Meet Hannah McArdle. Hannah has a background in child development, elementary education, and instructional design. She attended Eastern Kentucky University, earning a Bachelor of Science in Elementary Education. She went on to work with children in a variety of capacities as she pursued her Master of Education in Learning and Technology.
How To: Buyer Consultation
You are approached by a potential client. They want to buy a home for the first time, and they are nervous; and as it turns out, so are you! This is your first client and itโs time to officially start your career as a real estate agent! What can you do to begin this process in a way that will create a strong, professional relationship? A buyer's consultation is the perfect place to start! This consultation is useful to clarify the home buying process, set expectations for both sides, and lay the foundation for a happy client/agent relationship. Letโs talk about what this meeting should look like and why itโs beneficial.
Market Conditions
This conversation and your ability to listen to the client are extremely important. During this meeting you will find out vital information to be successful in finding a property for the buyers. During this time, you should discuss market conditions that your client can look forward to. Is the market a seller or buyerโs market? Can your buyer expect to pay above the asking price or do they have room to negotiate? Itโs your job to set up proper expectations and be upfront with buyers as they begin this journey. By being honest and straightforward from the beginning, your clientโs chances improve when it comes to finding a home they like, while also being realistic.
Pre-Approval Status
This is the time to bring up pre-approval if you havenโt done so previously. Your client may be so eager to look at home, they skipped this important step. Itโs important to explain to clients the importance of a pre-approval letter when it comes to negotiation. Knowing what down payment amount and monthly payment your client can afford will be essential as you all research properties that might work. While we all might like to think we can afford our dream home, the reality is that most of us canโt. Having this letter as a guideline continues the theme of setting realistic expectations.
What can you provide?
During this meeting you should also let the buyer know how you work as an agent. This is an opportunity for the buyer to interview you to make sure your skills, experience, and qualifications are what will work best for them. Let your personality shine through (while remaining professional) to help the client decide if they want to work with you. Even if these particular clients choose to work with someone else, they may still refer someone to you that may be a better fit! Remember, business can come from nearly anywhere!
Set the Criteria
Establishing home criteria is essential to guide the search process, so you guessed it, now is the time to broach that subject as well! This discussion will help cut down on the time spent viewing homes that your client doesnโt find suitable. This also allows you to set up a timeline for the search. Do the buyers need a home immediately or do they have time to look? It is also important to find out why your clients are looking for a home. Did they relocate? Do they need a one-level home for their elderly parents? What is important to them as they are on this search? Here is an example of a Buyer Consultation Questionnaire by Keller Williams Realty. This document can provide you with a basis for what questions you should be asking as you move through this meeting. To watch an example of a Buyer Consultation, follow this link.
Buyer Agency Agreement
By the end of the meeting, the buyer should have an idea as to whether they want to work with you or not. Before you end the meeting present the buyer with a Buyer Agency Agreement. This is a written contract that creates an agency between the buyer and the buyerโs agent that defines the responsibilities of all parties and adds a layer of protection between the buyer and broker. The contract will include things such as term length, termination rights, buyer exclusivity and representation, compensation, property description, and agent duties. This is a routine part of working with a real estate agent and is the best practice to have even if your state doesnโt require one. Here is an example of a Buyer Agency Agreement.
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Why is this Beneficial?
This meeting has many benefits for the agent and the buyer. When you sit down with your prospective clients you will gather a detailed needs analysis. With a needs analysis, you will find out exactly what your client needs and wants from a house. This information will help save time for you and the buyer as you will know what properties fit their idea of a โperfectโ home. You will also develop a timeline from this needs analysis. To be successful you need to know with what urgency you need to act to meet the needs of the buyer. You also can spell out your expectations from the buyers and present what they should expect from you. This consultation allows you to lay the foundation for what will become a successful and beneficial relationship.
About the Author, Hannah M.
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