Welcome back! In case you missed the first portion of Master the Buyer’s Presentation, you can find it on the blog section of designation hub.com. We have covered the first 3 steps of the buyer’s presentation as outlined in the real estate designation dedicated to the homebuyer education course. So far, we had covered the first 3 steps, which includes:
- Introducing Yourself
- Introducing Your Team
- Identifying Wants vs. Needs of a home
Now, getting into the conclusion of the presentation, you can begin by outlining the process of the buying process. Your home buying process explanation should include a simple outline on the expectation of your clients. Your presentation is also a great moment to manage expectation, and to establish communication going forward. Some clients want to kept up to date every day, even if there are no options available. Others may want you to just sort through the details and schedule viewings within a specific time frame. Even the form of communication can make a difference in terms of preferences. For example, personally I much rather be emailed information and set up meetings through text instead of a phone call. This may come down to a generation factor, however, don’t rely on stigma to be true for all clients. I am even surprised to see my dad Whatsapp me and message me Facebook more often than he calls, which works for us. So determine the method and frequency of communication of your clients well beforehand.
Let’s get into our next step, which would be step 4 of the Buyer Presentation.
Step 4. Explaining the Home Buying Process
It will make a difference if the clients you are speaking with are first time home buyers compared to previous homeowners. First time buyers should be given more time and explanations about the smallest details. This is not to say that you skip the information with home buyers who have previously owned a home, however, a lot of concepts and costs will be new to first time buyers. Ranging anywhere from the mortgage process to the closing, it would be extremely beneficial to outline the process of buying a home, and not just the process of hunting for a home. Here is how you can outline the home buying process to your buyers:
- Identify budget and future goals
- Understand location, lifestyle and home features desired
- Carefully research the home available that match what your buyers are looking for. Tip: For an enhanced experience, make sure you research the neighborhood as well, including current (and any future) businesses, schools, transit and anything else your buyer save indicated is important to them.
- Narrow down the search to the top properties that match their needs and as many as their wants as possible in order.
- Agree on a date and time for viewings and determine if you will be travelling together or meeting the buyers at the home. Send reminders about the viewings before hand, along with a map to the location (via Google Maps).
- Take notes on their thoughts, both the pros and cons, while they are visiting each home .
- Strategically review which options would work best for them, and set pre-inspection dates.
- If the home is selected, proceed with offer as discussed with your clients.
- Prioritize financing and negotiate the price and terms.
- Close the deal and have your clients move in!
“Mr. & Mrs. Smith, we want to approach the home buying process in the most strategic way possible, so I am going to do a lot of the leg work and research to make sure the options I show you are the ones you are looking for. Now, let’s go through a step by step outline of the buying process, so you know what to expect.”
Step 5. Commission Structure & Client Agreement
After you have explained the process, you need to also discuss how the commission structure is broken down, so your clients have a full understanding. As the commission is paid from the seller’s, your buyers will not be including your fees within their budget. However, the importance of signing the client agreement needs to be explained to your clients. They need to understand why they are signing it and how it benefits them, and you, to each have an understanding and signed agreement.
“Mr. & Mrs. Smith I wanted to also discuss the buyer’s agreement, which I think plays an important role in helping you stay protected.. This buyer’s agreement is a representation that I am working for you and will maintain my efforts to help you find the right home for you. It is also an indicator to the seller agent that you authorize me to negotiate on your behalf. Although it is not mandatory to sign this, it is a great way solidify out partnership in working towards the same goal”.
Step 6. Testimonials & Next Step
In this last step, you are reiterating your services by providing 3-5 short testimonials from previous clients, expressing how their experience was when working with you. Choose testimonials that focus on different aspects of working with you. For example, one testimonial can focus on your communication skills, the second on being a neighborhood expert and the third focusing on your negotiation skills, just to name a few. If you have any areas of specialty, or real estate designation or have completed a homebuyer education course, include this in your presentation as well. It will reiterate your expertise on working with buyers clients, such as the one you are presenting to, and add an additional layer of trust in your advice. If possible, have 1 or 2 testimonials mention the real estate designation for you. Clients (and consumers in general) place a lot of value on reviews given by other clients, so don’t discount the power of your community. Plan out the next steps with your buyers and outline how you will move forward, and when this will happen. If there are action item steps your clients need to take, such as getting a mortgage pre-approval, outline exactly what they need to do to get this done.
“Mr. & Mrs. Smith, thank you for taking the time to meet with me to, so i can better understand the ideal home and lifestyle you’re looking for. I think I have a good idea what you’re looking for, and I am eager to get started on proposes some properties that suit your needs. I can get started right away, so you can get started with the process, and will schedule a few viewing for this Saturday. I will confirm some viewings with you tomorrow, would that work for you?”
The six steps can be altered to what you feel comfortable with, and what would work best for you and your clientele. However, covering the important points and building a rapport with your buyers will remain as an important part of your strategy. This is the process the buyer’s presentation on designationhub.com follows. If you’re interested, you can sign up for a free trial and download a free copy of both your buyers and listing presentation, both of which are already designed and the content created to make it easier for you. Good luck with your presentation, and remember, regardless of who you are talking to, preparation and confidence are key.