Tired of wasting time on “lookie loos” who aren’t serious? Learn how to effectively pre-qualify buyers so that you maximize the value of the time you spend with your clients.
Hello everyone and welcome to instant coaching On-Demand This is Julie Harris with him and Julie Harris real estate coaching. Thanks for asking the coaching question how do I pre-qualified buyers other versions of this question may be. How do I pre-qualified buyers at a higher level than I have done it in the past where is the buyer prequalification script. How can I make sure that who I'm working with is actually going to do something any iteration of that question is what we're going to be discussing on today's coaching call regarding buyer prequalification and I have also posted quite a few things for you to listen to some coaching calls some scripts. I'll be referring to those as we get going here. But first I want you to write down seven quick points that will help you with this buy or prequalification question. First number one recognize that your job is to lead the buyer to do the right thing. It is not their job to know how they are supposed to behave during the relationship the transaction the negotiation uncertain the cult. Certainly the closing so embrace the fact that buyers want your leadership. If they resist you on that or they're combative that may be a red flag that something else is going on. It's your job to lead them. That's what you're getting paid for Point number two your job is to pre-qualify for motivation they need to have a logical motivation and time frame and if it sounds like well you know if you find me a four bedroom two bath on the beach in Southern California for one hundred twenty nine thousand I'll buy it. Right. Not very likely they've got to have realistic expectations. You noncombat of attitude. They've got to be responsive with you. And again have realistic logical motivation and timeframe. And the script will help you with that. So will refer to that in a second but never three the lender. Hopefully your read. Amended lender their job is to pre-qualify for financial ability so your job is to find the motivation and time frame the lenders job is to find the financial ability. Now most of you guys speak of reasonable amount of lender ease. If that's a word you know you excuse me you know the ins and outs of basic prequalification but ultimately it's the lenders job to do things like checking their credit their ratios job history all of that good stuff. So that's what you need to have very strong lender relationships and if you don't have that yet. That's a homework assignment.
Most of you need to have an F.H.A. V.A. first time buyer lender a normal what we would call a paper normal deal decent credit normal person lender maybe a lecture e higher end executive type lender and then maybe some of the more unusual things like hard money loans in your back pocket but hopefully not having to do too much of that right now. See you need to have a variety of lenders and maybe double up on each of those categories so that when one of them is busy or you can't reach them. You've got somebody as backup if you don't have the lender relationships ask for your broker your office manager agents that you trust and admire in your marketplace who they would recommend that you use. OK So point before. When you connect your buyers with your lenders make sure that you double refer OK what does that mean I'm talking to you as a buyer I'm going to recommend Joe Smith at A.B.C. mortgage. I'm also going to call Joseph Smith of A.B.C. mortgage and give you my buyer prospects. Scuse me name and phone number so that the lenders got it. The buyers got it. There's more likelihood they're going to connect and take the referral seriously and then you follow up in a couple of days. Make sure that they connected. OK. Next we have number five.
Don't count on the buyer to ask for what they want to see you guys have many of you have gotten into a bad habit of throwing them into your a molester of system and that's fine you can still a e-mail them. You know new properties and what pops up but don't wait for them to. Raise their hand and say hey you know what last Sunday a week ago I was looking at my e-mail from you and you know what this one looks kind of interesting because you and I both know chances are if it's a good house is probably earning already in contract. It's your job to find the inventory to solve them.
And I made this point on one of our other coaching on demand things where we coach in calls where we were talking about finding inventory right. So the thing is thirty percent roughly of closings right now our pocket listings they were never in the M.L.S. and if you're only using your in the last you're doing your buyers a disservice. So I'll do a separate call about that but it is your job to bring them property remember.
This is a point that I made on the other coaching called Remember that for most people unless they've moved a lot like maybe a frequently relocated executive type for most people they know their house the house they grow up in you know maybe their best friend's house and a couple have they want to holiday parties at how would they know what's going to really meet their criteria. It's not unusual for them to say oh you know I hate hardwood floors and then that's exactly what they buy right. So don't trust that they even know what they're looking for don't trust the even know how to look at an M.L.S. or Realtor dot com ad and even know if it's pending or not. So it's your job to find the property and then of course to negotiate and close and do all the normal things we do with buyers. All right. So next point I want you to listen to my coaching call about how to create inventory. If you can't find it so if you're constantly striking out because you're only using them alas you need to listen to that coaching call about how to create inventory and point over seven use our prequalification scripts. As well as other buyers scripts and your life will be much easier so I have posted for you effectively buyer lead follow up. That's a coaching call. I posted for you by your lead conversion script that's a coaching call meaning by converting a suspect to a prospect into a client and then a closing. I have also posted for you a coaching called the seven step buyer process the seven step buyer process. Don't give any stuff and we have some scripts here the buyer prequalification script the buyer appointment setting script at the buyer lead follow up script and let's see I even posted for you. The new homebuyer mortgage checklist that's a P.D.F. to help you. Have things to talk about you know with them either on the phone or in your first meeting what they can expect to need to bring to the lender and help you understand that process and help them understand the process then we have another item called How to Create buyer loyalty. And also I always wanted to point out when we talk about buyers and sellers and listings and pre listing packages on the coaching on demand calls that we have even more when you're on our website and you've logged in with their your username and passed code and you are in the coaching essentials or coaching premier section. I want you to click on the section called working with buyers because the buyer presentation is there and there's a whole lot of other stuff I just dished out for you. Some coaching calls so that you can have this instant coaching on demand and get things going with this question about pre-qualifying buyers for their motivation and for their time frame. So now it's time for you to take action. It's been my pleasure to be your coach and answer your question about how to pre-qualify buyers and to provide you with your quick link here for the script and if you coaching calls to get you going on that and I will see you on our next week we coaching call talk to you then
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