When you meet your buyers for the first time, are they interviewing you or are you interviewing the buyers? The first impression that is made is critical in Real Estate. You want to be confident, compassionate and understanding the buyer's needs. You also want to qualify the buyers to make sure they are capable of purchasing a home.
Do you ask them on the phone or when you first meet in person if they are pre-approved?
Do you have a list of questions to find out if they are browsers or serious buyers?
Do you have the buyers sign a Buyer's Agency Agreement during your first meeting?
Or
Do they ask you questions about your experience as a Realtor/Agent?
Do the buyers tell you they are speaking to several agents before they decide who to work with?
Are they shy about signing the Buyer's Agency Agreement?
When you meet with your buyers for the first time weather they were a referral or a cold lead, do you follow the same steps? Do you have a protocol you follow to ensure they are compatible to you for a smooth transaction?
So when you meet with the prospective buyers- who's interviewing who?
9 Comments on Who's interviewing who? Meeting your buyers for the first time.......
I completely agree. Interviewing them not only to find out their wants and needs, but also to see if they can even afford to purchase or obtain financing.
I interview buyer's to find out if we are going to have a satisfying relationship. Basically, do I think we will work together well? I have only had to tell one buyer that I didn't think I would be the best person to help him, but I would refer him to another agent I thought would give him the experience he was looking for. He loved the agent i referred him to, and I was happy to have someone else work with him.
Marlene Scheffer, Realty Station, Bremerton, Kitsap, WA
I absolutely think that interviewing potential buyer's is a must, especially before you invest your time and energy with them. I do usually ask if they are working with any one and then I ask if they have been pre-approved during the first interview, if not, I give them a list of things they need to do before we start looking, like getting pre-approved and making a want and needs list.
I usually wait after a showing or two to discuss agency law and buyer's representation.
Interesting question. On average I think it's 70/30 in that I do more interviewing than potential buyer clients do. I don't ask a lot of buyer qualification questions over the phone; rather I set an appointment (or my assistant does) to meet and discuss what they're looking for, expectations, etc. During the first meeting we go over representation (agency), qualification (I qualify them on the spot with a lender if not already), the process in general, expectations and needs/wants. I do have them sign an agency disclosure as well as my buyer broker agreement before they leave, which 95% sign.
I've had buyers come in with an "interview the agent" mindset, which is fine, but I go through the same process every time. There are some buyers I won't work with; we have to be on the same page or I refer them out to another agent. I actually fired a buyer Friday... Our market is pretty stable with the exception of the 500K+ segment but the wife bought into the whole "the sky is falling" idea and kept wanting to write insanely low offers, which was going to waste my time and theirs. I gave her my standard line of ... "you're paying me for my expert advice... if you're not interested in taking it, I'll release you and you can retain another agent."
I've done my share of running after buyers without having all the pieces to the puzzle in my early years, but thankfully I'm past that stage. :)
Jesse & kathy- You have provided some really good insight and I like your ideas. it's hard to try to make a commitment with a buyer and yet you don't want all yout hard work to be for nothing.
Tyghre - I also agree with your opinion and views as well.
Do you give your buyer's our Home Buyer's Guide from the Toolkits in 4-4-3? I have often used this guide even when dealing with a buyer on a second or even third purchase. It's an item of value for them and even if it is basic information, it may have been years since they purchased their last home. I make them a booklet & include inspectors, local utilities, the Broker Services information & a sample Buyer Rep agreement. I ask them to read over the agreement so that I may answer any questions they may have at our next meeting. It's a soft and non-threatening way to approach agency. It's not unusual for them to bring the agreement back already signed the next time we get together.
Mary- Yes I do make a booklet/package for them and they really appreciate what I provide for them! I try to feel the prospective buyers out before I provide all the paperwork simply because if they are just window shopping, I do not want to over invest my time to someone who is not serious and has not intention to purchase. Camp 4-4-3 has lots of great information and tools- i agree with you!
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I completely agree. Interviewing them not only to find out their wants and needs, but also to see if they can even afford to purchase or obtain financing.