Keeping your buyers informed of the steps to purchasing REO properties and short-sale properties, will actually lead a buyer to purchase. REO properties are a hot commodity. They come on the market at an excellent price, and tend to fly off within the week, pending sale. I've seen difficulty with some agents being able to convince their buyers to put an offer in on the spot. For example: the buyer goes out looking at properties, they find one they really like, and they decide to think on it for the next couple of days. Next thing you know, you are pulling up the listing to discuss placing an offer, and the property is pending sale. This means another round. Another round of looking, another round of trying to find that perfect house, more gas...
Its starts with educating your buyers on REO properties and Short sales, in the beginning. There is nothing worse than walking into a short-sale for the first time, and having to start explaining the short-sale process. This is extremely discouraging. If you educated your buyer on the short-sale process and explain the process, the buyer will know what he or she is walking into before he or she walks through the door. Having the knowledge is a mind-set. It means that buyer is thinking about the situation as he or she is looking at the property. They are considering the time the property may take, and the pros and cons of waiting. This also means their thinking.. offer.
The same is true for an REO property. If you are showing REO properties, it important that you inform the buyer before, what the process of an REO is. The buyer needs to be prepared to make an offer. If you (as the Realtor) are in the house, and the couple falls in love with the property, then you try explaining that they must hurry up and put in an offer, they are going to get discouraged. You will sound like you are desperate to make a sale and the buyers will feel you are shady. If you take the initiative to inform the buyer of the current situation and let him or her know he or she must be in the mind set to make an offer, they are thinking about making an immediate offer on that home they just feel in love with. If they are already informed there must be a strong offer, and that it is a sellers market, they are prepared to make the strongest offer possible.
As the Realtor, informing your clients is a win-win situation. You are doing right by your clients (always a must), and you are doing what it takes to get them into the home of their dreams, before they find it. You are also getting them thinking about offers, which takes away from having to talk them into it. In the end, after the sale has closed, the buyer will realize how diligent you were, and how they are in the home they fell in love with, because you helped them get there by allowing them to make an informed decision.
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