Directing the Partnership toward Fruitful Conclusions
The majority of extremely successful real estate agents, including us, represent house sellers as listing agents. However, the vast majority of agents — including us — make the most of our commissions by acting as buyers’ agents. We use the following strategies to improve our effectiveness and efficiency while dealing with customers.
We Get to Know our Prospects
Prospects (potential future buyers) are either willing and able to make a purchase or they aren’t. Agents that attempt to pique the attention of and persuade customers to act on the basis of poor-quality buyer leads frequently waste valuable time. Even the most expert salesperson cannot convince an uninspired prospect to embrace a sense of urgency. An agent can advise on advantageous interest rates, low inventory levels, and the advantages of taking fast action. In order to qualify as quality prospects, they must be driven to buy, need or want to act quickly, and be committed to using you as their sole agent.
We Work with Clients who are Loyal
Asking prospective buyers if they are working with another real estate agency is actually the wrong question, despite the fact that many real estate agents believe they are covering this ground. Is there another agent you’re committed to? is the proper query. This speaks directly to the mentality you want your clients to adopt: a dedication to only working with you. Clients who are loyal to an agent pay them.
Clients who merely “work” with you don’t guarantee the result. Furthermore, there is a good chance that they will switch to a different agent at any point, leaving you with nothing. We don’t just say we will meet you and show you the house if we have posted a listing on our website and clients call us after seeing the listing. We make it a goal to connect with potential customers. If our agents think that showing a client one house will help to foster commitment, they go ahead and do it. Showing clients more houses before you’ve determined their willingness to buy, verified their commitment to buy, and won their trust as your client is not a good idea. We believe that the greatest way to ensure loyalty is to get into an “exclusive right to represent” agreement with the customer.
We believe that if you as an agent don’t develop that degree of fidelity, the buyer might take advantage of you. We dont live in a fools world and don’t assume that the buyer is only interested in us. You are engaging in wishful and incorrect thinking if you believe that a potential buyer who attends your open house, replies to your ad, calls after seeing your sign, or visits your website is interacting with you and only you. At Gupta and Sen, we make it a goal to be the first agent to schedule a face-to-face meeting with a certain client and to see to it that it concludes with the beginning of our exclusive business relationship. You are in competition with all the other agents in your market until the buyer agrees to deal only with you.
A Meeting is Essential
The first step toward success, whether we are working with sellers or buyers, is a face-to-face appointment in our office where we can show the prospective buyer how valuable they are to you. The appointment is the starting point for a new client, a closed contract, and, of course, a commission check. Every time we speak with a quality lead, we schedule an appointment. We are always prepared to dispel common buyer misconceptions.
Buyers frequently enter into transactions with little awareness of how real estate brokers and deals work, especially first-time buyers who make up the majority of a newer agent’s clientele. We are prepared to face and conquer the following common issue areas with buyers: Many buyers don’t understand why they must only engage with a specific agent to locate and purchase a home. Many people believe that the seller’s agent can handle the sale once they find the house of their dreams. They believe that since the seller has already committed to paying the commission, the buyer can simply piggyback on this and benefit from the agent’s time and knowledge.
Our duty is to explain to the buyer that by working only with a buyer’s agent, preferably us, they would receive the same type of special treatment and fiduciary advice that, for instance, lawyers guarantee when they agree to represent just one client in a legal matter.
Some salaried buyers for example simply start looking for a property without checking about their loan eligibility and are unaware of how crucial it is to start their search for a property by getting pre-qualified or, even better, pre-approved for a loan!
Finding the Perfect Property is a Myth
We tell the buyers that the sellers want to find the best buyer just as much as the buyers want to find the greatest home. Which offer will sellers choose if they are given a choice between two offers – one from a buyer who can clearly close the deal and the other from a buyer who has a lot of financial uncertainty? Too many buyers have preconceived notions about their ideal property and believe they will locate the needle in the haystack if they look hard enough and hire enough brokers.
