Fundamentals In Real Estate Series Part 5 Working with Buyers

Pranav PandyaFranchise Development ManagerRE/MAX Mumbai Gujarat Maharashtra

RE/MAX Mumbai Gujarat Maharashtra

RECAP

• Part 1 - Getting Started• Part 2 - Marketing• Part 3 - Prospecting• Part 4 – Working with Sellers

RE/MAX Mumbai Gujarat Maharashtra

Today’s Agenda• Where do you find buyers?• What can be done to attract buyers?• Qualifying buyers• The buyer interview• Property selection• Showing property• Sample due diligence checklist• Overcoming objections• Safety considerations• The lowball offer• Seminar selling• Six mistakes buyers make

WHERE DO YOU FIND THEM?

RE/MAX Mumbai Gujarat Maharashtra

Ways to find buyers• Calls on property ads –

newspaper/magazine• Former clients, friends, center of

influence, etc• Open houses• Door knocking and cold calling• Clients with homes currently listed

RE/MAX Mumbai Gujarat Maharashtra

• Website inquiries• Social media• Generic promotion ads - bus benches,

billboards, etc• Referrals• Flyers, Just Sold/Just Listed inquiries• Office call duty inquiries• Office leads• Relocation referrals• Referrals from veteran Sales Associates

WHAT CAN BE DONE TO ATTRACT THEM?

RE/MAX Mumbai Gujarat Maharashtra

Sources of Obtaining Buyers

• Home matching service• Market evaluation • Market updates• Buyer information booklet • Home search plan• Pre-qualify• Buyer seminars

RE/MAX Mumbai Gujarat Maharashtra

Specific type of buyer

• First time buyer• Apartment buyer• Buyers looking in a specific neighborhood

area• Buyers who sign representation

agreements• New construction home buyer• Executive homes

QUALIFYING BUYERS

RE/MAX Mumbai Gujarat Maharashtra

Ask Questions

Financial Qualifying

Needs and Priorities

THE BUYER INTERVIEW

RE/MAX Mumbai Gujarat Maharashtra

• A Buyer Presentation include• Offer of purchase and sale agreement• Loan rate/financing information, if needed• Articles on market conditions and statistics• Your newsletter• Testimonials• Area information• Relocation information, Utilities info.,

moving with kids info., property tax info.

RE/MAX Mumbai Gujarat Maharashtra

• Schools, Utilities, Amenities information• Home Buyer Plan of your city• Buyer representation Agreement• Want / needs form• Buyer Guide• Closing cost information• Agency brochure• Your resume, personal brochure with contact

information• Company brochure / Profile

RE/MAX Mumbai Gujarat Maharashtra

• Obtain all the relevant buyer information• Names• All phone numbers incl. business, emergency• E-mail addresses• Employment details, where, for how long• Family members names and ages, education

requirements• If out of town, where family and friends are

located

RE/MAX Mumbai Gujarat Maharashtra

• Discuss Finances• Employment history /Down payment /Loan

• Discuss Buyers’ Needs and Wants• Discuss and Sign Buyer Representation

Agreement• Review Purchase Agreement• Discuss Procedure Followed for Viewing

Homes• Keep in Constant Contact

PROPERTY SELECTION

SHOWING PROPERTY

DUE DILIGENCE CHECKLIST

RE/MAX Mumbai Gujarat Maharashtra

• Professional Property Inspections

• Protect Yourself and Your Client

• Presenting an Offer

• Negotiation

OVERCOMING OBJECTIONS

RE/MAX Mumbai Gujarat Maharashtra

• Typical Objections

• Handling Objections

• Other Buyer Objections

• Commission Cutting

SAFETY CONSIDERATIONS

THE LOWBALL OFFER

SEMINAR SELLING

6 MISTAKES BUYERS MAKE

RE/MAX Mumbai Gujarat Maharashtra

1. Not Pre-qualified2. Don’t shop for a mortgage3. Don’t get professional inspections4. Don’t use a professional Sales

Associate5. Buy first6. Don’t know the cost of buying

RE/MAX Mumbai Gujarat Maharashtra

Thank You