Special offer

Translating 10 Buyer Pre-qualifying Questions

By
Real Estate Agent with DWELL Real Estate

1) When are you looking to purchase?

Translation: When do I need to give a 100% effort and when will I make a commission? If you are looking to buy in 6 months I really only need to give you a 10% or 20% effort. I need to spend most of my energy on those who are willing to buy now.

2) Have you arranged financing yet or are you paying cash?

Translation: How serious are you about buying and am I dealing with a well heeled buyer? Getting pre-approved isn't the funnest thing in the world and I really don't want to spend any time or energy on someone who isn't that serious.

3) Are you already working with a Realtor?

Translation: How loyal is this person and am I possibly stealing this buyer from another agent? Also, do they understand how real estate works and how Realtors get paid? I could be that Realtor that has already shown them property.

4) What is a comfortable price range?

Translation: Has this person gone through the exercise of knowing what they can afford? Let's narrow down your choices to those properties you can afford.

5) Do you need to sell a home prior to buying?

Translation: Can I possibly get a listing and at what point do we start looking for home seriously? Let's not waste too much time until you are actually ready to buy.

6) Have you been to Sarasota before?

Translation: Shouldn't you really fall in love with Sarasota first before we look at a bunch of property? I really don't want to show you homes unless you know you really want to buy here.

7) Is this an exploratory trip or are you ready to buy?

Translation: Is it likely to make a sale this visit or will I have to wait until your next visit?

8) How long have you been looking for a home?

Translation: How realistic is this person and are they a career home buyer? There is no such thing as a perfect home. Those who look for years tend to be looking for that.

9) How many bedrooms and bathrooms do you need?

Translation: Does this buyer know exactly what they want or are they pretty flexible?

10) Are you looking in other cities?

Translation: How in love are you to my city? I might handle a buyer differently if they are looking in Sarasota, St. Petersburg, Tampa, Naples and Ft. Myers.

Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Good post.  I think when it comes to selling real estate it's all about the client, but I see what your saying about making sure the Buyer is serious before you spend a ton of time finding them their dream home. 

Oct 24, 2009 01:01 AM
Barbara Michaluk
Weichert Realtors | Phone Direct 240-506-2434 | 301-681-0550 office - Silver Spring, MD
Leisure World Specialist / Full Service REALTOR

Marc, good questions to prompt answers that we all need to know how to proceed to help a buyer find the home of their choice.  First we need to know the basics, as you have defined here.

Oct 24, 2009 01:02 AM
Marc Rasmussen
DWELL Real Estate - Sarasota, FL
Sarasota Real Estate

Thank you ;-)

Oct 24, 2009 01:06 AM
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

I still can't believe how many potential buyers don't take the time to speak with a mortgage professional before beginning their search for a home.  Generally, I won't begin showing homes (after the first one) until a buyer presents a copy of their pre-approval.  But, I have many buyers on my website who continue to scan the listings and contact me with questions about homes they see, and they haven't taken the time to determine whether any of these homes are "attainable".  It drives me crazy.

Oct 24, 2009 01:59 AM
Phaedra Hubbard
My Florida Home Store - Clearwater, FL
Clearwater, Dunedin, Palm Harbor Real Estate Exper

Oh yes, this is a must!!!!

Sep 09, 2011 02:37 PM