Notes from Keller Williams Realty Family Reunion, February 2009
Fear is a four letter word.
Call capture from signs.
Set up expectation so sellers don't feel like they are selling for too little or buyers paying too much. Talk about all the what ifs before they happen.
Scripts can keep you from saying too much. Ask, what do you fear most?
Buyers remorse - don't want to pay too much for it. Warn them - focus on the home, on the why. Buy on emotion, validate on logic. Resell them on the decision. Mark the moment of victory.
Foreclosures and short sales are included in appraisals.
Close asap.
Inspections and repairs - how many deals went to closing in 2008? Prepare for the worst but make the best happen. Parallel aplication for back-up lender. Advise buyers about keeping their finances in good shape.
Low appraisals - funding options
Additional down payment from buyer
Financial gift from parents
Second mortgage
Seller assisted options
Checklist for every file - talk to everybody every week.
Have the conversation with the seller about what happens if the appraisal comes back low.
Prepare script/system for back up financing.
Showing posts with label buyers. Show all posts
Showing posts with label buyers. Show all posts
Wednesday, March 4, 2009
Sunday, March 1, 2009
Show Buyers Fewer Properties and Have Them Like It
Notes from panel discussion - Keller Williams Realty Family Reunion, February 2009.
I live life assuming that something good is going to happen.
A + D = R Aware plus Deliberate equals Result
1. On meeting a buyer - send to lender, find common bond, establish relationship, invite to buyer class, set an appointment.
2. Appointment - Meeting in office to determine needs - an hour or 90 minutes, depending on questions, buyer book/checklist. How many houses have they bought and sold? Never assume in first questions - ask til you find out what is best for them. Power point. All about rapport. Like, trust, faith. "Where are you in the buying process?" "Let me tell you how I work."
3. Language. Pace, pace, lead. "It's a beautiful day today. I have a list of properties for you to see. And one of them is perfect for you." Mirror, rate, pitch.
4. Agency - explain by example the difference between a customer and a client. Buyer always wants to know what's in it for them.
www.garryslibrary.com - list of questions
garry@thebuyerclass.com
Show no more than 6-8 houses after you've learned what they need. The idea is to set expectations and control it. "I've hand picked six houses that will meet your requirements - and you'll want to buy one of them today."
Show the worst first. After house #6, close. When buyer says they like it, "And that's why we should write an offer." Dress story. Consultant vs sales person. "As many as six or eight before you find the one you want."
Rate each house 1-5. After second house, choose which one to buy. Train Sarah day. Next day list is revised.
Must list, nice to have list. 100-200 homes on line, 6-8 in person. Rank 1-10. If it is not at least an 8, tear it up. Rank/name the huse. Ignore price - find emotion.
Ask questions that lead to a decision. Don't put them in the car til you and they know what they want.
"Would you like to put some numbers together? How would you feel about living here? How would you feel if somebody else bought it?"
I live life assuming that something good is going to happen.
A + D = R Aware plus Deliberate equals Result
1. On meeting a buyer - send to lender, find common bond, establish relationship, invite to buyer class, set an appointment.
2. Appointment - Meeting in office to determine needs - an hour or 90 minutes, depending on questions, buyer book/checklist. How many houses have they bought and sold? Never assume in first questions - ask til you find out what is best for them. Power point. All about rapport. Like, trust, faith. "Where are you in the buying process?" "Let me tell you how I work."
3. Language. Pace, pace, lead. "It's a beautiful day today. I have a list of properties for you to see. And one of them is perfect for you." Mirror, rate, pitch.
4. Agency - explain by example the difference between a customer and a client. Buyer always wants to know what's in it for them.
www.garryslibrary.com - list of questions
garry@thebuyerclass.com
Show no more than 6-8 houses after you've learned what they need. The idea is to set expectations and control it. "I've hand picked six houses that will meet your requirements - and you'll want to buy one of them today."
