Episode 041 - Buyer Survival Guide
Episode 041 - Buyer Survival Guide
Guiding clients through transactions is hard. Keeping track of the steps--who to call, when to jump, etc.--makes you an expert. Imagine how your client feels. Anxiety, stress, and fear can dominate their thoughts.
In this episode we'll talk about helping buyers prepare for the various transactional steps--and potential pitfalls--at the beginning of the transaction.
We use a checklist for buyers to show them the steps, along with some of the pitfalls, so they're ready when things start happening. Clients are better prepared when we hold their hand from the start of the process. That is what a legendary agent does.
Sneak Peek: Next week we talk sellers…enjoy this week's episode!
SHOW NOTES
- 01:50 – B: Cate does such a great job of preparing her clients, from the beginning, with what is happening in the transaction. Today we help you to prepare your clients too. Be proactive and provide an overview of
- 03:40 – Song of the episode: Survivor, “Eye of the Tiger”
- 06:22 – Important to explain some of the details and overview of a transaction. The details are what matter.
- 07:36 – Cate: setting the expectation and educating them about the process. I am here to hold your hand.
- 07:51 – One of the first steps: explain your role and what you are going to do.
- 08:13 – Cate tries a “dad joke” and falls flat. Cate can’t do dad jokes because she isn’t a dad.
- 08:37 – You exist to offer advice and offer opinions, not make decisions.
- 09:02 – Ask your client what their expectations of the transaction and of you.
- 09:21 – Cate: most agents don’t ask their client what they expect. Ask them!
- 09:55 – Worth asking client what they liked/didn’t like from any previous experience with another agent.
- 10:30 – Walk clients through the process. Give them the overview, not the details. Some of the steps:
- 10:52 – Lender issues: preapproval versus prequalified.
- 11:08 – Cate: explain difference between a mortgage broker versus a bank.
- 11:28 – Prepare your client for the approval process. Explain they will be investigated, interrogated, and questioned about everything.
- 12:22 – Cate: shares an example.
- 12:54 – Christian – Does the agent have access to the buyer’s loan information? No.
- 13:23 – Other items: new credit, paying debt, source of down payment funds.
- 14:18 – Next step: prepare client for looking at homes and issues that come up. Talk about wants and needs.
- 15:01 – Cate: (interrupts B); explain how showings work.
- 15:41 – Writing and negotiating the contract. Contract is a legally binding document.
- 16:31 – Cate: explain what is a fixture and what is not. Shares a shower curtain experience.
- 17:15 – Talk about possible multiple offer scenarios and options.
- 17:51 – Cate’s Side Note Tangent: worked with a buyer for 4 years before they finally bought a home.
- 19:20 – After the contract, the real work begins: inspections, additional negotiations over inspections and appraisal items.
- 20:01 – Christian: many people might not know the difference between an appraisal and a home inspector. Explain it to the buyer.
- 20:37 – Title process; homeowner’s insurance; final property inspection; etc.
- 21:15 – Closing: prepare for signing millions of times. If client is detailed oriented, they might want to read the documents ahead of time.
- 22:22 – Post closing: possession, what happens next to move in.
- 23:04 – Modify the conversation if needed for: new construction; FSBOs; open houses.
- 23:43 – Cate: prepare them and remind them how agency and other things works.
- 24:10 – Preferred vendors. Talk to clients about their choices in lenders, title, etc.
- 25:00 – Talk about how the agent gets paid; last topic on bank owned/REO and short sales.
- 25:56 – Cate: mention wire fraud and how funds can be delivered at closing.
- 26:35 – Cate: put all of this together in a nice formatted booklet and make it a “consultation” with printed information for them to understand and know what they are getting into.
- 27:40 – Quote of the episode: “Fight for the things that you care about but do it in a way that will lead others to join you.” -Ruth Bader Ginsburg.
- 28:48 – Closing: so many steps to talk about with clients; show them your value and what you bring to the table and they will send you business like none other.
SHOW LINKS
- Survivor, “Eye of the Tiger” – https://www.youtube.com/watch?v=btPJPFnesV4
- Dad joke fails – https://www.liveabout.com/corny-dad-jokes-4137808
- Fiji water – https://www.fijiwater.com/
- Star Wars shower curtains – https://gojeek.com/products/epic-battle-hoth-space-star-wars-shower-curtain
- Rubicon REALTOR – https://www.rubiconrealtor.com/
- Ruth Bader Ginsburg – https://en.wikipedia.org/wiki/Ruth_Bader_Ginsburg
BETWEEN THE LINES LINKS
Web
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
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