Qualifying Buyers...Sometimes Easier Said Than Done!

By
Real Estate Agent with Keller Williams Lake Norman ~ Cornelius NCREC License #285201

It never ceases to amaze me that the majority of agents in any market still don't have the phone skills to qualify their buyers!  While some have no problem getting to the bottom of a prospective purchaser's financial wherewithal, there are others that find the "qualifying process" too intrusive and personal.  I have spent many hours training my agents to ask the questions in a professional, yet unobtrusive way.  I always tell them that, "if you ask the question like you deserve to know the answer you will rarely run into any conflict".  I have found that the only prospects that get offended are the ones that probably have not been "pre-qualified" yet they want you to make an appointment to show them the property.  This can only lead to a bunch of wasted time and a seller that is left wondering why the prospect didn't take the next step.

Another frustration is the agent from a different company asking to view property and they either don't know if their prospect is qualified or is taking their word for granted.  To show an unqualified prospect a home, then submit an offer and get an acceptance from the owner, write a contract for purchase which is subject to financing and then have the deal fall apart because the financing was not approved seems inconceivable, yet it continues to happen!

One of my favorite things about Active Rain is the generous advice that is shared amongst it's users!  I would love to receive some comments and suggestions about the scenarios above so that I can continue to fine tune the way our industry does business. 

Comments (5)

Michele Miller ~ REALTOR®, LMC, HSE, CHS, SRES, CMRS
ERA Key Realty~Worcester County Realty Group - Worcester, MA
'Helping You Make the Best Move"

Zack,

I am learning so much from joining ACTIVERAIN! Great post!

Jul 14, 2010 06:43 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

I tell them what they need to make a really solid offer (which includes that little tidbit.)  THEN I go over what I need prior to making an appointment (which includes that little tidbit.)  I think it is all about approach and making the buyer set themselves up for success - a serious buyer will definitely want to set themselves up for success and get approved ASAP.

Jul 14, 2010 06:48 AM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Having a solid and documented/documentable ability to close on a transaction is not just a requirement, it is in many cases the 'winning edge'. So many agents are not qualifying their buyers, in a multi-offer situation or with a really good new listing, having all that proof available is like one of my clients recently said, 'the magic juice'. Pretty smart, huh? :)

Jul 14, 2010 06:51 AM
Zack Bonczek
Keller Williams Lake Norman ~ Cornelius - Huntersville, NC
"Client Focused, Service Minded, Results Driven!"

Excellent points, thank you all! 

Jul 14, 2010 06:58 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

No matter how much I harp about qualifying the client before you meet with them and show property, it still happens.  Sometimes agents think they are wheeltors, not realtors.

Jul 14, 2010 03:17 PM