Amplify Your Buyer Toolbox
Buyers are a critical part of every real estate agent's business and agents need to amplify up their buyer toolbox and provide buyers with tools to make good decisions.
Here are a few of my favorite buyer tools:
The Tour Kit
No buyers tour kit is complete without a collection of handy materials for the buyers. The tour kit must include a clipboard, pens, and pencils (some people love their pencils) and highlighters. Buyers love using highlighters to emphasize information. Also include a tape measure in case they want to measure something and always have a cooler of beverages and snacks.
Your buyer is a guest in your car and you need to treat them the same way you would if you were to invite them to your home. Practically speaking most buyers at some point will get hungry or thirsty and you don't want any buyer who is hangry in your car.
When buyers are out touring homes, they want to search for homes in the most efficient way. Stop just handing them bundles of paper that only overwhelm them, instead give them a summary document that shows the property highlights of all homes you will be touring. This one-page SNAPSHOT highlights the key information they need to quickly make a comparison between the homes they have seen.
When they are ready to deep dive the more extensive information about a property they like, then they can refer to the more detailed information. Buyers want you to make their job easier, they can easily print off bundles of their own information, they want your expertise and advise which includes you creating a clear and concise comparison Snapshot for them.
Property Purchase Analysis
By the time a buyer has found the house they want to make an offer on, they have been inundated with information on many homes and many areas. Their initial desire to write the offer is based on weeks and sometimes months of house hunting.
Before you put write that offer you need to help the buyer assess what they want to buy. We use CMA's for sellers so why should it be any different for a buyer?
Doesn't a buyer need this kind of detailed information to study and assess before they make an offer on a home? Absolutely they do! Buyers need to see the past performing history of their home and the neighborhood it is in.
An in-depth Property Purchase Analysis is a detailed look at the area in which the property is located and the surrounding properties. It shows how the homes in the neighborhood have appreciated over the past five years and it shows how the neighborhood has appreciated in that same time period compared to nearby neighborhoods. This information is critical to the buyer because they can see how the property has performed from a real estate investment perspective. All real estate, even a primary residence is an investment.
The PPA is a very important tool because it helps the buyer see the true potential and value of the home they are buying. It can help them decide whether to accept any counter the seller may make because they know the home is worth it. By knowing what is in the PPA the buyer can assess whether paying a little more for the property now will be recouped later based on the properties PPA history. It can also help a buyer come in with a better offer if the PPA is favorable. The PPA is a comparative analysis of the area, the style of home and the homes amenities. It is a wonderful tool for showing value.
In the event the buyer is looking at 2 different homes and they like both them both, but are having a hard time deciding, the PPA is an invaluable tool. It can show the buyer which home has appreciated more over the past 5 years and which area seems to be a stronger investment. If the buyer likes both properties equally and is having a hard time deciding, this will help the buyer make an informed decision.
Amplifying your buyer tool kit will help your buyers make better decisions and the buying experience will be enhanced for them.
By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.