We Won The Lottery...No We Didn't.. Buyers Prepare!

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291
https://activerain.com/droplet/4bCY

There was a post yesterday by Debe Maxwell Buyer Tips: Must-Haves, Wants and Don't-Really-Needs that  reminds me  how I work with a buyer.

Yeah yeah you all know I am a listing agent but... sometimes my sellers also need to purchase and so do their friends and family. It is hard to turn down an occasional buyer, especially when I think of them as "future listings"!  

To prepare buyers, I have them make two lists..the first...  as though they hit the lottery, they have an unlimited budget  and money is no object.Wish I May, Wish I Might.. I Have The Buyer!

Put everything on that list that you have ever wanted or dreamed of. While you are at it get the kids involved...make it a family fun project. Have couples do their lists separate and compare. This makes a good get together evening. And it has everyone participating in the adventure of finding the perfect home.

                                                                we won the lottery

 

 

And now for the second list..you guessed it!   Uh Oh.....oops we were one number off on that ticket and we did not win the lottery ! So.. it is back to reality.

                                                                Did not win...HomeRome Realty

Most people are quite realistic doing this exercise. They  start with the number of bedrooms, the preferred location, proximity to work, specific school system and style. They may have strong feelings about the type of heat, public utilites, flooring, lot size, garage, fireplace, finished basement, size of the kitchen, appliances, finishes, storage needs, condition and the many other choices that go into finding the perfect house. 

What are the  must-haves from that first list?  It works and it is a fun project and gets them involved in the buying process.

At settlement I have pulled this list out to see how many of the items were achieved.

It has run the gamut from getting everything to nothing on the list.

One couple wanted a modern contemporary home in a county location that was energy efficient and totally updated. They fell in love and bought a historic home in the city without air conditioning and original windows. They are ecstatic in their new home.

We all have to be flexible but we have to start somewhere.  This is how I start:

We Won The Lottery...No We Didn't...Buyers Prepare!

 

 

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Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Margaret!  Thank you so much for the mention!  You definitely sited such a great list for your buyers and YES, you are the queen of listings but, I can ONLY imagine what an awesome buyers agent you are!  You're thorough, and awesome listener AND a fabulous ambassador for Baltimore--you've got it ALL!

Have a wonderful weekend...

Oct 30, 2010 02:58 AM #20
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Oh no a featured post..now my work begins. I'll be back to respond in a bit. Thank you all.

 

 

Oct 30, 2010 04:25 AM #22
Rainmaker
90,932
Dana Voelzke
loanDepot (203) 733-9408 - Bethel, CT
Loan Officer/ First time home buyer specialist

That's a pretty neat idea coming from a listing agent.

Oct 30, 2010 04:33 AM #23
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Oh no a featured post..now my work begins...Please Don't Throw Me Any More Gold Stars

Dana, Good listing agents, make good buyer's agents!

Christine, The question is way to get a feel for what is important.

Sally, Every bell and whistle has a price...priceless!

Ginny, Glad you can use this little technique. Let us know how it works for you.

KC, That was another post by Debe Maxwell. She is terrific.

Michael, Thanks for stopping by.

Tony and Susan, As a stated above..good listing agents are also good buyer's agents.

 

Oct 30, 2010 04:46 AM #24
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Debe, You are such an asset on AR. You write the best posts and definitely the prettiest ones! I have great admiration for you as a friend and a real professional!

Mike, Sounds like a great form you have created and a good tool. Would you be willing to share your list with us on AR?

K.C. Here is Debe's other post:I Live in Realityville :: Do You?

Oct 30, 2010 04:53 AM #25
Rainmaker
1,041,083
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

That's an excellent exercise to get all of the family involved.  If appropriate, it could also be a great way to get that listing of the home that had none of their wants or needs at the time back to the market sooner.  I've always liked how what we're told the wants are and what they'll actually buy seem Worlds apart at times.  Do I let on about the discrepancies, no way!  Thanks Margaret!       

Oct 30, 2010 05:44 AM #26
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Kevin, Good speaking with you today. You really have a handle on buyers and real estate. No need to point out the discrepancies.

Oct 30, 2010 06:10 AM #27
Rainmaker
709,707
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Margaret - what a great exercise for all even the agents.  It is funny when I take buyers out and show them homes they picked out to see, of course within their price range, and end up what they really buying.  It never seizes to amaze me to see what they can live with and live without. 

it is also very difficult for us agents when husband thinks one way and wife thinks the opposite way.  Buying a home should be a one way street for husbands and wives. 

Oct 30, 2010 06:11 AM #28
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Petra, This list really helps when the couple is divided about their wants and needs. As we go through the property, it is easy to point out things like:  This lower level could make a great man cave or are 3 walk ins in the master bedroom enough? Finding something in each home for each of the family members...shows you are listening.

Oct 30, 2010 06:25 AM #29
Rainmaker
570,330
Svetlana Stolyarova
Local-n-Global Realty, Cleveland and International Real Estate Solution - Mayfield Heights, OH
Local-n-Global Realty, Broker 216-548-4663

I love your idea! It's very neat. We won the lottery excersize will definitely help to set up priorities and expectations of the whole family. Simply brilliant. Thanks for sharing!

Oct 30, 2010 06:32 AM #30
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Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

One of my favorite success stories was the couple who wanted a contemporary in the woods, but purchased a Tudor in a field.  It turned out that the most important thing on their Lottery list was wall space for hanging their art, and there was too much glass in any contemporary we saw.  LOL.

Oct 30, 2010 06:52 AM #31
Rainer
53,639
Lesley Wagstaff
Re/Max Results Realty in Vancouver, BC - Coquitlam, BC
For Real Estate and Mortgages

What a great idea.  I work with a lot of first time buyers, it would be such a great ice breaker.

Oct 30, 2010 06:54 AM #32
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Leslie, Glad you can use this idea with your first time buyers.

Margaret, One of my favorites..they only wanted a Victorian with a wrap around porch and wound up with a "Brady Bunch" split. Reason: the right school system.

Svetlana, My pleasure and would love to hear how you use it.

 

Oct 30, 2010 06:58 AM #33
Rainer
25,500
Andy Brown
Climer School of Real Estate - Arctic Bay, YN
Best Real Estate Training in Florida

As a lender, i connected with your post.

i love it when my buyers don't want quite as much as i can get them.

Oct 30, 2010 07:30 AM #34
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Andy, Our goal is to get them a home they love and they can afford!

Erica, Money and no taste is not a good combination! Pretty good he only had to come down 25%. Do you have any pictures to share with us?

 

Oct 30, 2010 08:54 AM #36
Rainmaker
717,806
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

I think this is a fantastic way to separate the serious buyer from the chronic lookie lous.  Many buyers are not willing to compromise one iota.  These buyers will still be kicking tires a year from now.

Oct 30, 2010 09:18 AM #37
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Ruthmarie, This gives the buyers an assignment. Until they have done it, they are not in the game.

As you say..a way to separate those who are seriious.

 

 

Oct 30, 2010 09:23 AM #38
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Margaret, the like to have's often fall by the wayside. The must have's need to be the focus.

Oct 30, 2010 09:56 AM #39
Rainmaker
1,177,715
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

I will have to find out :)

Oct 30, 2010 12:21 PM #40
Ambassador
3,166,134
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Gary, You are quite perceptive.

Jane,  Bet that would make a good post.

Oct 30, 2010 12:30 PM #41
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