Through the years, I have heard the unfortunate phrase, “buyers are liars.” It makes me cringe, for several reasons. Besides the obvious (if you don’t like people, perhaps another career would be a better fit for you?), this phrase often only serves as an advertisement that the Agent didn’t do a good job uncovering the Buyer’s needs and motivation.
Guiding and serving the Buyer starts with the first contact and requires systems and scripts to work toward a successful conclusion. An overview of the process can be found HERE. As with the Listing System, the Buyer System begins with an information sheet – view a sample HERE.
Finding Great Lender Partners
Once you have captured the Buyer’s information, the next step is to ensure that they are pre-qualified by a Lender that you can trust. Any person you refer your customers to should be scrutinized carefully, because their services directly reflect on your own – and they may cost you business, relationships and your reputation. I recommend that you carefully interview your potential mortgage partners, making sure your businesses are compatible. Set clear expectations and understand their expectations of you. Visit their office, if clients may be meeting them there. Check out their website, loan application packet and get to know their processors. Don’t hand over your business to “a nice guy” just because he (or she) is willing to pay for your marketing costs or buy lunch once in a while.
Lead (Information) Sheet, Pre-Qualification . . . then Buyer Agency! If you get the Agency paperwork signed earlier, that’s okay – just not any later than this point! Any more work you do should have some guarantees attached to it that you will get paid for your services if they result in a purchase.
This process is the most important piece of a successful Buyer’s Agent. One of my favorite sayings is, “You can spend the time on the front end, or you can spend the time on the back end; either way, you’re going to spend the time.”
The simple question is: would you rather spend two hours up front, really digging into the Buyer’s needs and how they will live in the home, what is their lifestyle, what are their family needs, what are their hobbies and activities . . . or would you rather spend umpteen weekend driving around,visiting homes that they will never buy?
Dig deep, keep asking questions and you will be amazed at how they lead you right to their perfect home.
What methods do YOU use to help shorten the buying cycle??