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Fundamentals In Real Estate Series
Part 5 Working with Buyers
Pranav Pandya
Franchise Development Manager
RE/MAX Mumbai Gujarat Maharashtra
RE/MAX Mumbai Gujarat Maharashtra
RECAP
• Part 1 - Getting Started
• Part 2 - Marketing
• Part 3 - Prospecting
• Part 4 – Working with Sellers
RE/MAX Mumbai Gujarat Maharashtra
Today’s Agenda
• Where do you find buyers?
• What can be done to attract buyers?
• Qualifying buyers
• The buyer interview
• Property selection
• Showing property
• Sample due diligence checklist
• Overcoming objections
• Safety considerations
• The lowball offer
• Seminar selling
• Six mistakes buyers make
WHERE DO YOU FIND THEM?
RE/MAX Mumbai Gujarat Maharashtra
Ways to find buyers
• Calls on property ads –
newspaper/magazine
• Former clients, friends, center of
influence, etc
• Open houses
• Door knocking and cold calling
• Clients with homes currently listed
RE/MAX Mumbai Gujarat Maharashtra
• Website inquiries
• Social media
• Generic promotion ads - bus benches,
billboards, etc
• Referrals
• Flyers, Just Sold/Just Listed inquiries
• Office call duty inquiries
• Office leads
• Relocation referrals
• Referrals from veteran Sales Associates
WHAT CAN BE DONE TO
ATTRACT THEM?
RE/MAX Mumbai Gujarat Maharashtra
Sources of Obtaining Buyers
• Home matching service
• Market evaluation
• Market updates
• Buyer information booklet
• Home search plan
• Pre-qualify
• Buyer seminars
RE/MAX Mumbai Gujarat Maharashtra
Specific type of buyer
• First time buyer
• Apartment buyer
• Buyers looking in a specific neighborhood
area
• Buyers who sign representation
agreements
• New construction home buyer
• Executive homes
QUALIFYING BUYERS
RE/MAX Mumbai Gujarat Maharashtra
Ask Questions
Financial Qualifying
Needs and Priorities
THE BUYER INTERVIEW
RE/MAX Mumbai Gujarat Maharashtra
• A Buyer Presentation include
• Offer of purchase and sale agreement
• Loan rate/financing information, if needed
• Articles on market conditions and statistics
• Your newsletter
• Testimonials
• Area information
• Relocation information, Utilities info.,
moving with kids info., property tax info.
RE/MAX Mumbai Gujarat Maharashtra
• Schools, Utilities, Amenities information
• Home Buyer Plan of your city
• Buyer representation Agreement
• Want / needs form
• Buyer Guide
• Closing cost information
• Agency brochure
• Your resume, personal brochure with contact
information
• Company brochure / Profile
RE/MAX Mumbai Gujarat Maharashtra
• Obtain all the relevant buyer information
• Names
• All phone numbers incl. business, emergency
• E-mail addresses
• Employment details, where, for how long
• Family members names and ages, education
requirements
• If out of town, where family and friends are
located
RE/MAX Mumbai Gujarat Maharashtra
• Discuss Finances
• Employment history /Down payment /Loan
• Discuss Buyers’ Needs and Wants
• Discuss and Sign Buyer Representation
Agreement
• Review Purchase Agreement
• Discuss Procedure Followed for Viewing
Homes
• Keep in Constant Contact
PROPERTY SELECTION
SHOWING PROPERTY
DUE DILIGENCE CHECKLIST
RE/MAX Mumbai Gujarat Maharashtra
• Professional Property Inspections
• Protect Yourself and Your Client
• Presenting an Offer
• Negotiation
OVERCOMING OBJECTIONS
RE/MAX Mumbai Gujarat Maharashtra
• Typical Objections
• Handling Objections
• Other Buyer Objections
• Commission Cutting
SAFETY CONSIDERATIONS
THE LOWBALL OFFER
SEMINAR SELLING
6 MISTAKES BUYERS MAKE
RE/MAX Mumbai Gujarat Maharashtra
1. Not Pre-qualified
2. Don’t shop for a mortgage
3. Don’t get professional inspections
4. Don’t use a professional Sales
Associate
5. Buy first
6. Don’t know the cost of buying
RE/MAX Mumbai Gujarat Maharashtra
Thank You

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Fundamentals In Real Estate Series Part 5 Working with Buyers

  • 1. Fundamentals In Real Estate Series Part 5 Working with Buyers Pranav Pandya Franchise Development Manager RE/MAX Mumbai Gujarat Maharashtra
  • 2. RE/MAX Mumbai Gujarat Maharashtra RECAP • Part 1 - Getting Started • Part 2 - Marketing • Part 3 - Prospecting • Part 4 – Working with Sellers
  • 3. RE/MAX Mumbai Gujarat Maharashtra Today’s Agenda • Where do you find buyers? • What can be done to attract buyers? • Qualifying buyers • The buyer interview • Property selection • Showing property • Sample due diligence checklist • Overcoming objections • Safety considerations • The lowball offer • Seminar selling • Six mistakes buyers make
  • 4. WHERE DO YOU FIND THEM?
