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How To Deal With Out Of Town HURRIED Buyers

By
Real Estate Agent with Coldwell Banker Realty 3045668

Now, I realize that most buyers have some sort of criteria for the location they wish buy.However I want to bring up a discussion about out of town buyers and the challenges involved due to a short time frame(flying in Friday,leaving 3 or 4 days later).They tend to call on a certain listing which is usually under contract by the time they show up or they are referred by a past customer.

Everyone knows southeast Florida attracts buyers from all over the world, giving us Realtors a great opportunity for more business. The issue I am trying to work thru is with the  buyer who wants to buy a property anywhere in the Miami/Fort Lauderdale area(take it from me,it`s a pretty big area)They do not know the area, they are even thinking of renting it out when they are not using it, giving the deal an additional wrinkle. I admit I always want to give it the "old high school try," but all too often after several days of being a tour guide,the buyer goes home without buying anything.The buyer is further confused by a relative or friend telling them they need to check in the Palm Beaches or better still Orlando!

I get their contact info and keep in touch, but I am interested to hear from fellow Realtors on how they handle this type of buyer. How do you feel about a buyers agreement? Is it best to just show them a few properties, say 5 or 6 and see how they react? Is an initial buyer`s interview at the office the best way?

 

 

 

 

 

Posted by

The Roselli Team

Realty World South Florida

954-895-0285

TheRoselliTeam.com

Sandi Davidson
Florida's Realty LLC - Lehigh Acres, FL

Hi Enrico & Monica,  being in SW Florida, and working with investors and second home buyers I deal with this a lot.  Upon the recommendation of another agent I met at a recent class I insist on a Broker/Buyer agreement before I will take anyone around to see homes. 

This particular agent I spoke with goes a step further and charges a $200 fee for the service, which he refunds upon a successful closing.  It seems to work for him, though I admit I haven't come to that conclusion for myself, though I have spent several hundreds of dollars in gas money driving back and forth for out of town clients who have yet to bite the bullet. 

While the Broker/Buyer agreement is no guarantee that the prospect is not just a "tire" kicker or that the house hunting is not just another vacation activity, it does give the prospect pause for thought, and can often weed out the less serious.

With regards to investors, many would be investors get the idea that now is a good time to get into the business of purchasing real estate for "income producing property" investment, and it is.  The most important thing to consider about that investment is not the price of the property or the location of the property but the value of the property, ie:  what will the return on the investment be after the initial cash outlay and yearly expenses.  If the ROI is high, the location is secondary...it's all about the numbers.

Jul 25, 2011 09:03 AM
Jonathan Dalton
Realty ONE Group - Glendale, AZ

I have said multiple times that I'm going to insist on a buyer broker agreement. And then I relent because I still believe a handshake is enough. Which makes me naive, I suppose.

The only difference in how I handle things is I don't play tour guide. If an out-of-town buyer comes to town, I have them spend a day or so driving the Valley themselves to determine in what areas they want to be. If they want a tour guide, they can call the visitors' bureau. I'm a real estate agent, not a taxi service.

Jul 25, 2011 10:13 AM