Posts Tagged ‘ buyer ’

Relationships are more important than Buyer Agency agreements!

Terry Light calls himself a “professional contrarian”. Sometimes I think I may be a “professional contrarian” as well. Most of us are taught that we should have a pre-approval letter and a buyer’s agency agreement signed before we put a buyer in our car. I have always thought that if someone tried to make me sign a buyer’s agency – promising that I would only do business with them – before I had a chance to get to know them or to ascertain how competent they were, I would not sign it and would walk away. Our team feels that it is important to build the relationship first and that signing a buyer’s agency agreement will be a natural outcome of the relationship!

If a potential home buyer calls us to show a home or help the buyer find a home, we meet the future client and show them property without necessarily having either a buyer’s agency or pre-approval. Shortly into the meeting or showing, we will certainly put them in touch with a lender to get a preliminary idea of the buyer’s ability to purchase and at what level. We begin to demonstrate our competency by helping them get pre-qualified for a loan with a mortgage professional. Next we further demonstrate our skills by assessing the needs and wants of the buyer and by finding properties that fit the criteria and price range they are qualified for.

Our experience is that as we build this relationship there will be a natural juncture to say, “At this point I assume you want me to represent you in this transaction.” Typically the answer is yes and when we outline the important parts of the buyer agency agreement, the client usually is very much onboard!

Continue reading this post


Posted by: Wayne Long on March 23rd, 2011 under Best Practices


5 Things That Make Real Estate Agents Cringe

Want to make your real estate agent cringe? Say any of these 5 things:

“We would like a tour.”

This usually translates into, “We don’t know the area. We are not ready to buy but would like you to drive us around for several hours showings us the area to see if we like it.” Despite what you may think, real estate agents love to sell homes but really do not want to give tours. If you have been selling real estate for awhile then you have probably given a tour. From my personal experience, people who are unwilling to hop in their own car and tour themselves around are not ready to buy.

“I’d rather find a house and then deal with financing.”

Years ago when just about anyone could get a mortgage this was not such a big deal. However, today it is a different story. Lending guidelines have changed dramatically. The last thing a real estate agent wants to do is go out and show a bunch of houses only to find out later that the buyer cannot get a mortgage. It seems like the pendulum has shifted too far to the other end. I have recently seen some very qualified buyers not get approved for financing. Continue reading this post


Posted by: Marc Rasmussen on August 23rd, 2010 under Guest Bloggers, Realtor


How to Increase Your Home Value … On a Budget

Written by Marcy Tate

Learning about how to increase your home’s value on a budget isn’t rocket science. However, if you aren’t aware of some of the basic tips and insider tricks, then you can make costly home improvements that won’t add up to value-added improvements.

istock_000010528981xsmallThe expression, “don’t judge a book by its cover” definitely doesn’t apply to houses. First impressions are extremely important; driving up to a home with an old, broken-down car in the driveway or out-of-control shrubbery can easily turn potential buyers away.

The rule of thumb for increasing your home’s value is to spend money on things a buyer can see.

For example, unless you are planning on living in your home for more than a decade, don’t install a new tankless water heater. This type of upgrade will take several years to see a return on and cost several thousands of dollars to install. Instead, focus on items such as a new garage door, landscaping or a new stainless steel kitchen sink.

Avoid the common mistake of over-improving. Consider what is the norm in your neighborhood. Do you live in a high-end neighborhood? Are home seekers looking for high-end appliances in homes in your area? Don’t bother installing fancy features in your home if it’s not what’s going on in the house next door. It won’t help increase the value enough to make it worth it.

Fix up the Exterior First, Then the Interior

Curb appeal matters and fixing up the exterior will instantly increase your curb appeal and your home’s value.

1. Clear up Clutter – Unnecessary objects around your yard should be removed. A downed gutter or downspout, old bikes, recycling bins and trash cans should all be arranged nicely in your back yard.

