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6 Red Flags from a Prospective Buyer

By
Real Estate Agent with DWELL Real Estate

1) "I am looking for a deal"

I hear this one daily. Everyone is looking for a deal. What does that mean exactly. In Sarasota, everything is a deal when you compare it to price 3 or 4 years ago. You may want to clarify this one with your prospect. For example, if they are only willing to buy if they find a $400,000 (today's market value)home for $300,000 are they a real buyer? If I found a seller like that I could sell that home to just about anyone qualified.

2) "Tour"

I cringe when anyone uses the word "tour" in a sentence. There is a good chance this prospect is really early in the buying process or not that serious. Many people think Realtors make good tour guides.

3) "I'm confident that I am can get financing"

This could be a sign of trouble. Do you want to spend half a day showing this guy 15 houses only to find out that he can't get a mortgage? I don't. This is a judgement call. I have successfully shown properties to prospects without getting them pre-approved first. If the prospect is an executive looking for a $1 million condo I might not require him to get a pre approval letter.

4) "Our Realtor is busy"

This one is pretty obvious. I've had people want me to send them information or show them a property because they could not get in touch with their Realtor or didn't want to bother them.

5) Prospects looking in several cities

This is a pretty common issue for Sarasota Realtors. This is a second home market so it is common for prospects to look here in addition to Ft. Myers, Tampa, Naples, Ft. Lauderdale and Miami.

6) "I hear it is nice there"

I often get people who want to go look at a bunch of property but have not even been to Sarasota before. What if the prospect doesn't like it here? There is no point in seeing properties in a town you don't like and won't buy in. I usually suggest spending some time in the area to see if it is place they want to own in.

Teresa Cox King
RE/MAX of Orange Beach - Orange Beach, AL
Orange Beach and Gulf Shores, Alabama

Amen to every point you've touched on Marc.  I cringe when I hear these same comments and find a way to be busy with more motivated customers.

Oct 19, 2009 11:24 PM
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

Red flags are always waving.  You're smart to pay attention!

Oct 20, 2009 02:07 AM