When a potential real estate homebuyer agrees to meet with a buyer’s agent for the first time, it can come with some anxiety. That feeling is normal because you are planning to meet someone you haven’t met before.
However, the real estate buyer’s agent need not worry because, in the end, the buyer needs his full service. For instance, the buyer must have realised he cannot navigate the entire purchasing process and therefore needs the help of a licensed professional.
The real estate buyers agent may also wonder how you will start the conversation, what things you will discuss, and any other questions. But you only need to learn a few tricks that will make you comfortable. You can start talking when you feel comfortable.
Moreover, these tricks can also help agents make a good, long, and lasting impression on the buyer. For instance, it helps the buyer’s agent to judge the property purchase price in view of his budget.
That is why you need a buyer’s agent in the negotiation process and auction bidding. Also, a good buyer’s agent respects the interest of the prospective buyer and consults with different selling agents. Buyer’s agents are real estate agents with an in-depth local real estate market.
They not only help to get your dream home, they also find a suitable property. A real estate agent can also serve as a buyer’s advocate in acquiring investment properties.
The homebuyer must also prepare to follow his instruction concerning the property market and investment property values. Also, the entire process of homebuying can be tedious; so it requires a diligent buyer’s agent that can lead the whole process to a capital growth and profiting.
Before your First Buyer’s Agent Meeting…
The success of your first meeting with a potential homebuyer is not in the session’s length nor the physical appeal. It is a professional meeting, and the other party is not expecting anything short of that. So, among every other thing you need, be as professional as possible.
At the same time, don’t be too anxious about making a good impression. Otherwise, you become plastic and unfriendly, and people can detect you when you are making a show from afar. Also, forget about trying to win the business and relate to the buyer as a human.
Both parties must see the entire buying process as a poisitve one depending on the level of local knowledge the real estate buyer’s agent has. When the requirements for property inesting are in place, then the buyer’s agent works the rest out.
Below is the summary of what you should do to earn the trust of your business partner, in this case, the potential homebuyer.
- Find a perfect location for your meeting
- Make an instant connection with them
- Do your homework thoroughly before the day of the meeting
- Do not ask your homebuyer if they have a pre-approval for a mortgage
- Don’t push the buyer-broker agreement
Let us examine these five steps one after the other to drive home the points.
- Find a good location for your meeting
The environment where you speak volumes about the meeting and the personality of both of you. Essentially, it depends on who suggests the venue first and who usually has the most straightforward chance to feel at home when the meeting begins. But the other person can also adjust quickly.
The pursuit of making an excellent first impression n a potential buyer is directly linkable to the tone of the relationship you set from the word go.
If you choose a place, pick a convenient location for both of you who may insist on meeting you at a café or restaurant, the ideal place to hold the first meeting is at your brokerage office.
The reason is simple – it is where you are likely to feel most comfortable. In addition, as a guest, the home buyer will also get a warm visit.
Some important ways to impress with that are to set a comfortable place alongside other vital features. For instance, ensure your AC is working, depending on the prevalent weather condition.
Also, have a coffee, and set up Wi-Fi in addition to the other essential office resources. Whatever you can do to make your prospective buyer comfortable, please do.
- Make an instant connection
Making an instant connection with someone is an excellent way to get to know the person and connect easily. Don’t focus on business while ignoring that an actual human is sitting before you. Like every other purchase, buying a home is an emotional process requiring care.
The potential home buyer is seeking, first of all, someone he can trust and not collect his money. Therefore, you must carefully navigate the relationship in the right direction. It can also be a significant and memorable purchase as you do it right from the first meeting.
An excellent way to achieve this is to start an ordinary conversation naturally because you both already met on a business platform. You may even begin with a discussion about their interests and backgrounds. If they start with the business, you may ask a related but personal question.
For example, if the real estate home buyer mentions that he needs a playground, you may want to ask how many kids there are or what the ages of the kids are. Of course, if he prefers a location near a school, he also still has kids. You may even ask about their favorite sports.
- Do your homework before you begin the meeting
It is easy to know an unprepared buyer’s agent, even if your home buyer is a first-timer. Therefore, you must ensure you learn all the basic principles of helping clients buy the home of their dreams.
A real estate buyers agent should be empathetic and understanding with the home buyer. Part of the underground work of a buyer’s agent is to understand which of the property options is the right property and what is the right price.
Remember also that you need to maintain a connection with the potential buyer. Being ready and being able to answer all the required questions can give potential home buyers the confidence they have been seeing. If you succeed at this, you can build trust in the relationship.
Try not to saddle the potential buyer’s thoughts with the business process. But keep the conversation simple, and only you know what is to be done from start to finish. The home buyer came to you because he does not want to be in the purchasing process.
- Don’t ask if they have a preapproved mortgage
Of all the worries of a home buyer, you do not have to remind him whether he has a preapproved mortgage for the home. But, unfortunately, this question is also susceptible, which may put the potential home buyer on edge rather than giving a clear answer.
The moment you pop such a question, the initial reaction may be a lack of confidence to secure the needed capital. Or worse still, the buyer does not have the money to buy. Altogether, it would help if you were careful when asking such questions because of the potential impact.
If you still want to find a better way to say it, then you should rephrase the question: will you buy the home in cash? Or would you like to take advantage of the currently low-interest rates? When you dole the question clearly, you make the buyer more comfortable.
Asking a direct question on preapproval could doubt the buyer’s capacity in property investing. On the other hand, getting one’s dream home does not always come cheap; the prospective buyer must expect some dynamics on property prices.
- Don’t push for a Buyer-Broker Agreement
The contract side of a deal between a buyer and a broker is essential. But if the broker initiates it first, it sounds like he is anxious or only mindful of the sale. Although the agreement will work with some assurance, the right time will come for all the legal aspects of the deal.
At the same time, many buyers raise this subject too early, giving the potential buyer the impression that you are only interested in your gains from the deal and not in providing a helpful service.
So be careful not to give the impression that you are only interested in the commission. The homeowner is seeking for licensed professionals who has an in-depth knowledge about the property.
Moreover, the agent must have input some efforts in searching for the real estate property. Whether he uses off-market listings or silent listings, the real estate buyer’s agents can also achieve a huge result.
This agreement is meant to oblige the homebuyer to work with you as a buyer’s agent and states the commission you will receive. On the other hand, the selling agent must agree with the sale of home or investment property.
But if you don’t wait for the right time, it may add to the stress and pressure of buying a home. Determining the right time to ask will be entirely up to you.
Finally, the five most important things to do with a real estate buyer’s agent include the ones above. Again, it does not matter the length of time you have spent in the industry because if you know your way, you can thrive.
Meanwhile, do not hesitate to direct the necessary value of the property that makes it the right one to the potential buyer. Remember also that you should meet these expectations before the day of the meeting with both parties.
The goal is to find happiness and fulfillment in the home-buying process.
More to read: 5 Things Buyer’s Agent Expects You to Know