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Who is a buyer?
By arlene | March 28, 2008
One of the most important aspects of Real Estate Marketing is Time Management and the need to avoid wasting precious time.
Every minute that an agent spends with a prospective purchaser should be productive and worthwhile.
We owe it to ourselves, buyers and sellers, not to waste each other’s time.
To this end it is essential that we gather sufficient information to form a clear picture of our prospects’ requirements and financial capability right at the outset. At the risk of stating the obvious, the careful use of time must be planned.
The buyer’s financial ability is paramount and must be addressed at the earliest possible opportunity. Ideally the subject should be discussed before any viewings take place. The agent needs to know up front if a sale is possible as well as the probable price range.
The interview
When making the appointment, suggest a venue where all aspects can be discussed confidentially in detail, at leisure and in a relaxed environment. Be absolutely definite as to the time and place.
Casually ask predetermined questions which give a clear idea of general requirements and which will help to prepare for the appointment and selection of properties for viewing. What needs to be known are basic facts such as price range. Samples of the kind of question to be asked are these:
- What properties have you viewed recently? (remember try to get addresses for future prospecting).
- Have you seen any homes that you have really liked–what prevented you from acquiring one of them?
- If we find the right home for you today, are you in a position to make an offer right away?
- What would prevent you from making an immediate decision?
- Why are you relocating?
- What other areas are of interest to you?
- What dominant factors have motivated you to decide on a move?
- How do you expect to benefit from the exercise?
- Once we have all your details our whole team will be dedicated to finding you a home tailor-made to your requirements.
- Will the purchase be subject to the sale of a property? If so, has the property been valued? Is it on the market, under sole mandate or whatever?
Find out whether the buyer has any particular style in mind. Are schools, size, suburb, area, pool, stand size, occupation date and the like important and, if so, be sure to establish precisely what the demands are. The more that is known the easier the job becomes, even to the point of being able to advise a buyer that their demands cannot be met within the stated parameters.
When qualifying a buyer’s ability to afford property in the selected price range, it is as well to ascertain whether or not they have been pre-qualified by a financial institution. If not, a general rule of thumb is that instalments should not exceed 25% of monthly income. This is highly negotiable however, but is dependent upon many factors.
To enable the preparation of cost estimate, it is necessary to know how much cash will be invested in the property and the source of supply.
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- Benefits of a Sole Mandate
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Topics: Agent, Form, Job, Market, Property, Sale, School |
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