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Are Buyers Agents Worth It – Working with a buyer can be a long, complicated process. This is why having a real estate agent buyer checklist can help you stay on track and focused from start to finish.
Below, we’ll break down the process into nine steps, from meeting your buyer for the first time to closing and beyond.
Are Buyers Agents Worth It
One of the best ways to tell if a customer is serious about buying a home or not is if they are ready to take the step of talking to a lender and getting pre-approved. If your client doesn’t already have pre-approval, you need to help them get it.
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You can still meet with the customer in person before they get pre-approved, but you just need to make sure they plan to meet with the lender at some point.
You can ask if they already have a lender, or if not, if they would like to meet with one of your recommended lenders. If they want to talk to your lender, simply give the customer’s contact information to your lender and they will take care of the rest.
You can convince a client to get a pre-approval letter by telling them that if they are interested in a particular home, they will not be able to make a strong offer without one.
You should give your prospect a home tour, even if they don’t have a pre-approval letter yet. Just let them know that if they want to see more homes, they’ll have to commit to officially being one of your clients.
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This first home tour should include three to five homes, even if the client only wants to see one. By seeing more homes, you’ll get a better sense of what they’re looking for in a home, and then you’ll be able to find similar ones that might interest them.
Typically, if all the showings are in the same general area, you can allow 20 minutes per showing, plus driving time. This means that three homes typically take about two hours: one hour of showing the three homes and 30 minutes of driving between properties. But if the homes are farther apart, it can be 30 to 45 minutes per showing. The length of the display will also depend on the size of the house.
At the end of each showing, have your client rate each home on a scale of 1 to 10. It’s a great way to get people thinking about the home and helps you as their real estate agent identify what your client is looking for.
It can also help you encourage the buyer to make a move. For example, if a home is a nine, you should advise the customer that they should make an offer because very few homes will ever be a ten.
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Don’t miss the opportunity to ask them if they are ready to make an offer on any home they are interested in. You have to ask and let them say yes, because sometimes that’s all it takes.
A key step in your real estate agent buyer checklist is to set up your first meeting with the buyer. This meeting should last no more than 30 to 45 minutes, and the goal is to establish a relationship with them.
First, you need to understand how much they know about the home buying process. Is it their first time or have they done this before? If they have, what was that experience like?
Next, give your buyer an overview of the customer process, depending on how much the buyer already knows. Even if this is not their first time, remember that you are the expert and that you can still give them information that they may not know. Plus, the way you help customers may be different from what they’ve experienced in the past.
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Bring handouts that you can give your client with more specific information they can review at home. Let them know they can always contact you later with any questions.
Another option is to meet with your prospects on Zoom. This saves you time and allows you to screen more leads in a day.
Create a Calendly event linked to your calendar that allows buyers and sellers to set up a virtual consultation with you. You can put your Calendly event link on all your online marketing. This allows clients to schedule appointments with you on their own, which is a great way to increase your appointments and optimize your time.
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Make sure you bring three documents with you to the consultation. First, any paperwork you need to sign, such as the Brokerage Information and Buyer Representation form.
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Next, you should bring the MLS sheets and any research you’ve done on the properties you’ll be visiting on the home tour.
The third thing you need to bring is your presentation to the buyer, which is just the buyer’s package that you give them.
Your pitch to the buyer should include information about your background and experience, information about your company or brokerage, and the value you can bring.
You should also have a roadmap of the actual home buying process from start to finish, as well as any tips they should be aware of during the home search process.
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Next, have a document that talks about pre-approval and its importance, as well as the difference between pre-approval and pre-qualification.
This step in the real estate agent buyer checklist is more of a general rule of thumb to keep in mind throughout the process. That rule is to give advice and guidance to the buyer.
As a professional real estate agent, you’ll likely have some helpful tips for your buyer, even if they’ve bought a home before. Especially if they are new to your area, they won’t always be aware of how to navigate your market.
Provide advice on best offer practices, how to strengthen their offer, break down costs and review what will be expected of them when it comes time to buy the home.
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Don’t go overboard and throw too much information at your customer, as this can overwhelm them. This is where having a good buyer’s package to give them can help keep you on track and help them remember what you covered after the meeting.
Once you have identified the home that the client is interested in, you should look at the comps for that home.
If you’re a busier, more experienced agent, it can be a waste of time to do all that work upfront because you have no way of knowing which homes will appeal to the client the most. Once they’ve identified a specific property, it’s worth spending as much time as necessary to make sure they’re getting the best deal they can get for that particular home.
However, for newer agents, preparing ahead of time will help you land clients. It’s helpful to do all your comparative market analysis (CMA) in advance and devote as much time as you can to learning the market and helping that buyer. As a newer agent, the fact that you’ve done all this research will increase the buyer’s confidence in you. Plus, it will boost your self-confidence, which is equally important.
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Researching comparables and getting accurate information usually takes 30 minutes to an hour. Once you have completed your research, print out the handout to bring with you to your consultation. Or if you’re meeting via Zoom and are comfortable with your MLS, you can share your screen and take them through the CMA process live.
This step in the real estate agent buyer checklist is another ongoing one that you should make sure to do throughout the process. That step is once the deal is accepted and you are in the process of closing with the customer, you or the transaction manager should be sure to guide them through any part of the transaction process that they need help with, for example coordinating inspections .
As a real estate agent, you do not need to attend inspections. But you can still help your buyer. For example, by recommending at least three inspectors to choose from. You shouldn’t set up inspections for your buyers, because you don’t want to be involved in case something goes wrong with the inspection or the condition of the property down the road.
Helping your client also involves constant communication throughout the closing process. While you don’t need to personally call your client every week, you should make sure to give them some form of communication every week. This includes text messages, emails, Facebook messages or phone calls.
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Of course, you should always show up on the last day of closing, unless there is an emergency or something that prevents you from being there.
If you have a transaction manager, you can have them call your client every week, while you follow up with text messages or emails.
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