Pre-Buyer Initial Worksheet
Before you sign on with a new client you will have an initial meeting to get on the same page of the buying process. Some buyers will say they want to just go straight to a specific house before they have even had an initial meeting with you. You need to almost insist that the buyer go through your process instead the other way around so you are in control of the process.
If you would like know more about the buying process check out the Ninja Selling videos in our Foundation Realty Resource Dropbox. On Day 4 they do discuss the Buyer Process in length, and it also gives you great tips on how to generate new leads. https://www.dropbox.com/sh/16x2qv0erpq6mhj/AAAe0xuR1Spw5JMPqxu-760ra?dl=0
Location of Document
You can find this document in the Foundation Realty Resource folder on Dropbox. https://www.dropbox.com/s/qa6f2309wtsgwzr/Pre%20Buyer%20Worksheet.docx?dl=0
Being in Control
You want to be in control of the buyer process from the initial meeting. When your clients want to meet you at a specific listing before you have even sat down with them, you are letting them be in control. By insisting on meeting before your scheduled viewings you are getting your clients to step back from running the show, to you running the show. Also, it won’t be so rush, rush, rush, right from the get go. This is key to help you stay ahead of the clients and go through your strategy plan. It can also be a safety measure in protecting yourself by meeting ahead of time when have never met them before. This meeting before will also establish their needs and wants.
When the Clients walk through the door
When you initially greet your potential clients make sure to greet them someplace other than where you are meeting. For instances greet them in the lobby not in the conference room. Start by asking how things are going before you introduce yourself. Offer them a drink, and hand them this form. Let your clients fill out the top part, while you get them a drink. You can fill out the bottom as the meeting progresses.
Build Rapport- FORD
Start by getting to know your potential clients by using the FORD method. Or Family, Occupation, Recreation, Dreams. Helps you build a rapport with them, and also lets you get to know them.
Ask how they got your name
Ask them how you got your name. It is important to know where your leads are coming from, and to know what sources of leads work best from you. They might be connected with previous clients of yours, and it adds more to building your rapport.
Contact Information
Have them fill out the top part of this sheet, then make sure to take it back. Don’t feel bashful about letting them see your checklist on the side. It’s okay if they see it, but do it however it fits your style, make it your own.
Foundation Learning
You want to know the clients previous living situations and their previous experiences when buying a home. Ask “Where are you Living? Do you Own? How Long? What did that purchase process look like for you? How many homes have you owned? How would you like this process to look like”. You want to know where they have come from and the experiences they have had from previous agents. This will help guide you on making their experience with you go as seamless as possible.
Find out what went wrong last time with other agents or the situations they were put into. This will help guide you on making their experience with you go as seamless as possible by knowing what to or not to do.
You are Free!!
Make sure to communicate to them that you are free!! This is great information especially for new home owners that have never worked with an agent before. Explain that the sellers pay for the commission and you are here to advocate for them.
Current Real Estate Market
New buyers or even veteran buyers may not know the current real estate climate. Bring out talking points on the current real estate market in the area they are looking at. Let them know about the trends that are happening right now in the area they are looking at.
Buyer packet
This would a good time to have them sign the Bretta and agency agreements. This is recommend by Ninja, but David doesn’t see it as a need. He hasn’t been burnt by Buyers by not having them sign these forms right away.
The Funnel
A Scenario with a potential Buyer:
This process from today to the end of you finding your perfect home is like a kitchen funnel.
We will start with the MLS and look for For Sale by Owners (there needs to be at least 1 agent in the deal, and David will make sure to communicate with the clients that he will call the FSBO listings), NC, REO’s, & Your Client’s List.
You will add all of these properties into their funnel to help narrow down 20-30 listings for their criteria.
Your clients homework is to go online and compare properties based off what they see online. This will funnel down the previous list to 8-10 properties based on what they saw online.
Next they will need to do a Drive-by on the 8-10 properties to see which ones in person they like from the outside. This will help narrow down your list to 3-5 listings. These 3-5 listings are you A list. We will also have a B list as a back-up just in case. Out of these 3-5 properties, determine 1 or 2 as the favorites from the A list.
At this point you will do a Comparative Market Analysis on the properties you have narrowed down.
You will then talk to your clients about the 3 things that Clients Fear the Most: that they will pay too much, missing out on another property, and buying a house that has a lot of things wrong with it.
Scale from 1-10
Now we want to see where your clients are in their commitment to buying a house. You will ask the question “On a scale from 1-10, 1-Might make a offer in the next year maybe, 10 -being you wished you had a house under-contract yesterday, where do you stand?” Ask the question and let the client talk.
After they are done talking, and they aren’t at a ten ask, “What will have to happen to make for you to be at a 10? ” This will help determine the WHY of why they aren’t at a 10. You will then drill down on each item they bring up as to why they aren’t at a 10.
Paper Exercise (if there are 2 clients)
For this exercise you will need 2 note cards and writing utensils for your clients. Give them the cards and have them each write down the top 5 things they want in a house. Tell them to put stars next to the 3 things that they can’t live without. After they are done have each of them read their list out loud, and go through the things on their list.
What and Why
Now that you know their priorities you need to determine why they want those priorities. This will get them to open up. Have the MLS open and fill in their requirements to start making their 20-30 list, and then you can email them that list at the end of the meeting.
85% Perfect home
To get your clients on the page that you may see less then perfect homes ask this question, “Do you know someone with a newer built or custom home? Do they describe it as the perfect home?” There is no such thing as a perfect home, and every property you see will have something you don’t like. Shoot for a 85% perfect Home.
Cash? Loan? House Sell?
They are almost ready to start the buying process but you want to see what their money plan is. At this point you can recommend lenders or preferred options to them. Ninja recommends having a lender on stand-by, so while you are finishing their search the clients are in the next room getting qualified.
Review MLS Results
Once you have finished the MLS search of their criteria, go over the search results with them. Make sure to email this list to them at the end of the meeting.
If we Find the house at our appointment later what do we do?
This is an important question to ask because sometimes people aren’t truly ready to buy a house. It will determine how your first showings will go, and the true commitment level of the clients.
Cream Puff
The cream puff houses are houses that jump out to you as winning listings. Make sure to talk to your clients that these houses may move fast on the market. To get the house you want you will have to move fast on them as they sell quickly. You also may see some houses that aren’t cream puffs. They are the ones who will know what are cream puffs and those that aren’t.
“Let’s go buy a house!”
Saying, “Let’s go buy a house!”, while on the way out the door, can help see if people are committed to buying a house now and not months and months down the way.