The Top 5 Things Homebuyers Want From Their Agent
It’s my firm belief that every real estate agent should have a copy of the “Profile of Home Buyers and Sellers 2011”, which is available from NAR for less than $20. It contains over 100 pages of the most up-to-date and useful information you will find anywhere. Click here to get your copy: http://www.realtor.org/prodser.nsf/products/e186-45-11?opendocument (you will need to log in to see the reduced price). We are very fortunate in real estate that NAR does such a good job of researching the profiles of buyers and sellers. This blog, “The Top 5 Things Homebuyers Want From Their Agent,” discusses NAR’s discovery of what buyers want and how you can give it to them, because knowing what they want makes the relationship more profitable for the agent and more pleasant for both parties!
What They Want
It’s very important for you to addresses these five categories in the counseling interview. Not only does it contribute to maintaining loyalty, but if you don’t, potential clients will go to another agent who will. Give them what they want, and they will beat a path to your office!
1. They want you to find them the right home to purchase. So, you may want to address this in the beginning. For example:
“This is a really great time to buy a home because we have sufficient inventory in most price ranges, interest rates are at an all-time low, and financing is available, so tell me about the ‘Perfect Home’!”
Then be quiet, don’t say anything, and listen! You cannot go wrong with a good start!
2. They want help negotiating the terms of the sale. These terms include price, possession, condition, etc. You could address this in many ways, perhaps with a general statement like:
“My job as your agent is to make sure that not only do we find the home you want, but that you get the best deal possible. I will advise you when it comes to writing a contract and making an offer. As a matter of fact, I know of a house that was listed yesterday at an unbelievable price that may be what you’re looking for.”
OR
“I want to make sure you have the opportunity to buy the house you want, and I know how to do that.”
Working with a salesperson who isn’t excited or doesn’t offer advice or information is exactly what buyers do NOT want!
3. They want help with price negotiations. Who doesn’t? I can’t tell you how many times I’ve walked away from car salesmen because they would not tell me the lowest price. If you want to see it done right, go to Carmax; every buyer gets the same price—no negotiating.
One of the best ways to handle price negotiations is to tell buyers upfront that you will give them the recent sales prices of comparable homes so they can make an offer accordingly. Also, as you are showing houses, mention the comparable sales in the neighborhood while you are in the car or walking through the home.
4. They want help with paperwork. This is a BIGGIE. The best way to handle this is to give them a “John Doe” contract to view before they even look at a house. Put one on your website. The more they know about the contract in advance, the more willing they will be to sign it when the time comes. Also, have a Homebuyers Workbook ready to give to all of your buyers; it should contain all the forms potentially associated with a purchase, including Contracts to Buy, loan applications, credit verifications, etc. Note: any time you give someone a sample form, the word SAMPLE ONLY should be printed or stamped on every page.
Also, you may want to explain the services your assistant provides and the communication schedule you follow. A salesperson who does not call/contact you frequently is simply unacceptable, and commissions are too high for any customer to have to wonder, “What’s up?”
5. They want help determining how much house they can afford. Pre-approval! Loan pre-approval should be required before an agent shows a buyer a home! This is one of the most important services we offer and should be covered in detail in the first counseling session. A form showing what they will need to supply to the mortgage rep at the time of application will make their life, and yours, a whole lot easier when they are ready to make an offer.
Research is a wonderful thing in that it keeps us from learning by trial and error—which is an effective way to learn, but also soooooooo painful. These five things are known by everyone who has a license but practiced by very few. The one thing Top Agents do more consistently than any other group of agents is Practice the Fundamentals Every Day. When they don’t, they pay for it just like we all do. Great companies like Amazon.com, Maggiano’s, Carmax, and Lexus screw it up sometimes, but such occasions are so rare and unexpected that customers forgive them almost immediately because they just know it was a mistake. So learn from others’ mistakes, and from the hard work NAR puts in, and give the buyers what they want. In fact, make it a policy of yours not only to give customers what they want, but give them more than they could ever expect!