Buyers don’t actually purchase perfect homes; rather, they transform the properties they purchase into perfect residences. As reputed real estate agents we must either assist our client in letting go of the myth of perfection or find another customer to deal with if you are representing a buyer looking for ready-made perfection. The myths that buyers have are numerous. Most purchasers believe that full price should never be offered. Instead, they believe that you should always make a low offer and then raise it afterward. Perhaps worst of all, they believe they can procrastinate since the owners of the property they wish to purchase will watch them do nothing. When we come across buyers who hold these misconceptions, we let them know the truth:
The most dissatisfied purchasers are those who miss out on the home they desire due to procrastination or a lack of competitiveness in their offers.
Describe the Services You Offer
You can’t just assume that customers know what you do. Not at all. They also don’t know how to tell you apart from the other agents in your industry. We always describe what we do and how we differ from other agents in the market in this regard by using the following advice: Giving buyers a thorough breakdown of the home-buying procedure.
Differentiating Ourselves from the Competition
We tell our clients that we are prepared and equipped to help them choose the best house within their budget. We try to put ourselves in the best possible light when introducing ourselves to the buyers. In our business you need to set yourself apart from the competition. You must demonstrate your superiority to potential clients and persuade them that you provide valuable personal services that they can only have by selecting you to solely represent their interests when buying a new house. This cooperation offers the following two key benefits: You won’t have to waste time on prospects who are unable to buy or who can’t buy at the level they want to because the lender can determine the prospect’s financial credentials. By directing your prospect to a reputable lender, you give a qualified expert control over the transaction’s finances. Over the past five years, both the ranks of the mortgage business and the number of real estate agents have increased dramatically. If you leave the selection of a lender up to chance, the chances are excellent that the deal will go to a lender you don’t know or suggest, leaving you with more work to do after the transaction to clean up the mess.
Knowledge is the Key
We ask our prospective buyers numerous questions. Prospective buyers don’t want to listen to your sales pitch, despite what many people think. They want to discuss their needs, wants, and desires as well as your advantages. You’ll be well on your way to not just getting the data you need to do your job properly, but also building the rapport and confidence required to secure the prospect’s commitment, if you arm yourself with a good list of questions. We try to find out everything we can about what purchasers are seeking in a new home in order to compile the data we require. Which location or locations do they favour? What kind of house do they envision? What types of homes do they prefer? When would they prefer to move? What number of bathrooms, bedrooms, and other rooms do they need? How long did they search for? Do they have any favorite films? How far along are they in securing the financing? What are their financial arrangements? How do they prefer to be contacted? What do they anticipate from you as a representative?
You either receive a listing contract while working with seller prospects, or you do not. You can tell if you have a devoted client right away. Prospective buyers are harder to pinpoint. They might like to collaborate with several agents. They can have a change of heart on what they genuinely want. They might have high, improbable aspirations for their homes. At the outset we try and assume leadership and manage the agent-buyer connection as a buyers’ agent for all of the aforementioned reasons and more.
Exercising Caution and Refusing is Fine
Convincing the purchasers of the benefits of working with just one agent is the first step. The next stage is to determine the purchasers’ expectations for the product and the level of service by posing the kinds of queries described in the sections above. Taking charge and directing the buyers through the different phases of home viewing, property evaluation, home selection, and purchase is the third and most crucial step. We are always prepared to act as our client’s reality check throughout the process. Most of the time, we need to gently tweak our buyers’ champagne taste buds to fit with what appears more like a beer budget in order to lessen their expectations about what their money can buy. Saying “no” is acceptable. We say “no” if the client asks us to accomplish something we don’t feel capable of. We inform them if we can’t meet up with them on on a certain day. We say “no” if the client is requesting that you draft an absurd offer that will only damage our reputation with the seller and the other agency. And we absolutely refuse if someoone asks us to take part in a dubious transaction when the money trail is hidden. Less-than-honest buyers sometimes want us to work on “innovative” transactions for them. We always know that “creative funding” strategies frequently fall under the realm of fraud and we always prefer to keep our reputation untarnished at all times!
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