 no longer matter to you.