Show the worst first. After house #6, close. When buyer says they like it, "And that's why we should write an offer." Dress story. Consultant vs sales person. "As many as six or eight before you find the one you want."
Rate each house 1-5. After second house, choose which one to buy. Train Sarah day. Next day list is revised.
Must list, nice to have list. 100-200 homes on line, 6-8 in person. Rank 1-10. If it is not at least an 8, tear it up. Rank/name the huse. Ignore price - find emotion.
Ask questions that lead to a decision. Don't put them in the car til you and they know what they want.
"Would you like to put some numbers together? How would you feel about living here? How would you feel if somebody else bought it?"
Thursday, February 26, 2009
Creating Buyer Urgency
These are notes from a session at Keller Williams Family Reunion on February 24, 2009. The subject is buyer urgency in a buyer's market - where the number of properties for sale exceeds the number of buyers ready to buy.
1. There is a story at TaleofTwoMarkets.com that might be worth looking at when talking to buyers about the reality of a buyer's market. The fact is that - at least in today's market - there really are two separate markets. In one of them, 80% of the homes are overpriced. This is a sad state of affairs for sellers, finding themselves competing with distressed sales. But what it means is that there is demand for the 20% that are priced UNDER market.
2. Holding open house is a good way to meet buyers who are looking - though not every looker is a buyer. Inviting neighbors - by mailer or door knocking - is a good way to lead to a potential buyer. But a house that is priced under market will likely sell so fast that there won't be time to hold an open house.
3. In a buyer's market, first-time buyers may benefit from a seminar geared just for them. If you know - or are - a first-time buyer and are interested, give me a call and I'll set something up. 623.640.1219.
4. In a buyer consultation, the agent and the buyer need to explore what a "deal" looks like. It may not be the same to the buyer as to the agent - so get on the same page.
5. You can't blame a buyer for waiting for house prices to drop - but it is NOT FAIR to the buyer not to challenge that way of thinking. The fact is that nobody knows where house prices are going, or what houses will be on the market or what their condition will be. The person who can predict the b ottom is either a psychic or a liar. What we do know is that interest rates are the lowest they've been in 35 years - and a one point adjustment equals thousands of dollars in home price. If a buyer plans on being in the house for several years, buy now.
6. Buyer's remorse is normal - it is abnormal not to have second thoughts about one of the biggest purchases of your life. The trick is to keep your eyes on the prize. What motivates you to buy. How bad will you feel if somebody else buys "your" house?
1. There is a story at TaleofTwoMarkets.com that might be worth looking at when talking to buyers about the reality of a buyer's market. The fact is that - at least in today's market - there really are two separate markets. In one of them, 80% of the homes are overpriced. This is a sad state of affairs for sellers, finding themselves competing with distressed sales. But what it means is that there is demand for the 20% that are priced UNDER market.
2. Holding open house is a good way to meet buyers who are looking - though not every looker is a buyer. Inviting neighbors - by mailer or door knocking - is a good way to lead to a potential buyer. But a house that is priced under market will likely sell so fast that there won't be time to hold an open house.
3. In a buyer's market, first-time buyers may benefit from a seminar geared just for them. If you know - or are - a first-time buyer and are interested, give me a call and I'll set something up. 623.640.1219.
4. In a buyer consultation, the agent and the buyer need to explore what a "deal" looks like. It may not be the same to the buyer as to the agent - so get on the same page.
5. You can't blame a buyer for waiting for house prices to drop - but it is NOT FAIR to the buyer not to challenge that way of thinking. The fact is that nobody knows where house prices are going, or what houses will be on the market or what their condition will be. The person who can predict the b ottom is either a psychic or a liar. What we do know is that interest rates are the lowest they've been in 35 years - and a one point adjustment equals thousands of dollars in home price. If a buyer plans on being in the house for several years, buy now.
6. Buyer's remorse is normal - it is abnormal not to have second thoughts about one of the biggest purchases of your life. The trick is to keep your eyes on the prize. What motivates you to buy. How bad will you feel if somebody else buys "your" house?
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