Having a house to call our own is a dream that everyone yearns to fulfill, some are fortunate and might have multiple houses, others might be moving towards buying their very first one. The process of buying a house, however, is a difficult one. Just like you might need a guide to help you navigate the streets of a foreign country and steer clear of shady areas, homebuyers need someone to help them buy the right house for the right price in an ideal location. They need a buyer representative. But just having a real estate license isn’t enough for you to stand-out in your local community as a buyer representative. There is much more you need, in order to have a prosperous real estate career.
Getting a real estate license is the first step towards success. To establish yourself as an outstanding Buyer Representative in the eyes of your prospects and customers, you will have to do the hard work and give value to potential homebuyers.
So, how can you outshine in your buyer business?
1. Training, Mindset and Confidence
Prospecting is the primary activity that agents need to do to get business. However, it’s your knowledge and confidence which determine how successful your prospecting efforts are. Training is one of the best ways to shape up your skill set to handle today’s often intricate deals and build your confidence when working as a buyer representative. Whether you prefer working with first time home buyers, seniors or particular property types, specialized training in a niche market followed up with practice will give you the confidence you need to succeed. Having the right mindset as an agent will help you to convince your customers that you are the right candidate to represent them. For example, you can have Certified Buyer Specialist Designation, which helps you to concentrate on various aspects of the buyer’s side, from negotiating short sales and foreclosures and effectively managing customer relationships. Many agents wonder what a designation would offer them, as they already have their licence.
The legalities, guidelines, and duties that you learn from your licence are important, and mandatory, as they should be. However, there is whole other world of marketing, content, strategies, online campaigns and more that is not included with the licence, as again, the local licence focuses on the protection of clients. So when we say getting yourself trained, it’s to help you answer the question, what now, when looking to attract business.
2. Master Your Real Estate Niche
Become proficient in your local market by exploring your area’s housing data to learn the regular prices of homes both listed and sold. What buyers want most from a real estate agent is assistance in finding that perfect home. Furthermore, when it comes to choosing an agent, buyers look for someone with solid knowledge of the real estate market and purchase process. Let’s say you specialize in condominiums, you can maintain an excel tracker sheet of condominiums in a certain area which you can refer to when talking to a potential condominium buyer which can include information like:
- Name of condo
- Address of condo
- Builder’s Name
- When it was built (maintenance fee)
- Property Manager’s Name
- What kind of people live there? (leased, investors, or homeowners)
- Price of condo
- Special Notes or Scorecard
All of this is crucial information that the buyer needs to make informed decisions. If they have kids, they would like your input on which schools are nearby and how good they are. What’s the reputation of the builder or the property manager? Have there been any problems in past with the building? What about the price of condos in the building? Have they been increasing steadily over the past years? You will naturally stand out as a specialist if you can provide value even before you sign the contract to homebuyers with your knowledge.
3. Be Prepared - Always
Practical buyer representative should be ready for business at all times, equipped with a home buyer’s package containing helpful information. You should have information about Brokerage Services, your standard agreement, home buying tips, home insurance information, handouts covering the steps to the home buying process, title company costs for closing estimates, in a buyer’s package. If you are networking at events, make sure you dress appropriately and take your contact cards to the event. Your mobile or tablet can be a great asset to you as well especially if you want to access files or documents that you might need at any stage of the buying process. For example, you know this great house up for sale in the neighbourhood which would be perfect for a prospect or a customer, you can just show them the video or pictures of the house even before you take them there in-person. This will help you and customer save valuable time and effort by filtering out which houses seem good from all the options.
4. Work to a Build Great Reputation
When you’re new in the market, you’ll probably need to work extra hard to ascertain that you’re up to the occupation. Keep your sphere of impact. Also, build your credibility online. For example, on your website or blog, offer home buyer information, like tips on closing, home search checklists, and financing information. No one hires a complete stranger to represent them in buying a house. Your reputation will almost certainly be scrutinized as real estate works on trust. Make sure that everything online and offline is true and deliver exceptional value to your customers so you get positive reviews which will pave the way for your future success.
You have to be seen in order to get known by a customer and events are one of the best networking mediums available to you. Attend at least 2-3 events in a month to help you in your prospecting efforts. You should perspire real estate and actually say something helpful to attract people to you as Buyer Specialist. Support your conversations with facts and figures. You can expand your network through networking events, online directories, and your previous networks. Your network can also serve as a venue for swapping referrals—a way to keep your business growing as well as establishing you even more as a Buyer Specialist in the market.
Buyer Representation is rapidly changing the face of real estate, propelled by knowledgeable home purchasers, legislative action, and consumer watchdog groups. So, to outshine as a buyer representative the rule of the thumb should be delivering exceptional value through your knowledge and prospecting so you are remembered when someone is looking to buy a house.