2. Landscaping – Spend time pruning your hedges, trees and shrubs. Low-maintenance landscaping can add real value. Lay down some mulch, plant a few native plants or hang some flower baskets on your porch. These budgeted landscaping ideas will save you money now and add value when you sell. Continue reading this post


Posted by: Jessica Gopalakrishnan on March 13th, 2010 under Guest Bloggers, Home Improvement


Every Deal is Different

These are the words that my first broker had for me after I closed my first deal. As luck would have it, I was in for quite the ride for my first deal and at times I thought there was no way I could actually get it closed and even worse, there was no one or nowhere I could turn for all of the answers.

puzzle-2It involved foreign terms to me at the time like elevation certificates, flood plains and settlement statements. Most of us who have done this for a while have had transactions where we just thought the changes would never end, but, when my broker told me “every deal was different,” I thought twice before continuing on in my real estate career.

Surely things wouldn’t always be different and if they were, I would never be able to learn enough about how to be a great real estate agent so I might as well quit now!

If you are a new agent, there is no need to have the fear I had. Instead, think of the fact that every deal is different as a blessing. Every new transaction will open up for you new and creative ways to make transactions work.

Even as real estate agents (not brokers) what we are really doing is “brokering” a transaction between a buyer and a seller.

In today’s market, things can often times become more complicated than in the past because of fickle buyers, short sales, foreclosures and wounded sellers who have seen their retirement accounts slide away right alongside the equity in their homes. These situations can make real estate in today’s environment tricky and deals harder to hold together.

Frequently, less than usual situations risk tearing apart transactions that sometimes seem only to be held together by our will. Continue reading this post


Posted by: Ryan Ward on October 22nd, 2009 under Motivation

1 Comment »

Managing Buyer Expectations – If You Don’t, They Will

It’s a typical scenario: you get an email from a couple wanting to see a home. Adrenaline surges as a closing check flits across your mind. You eagerly set up an appointment, drive across town, show the property at the appointed hour then set up another appointment to show them more homes on the weekend.

frustrated-realtor-drivingFriday comes and you get an email with 17 MLS numbers they’d like to see. A small gnawing feeling starts working at corner of your stomach as you realize you need to do some educating. You dive into the list and quickly discover that 14 of them are short sales that can be shown by appointment only. That uncomfortable feeling in your tummy is expanding into a minor digestive disorder as you get ready to start making the calls to set up the appointments.

I could go on with scenarios all too common for too many REALTORS® … ending with the unreturned calls, failure to respond to emails and finally the devastating realization that the clients you’ve been carting around for the past three months have just purchased a home from another agent at an open house.

You’ve just been managed.

From the first moment you come in contact with a prospective client, they have expectations. In many cases, these expectations are not based on reality: they’ve been garnered from conversations with their friends, reading posts on sites like HomeGain, Zillow and Trulia and by watching HGTV. Often, their expectations are way out of alignment with reality. It’s up to you to manage their expectations and direct them forward in a positive manner. You’d think it would be easy, yet statistics state that by the time a buyer gets to you, they’ve already been in contact with numerous other Realtors. How do you get this food chain to stop with you?

Bottom line: if you don’t mange your buyers, they will manage you. Right out of business.

In reality, I’ve discovered that most buyers want to be “managed.” Used in the right context, the word “manage” is a good thing. Continue reading this post


Posted by: Carl Medford on September 28th, 2009 under Best Practices


Need Conversion: What a Buyer Needs

As I have written before, the term “lead” is a four letter word that somehow became dirty. I have suggested a name change to “need” because converting a client means meeting their needs. First, a look at the buyer.

A buyer needs to:

  1. See ALL the listings the agent sees. This is need numero uno.
  2. Get as much up-to-date information about the listings as possible, including all available public information, without having to hand over name, rank and serial number.
  3. See pictures—lots of them—and video and virtual tours if available
  4. Know all about the neighborhood, amenities, schools, crime, jobs, green space, public transportation and other quality of life issues
  5. Know about any restrictions on use of the property or other legal issues which may impair the quiet use and enjoyment of the home
  6. Know the details of all the comparable homes for sale in the area and recent comparable sales in the area
  7. Have a home inspected by an experienced licensed inspector or engineer
  8. Know their creditworthiness and all about mortgage products they qualify to obtain
  9. Find a home quickly Continue reading this post

Posted by: Joseph Ferrara on August 7th, 2008 under Guest Bloggers


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