Tips for Working With Buyers
Have you ever dealt with unreasonable buyers who seemed totally clueless about their responsibilities in the transaction? Real estate professionals may share some of the blame in many of these cases. Almost all elements of successful buyer’s representation are traced back to a straightforward, informative, and honest buyer consultation period.
Here are a few important things you need to do in developing a productive business relationship with buyers.
1. Set the Right Tone
When it comes to getting a buyer’s representation agreement signed, language and culture can be important. Simplify the wording and explain that you are committing to them as well, by way of the agreement.
We suggest using the words “compensation” or “professional service fee” instead of “commission”, “written authorization” is an alternative to the word “contract,” which can have an oppressive tone. Allowing clients take the wheel when preparing to sign the paperwork. Ask them to fill out the agreement and deliver it in a way in which the client feels comfortable like they’re taking control of their own document.
2. Make an Emotional Connection
Figure out how to build rapport with potential clients using personality types. The analytical buyer needs to know that you know your stuff. The amiable buyer needs to know that you care about them.
Buyer’s reps should not be tempted to dress down with people they know. Proper business attire makes it easier for family and friends to separate out an agent’s professional persona. The consultation period is also a good time to get to know what the buyer is looking for on a deeper level.
3. Show Your Value
Explain the whole home buying process and how a buyer’s rep fits into it. It’s something real estate professionals routinely do on the selling side. Start putting your value proposition in front of the buyers in the same way that you put your value proposition in front of the sellers. Many buyers use online search to find the homes they want, which is why the consultation is a great time to show exactly why they still need you.
4. Anticipate Objections
Even if you follow a professional real estate’s advice note for note, you would have to be ready to field some common objections. Honesty and professionalism is a great response to a potential client’s unwillingness to sign an exclusive agreement.
Sharing the Code of Ethics can help handle objections. The emphasis on signed agreements can be a powerful ally in the argument for exclusive buyer’s agreements.