Knowing the Buyer: Part 1

If you’re going to make it anywhere in real estate, you have to understand how to interact with your potential buyers. They are more than just dollar signs. They are human beings that need your help. You need to do everything you can to help them. Easier said than done! Here’s are several things to keep in mind when confronting a buyer.

Never Underestimate

You should strive to have as good of a relationship as you can with your buyers. After all, trust is essential to any any real estate success. The thing is that many other real estate agents will be trying to build up that same level of trust with your buyer. Seldom will you be the sole agent that a buyer is peaking with.

Be Better Than the Rest

Given that your buyer still has yet to make a purchase with another real estate agent, that means they probably weren’t all too happy with the services or the success of previous agents. That’s why you need to be better! You need to not only more knowledgeable than other real estate agents, you need to be more attentive. Always be kind and courteous. Buyers will remember if you don’t shake their hand and congratulate them after a deal is made. They will remember if you seem like you’re always in a rush when talking to them on the phone or are showing them different houses.

Nail That First Meeting

Just like with a job interview or an audition, that first interview with a potential buyer will make or break your relationship with the buyer. Make sure that you follow the Five P’s:

  • Be Prepared – Make sure you have any relevant information already pulled up on your computer. Make sure you know the name of the person you’ll be speaking to. Rehearse any information you may know about your buyer and what they’re looking for.
  • Be Punctual – Make sure that you’re on-time for your appointment with your buyer. If the meetings at your office, make sure you don’t schedule anything that might go over beforehand. Sometimes emergencies pop up, in which case you can explain this, but rule out the possibility of emergencies as much as possible. If you’re meeing at another location, try to get there a few minutes early.
  • Be Personable – Don’t inundate your buyer in Real-Estate-ese. Although money is involved in this situation, try to make it more of a conversation than a transaction. Listen to your buyers needs, be engaged, ask questions.
  • Be Polite – As much as you want to be personable, don’t throw-away your courtesy. Greet your buyer when they arrive. Let them know how truly excited you are to meet them. Let them know that you are looking forward to working with them and make sure to shake their hand before they leave.
  • Be Professional – While you worrying about juggling being personable and polite, don’t completely throw out your expertise. The buyer has come to meet you, because they have a problem. You can help them solve their problem. Explain your process to them. Explain the MLS. Explain the roadmap from taking them where they are now to where you’ll get them.

Presenting Contract Offers Is More Than Just Presenting Contract Offers

Landing a contract offer is no small achievement, but it doesn’t amount to anything unless you continue to treat this part of your process with as much consideration as the other parts. Again, your buyer more likely than not has already been through this rodeo before. They probably have some expectations of what they’re looking for. At the very least, they’ll have an idea of what they’re not looking for. Rise above the rest by keeping the RENE in mind:

  • Recon – Get as much information as you can from the listing agent. Find out if other offers are currently in the works or if any offers have been refused. The more you know, the more leverage you will have in negotiating, and the happier your buyer will be.
  • Educate – Just as you informed your buyer about your personal roadmap to landing them the home of their dreams, so must you educate them about the ins and outs of the contract preparation process. Make sure that they know the cast of characters involved and the roles of each character. Make sure they know everything that can go right and go wrong throughout the process, including the options that the seller has
  • Negotiate – Make sure the buyer know how they can leverage price, terms, and conditions in their favor. Price is a huge factor in a purchase, but it’s not everything.
  • Expedite – Do everything in your power to expedite the negotiation process. Every second spent negotiating is a second that the buyer can receive a better offer from elsewhere.

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These are just a handful of steps to keep in mind when navigating interactions with your buyer. Make sure to keep in mind the importance of establishing trust and building a strong relationship.

Raanan Katz

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