Here’s a favorite Realtor topic…one that’s normally a new agent’s first experience, and one that teaches so much.
I’ve been working on one of these in recent months. Though I don’t normally “sell or list” as a member of company management, our owner will make occasional exceptions.
Here’s what I’ve learned — and re-learned– with my buyers. No they have not yet purchased. And yes, they are from out of state. That’s common in our area.
- Above all, have a signed agreement to work together for an agreed period of time. Make exceptions to this only when you now the parties well, or have had them referred from a trusted friend, or when one of them is licensed and understands how agents get paid.
- Your process of working together is made up of understanding their motivation to buy–and their qualification to buy. Qualification is a simple math problem and they should work through it with a well known lending resource, preferably one you refer them to. Motivation is your job. Learn to dig deep–about timing, type and traits of property they want next. How does it compare to what they live in now? What are their essential “needs”, and their preferred “wants.”
- The goal is always to narrow the buyers’ focus as quickly as you can. Property type, price, location, floor plan, lot plan, and amenities are all in play.
- There’s no “right amount of time to take with this. Just be sure you begin as soon as, or soon after, you first meet to start getting dialed in–about their role and yours in the search, offer, escrow, and beyond.
Oh, about my buyers. I first met them last fall with an introduction from a friend in the business who was the wife’s co-worker in real estate. Their goal was and is, to relocate permanently to our town for their “retirement.”
In six days together, over two visits, we’ve narrowed their target for purchase considerably. Our area is diverse. Their preferred property type and situation was not clear. Their qualification and price point were–and are.
They will buy. And they have been loyal. They’ve proved that more than once. What they will buy will be determined soon. We have all put a lot of effort and research into accomplishing their goal.
The process, their decision, and what follows — all of it is about them, not about me. We’ve become friends along the way. We talk about how we will celebrate when the job is done. I could not ask for more at this point.
You’ll hear more when the next big step happens.