  • 5. RE/MAX Mumbai Gujarat Maharashtra Ways to find buyers • Calls on property ads – newspaper/magazine • Former clients, friends, center of influence, etc • Open houses • Door knocking and cold calling • Clients with homes currently listed
  • 6. RE/MAX Mumbai Gujarat Maharashtra • Website inquiries • Social media • Generic promotion ads - bus benches, billboards, etc • Referrals • Flyers, Just Sold/Just Listed inquiries • Office call duty inquiries • Office leads • Relocation referrals • Referrals from veteran Sales Associates
  • 7. WHAT CAN BE DONE TO ATTRACT THEM?
  • 8. RE/MAX Mumbai Gujarat Maharashtra Sources of Obtaining Buyers • Home matching service • Market evaluation • Market updates • Buyer information booklet • Home search plan • Pre-qualify • Buyer seminars
  • 9. RE/MAX Mumbai Gujarat Maharashtra Specific type of buyer • First time buyer • Apartment buyer • Buyers looking in a specific neighborhood area • Buyers who sign representation agreements • New construction home buyer • Executive homes
  • 11. RE/MAX Mumbai Gujarat Maharashtra Ask Questions Financial Qualifying Needs and Priorities
  • 13. RE/MAX Mumbai Gujarat Maharashtra • A Buyer Presentation include • Offer of purchase and sale agreement • Loan rate/financing information, if needed • Articles on market conditions and statistics • Your newsletter • Testimonials • Area information • Relocation information, Utilities info., moving with kids info., property tax info.
  • 14. RE/MAX Mumbai Gujarat Maharashtra • Schools, Utilities, Amenities information • Home Buyer Plan of your city • Buyer representation Agreement • Want / needs form • Buyer Guide • Closing cost information • Agency brochure • Your resume, personal brochure with contact information • Company brochure / Profile
  • 15. RE/MAX Mumbai Gujarat Maharashtra • Obtain all the relevant buyer information • Names • All phone numbers incl. business, emergency • E-mail addresses • Employment details, where, for how long • Family members names and ages, education requirements • If out of town, where family and friends are located
  • 16. RE/MAX Mumbai Gujarat Maharashtra • Discuss Finances • Employment history /Down payment /Loan • Discuss Buyers’ Needs and Wants • Discuss and Sign Buyer Representation Agreement • Review Purchase Agreement • Discuss Procedure Followed for Viewing Homes • Keep in Constant Contact
  • 20. RE/MAX Mumbai Gujarat Maharashtra • Professional Property Inspections • Protect Yourself and Your Client • Presenting an Offer • Negotiation
  • 22. RE/MAX Mumbai Gujarat Maharashtra • Typical Objections • Handling Objections • Other Buyer Objections • Commission Cutting
  • 27. RE/MAX Mumbai Gujarat Maharashtra 1. Not Pre-qualified 2. Don’t shop for a mortgage 3. Don’t get professional inspections 4. Don’t use a professional Sales Associate 5. Buy first 6. Don’t know the cost of buying
  • 28. RE/MAX Mumbai Gujarat Maharashtra Thank You