Following is a summary of some excellent questions about working with Buyers from Quantum Leap Coaching Members over the last few years. You'll learn a lot from considering both question and answer.
Q: We get some buyers who indicate that they never sign anything without taking it home and looking it over. The problem from there is downhill. Most of them do not see the urgency or need to sign up.
A: My guess is that these prospects are either really Hi C types, or do not see the real benefits in signing on. I would focus on the Cancellation Guarantee, and / or re-read the agreement with them right there in the office saying: "I'm in no rush. Why don't you take some time and re-read it. That way, if you have any questions, I'm right here to answer them. If you take the agreement home to read and find that you have a question, you'll have to wait until we speak again to have it answered."
Q: I have a lot of lower end leads coming in -- between $50,000 to $100,000. I haven't been able to draw in many higher end buyers leads. Any suggestions?
A: If you have no higher end listings, you can create a classified that is generic on the higher end like the following:
NEWMARKET, 4 to 5 bdrms, 2 car garage, luxurious neighborhoods, magazine worthy homes! Call for your Free list with pics of all available properties ranging between $250,000 and $400,000. 1-800-000-0000 or www.DomainName.com
High end buyers will call you on this listing, and you can source homes to meet these buyers' needs from your MLS, but will have garnered a great list of high end buyers in the interim. You can now advertise that you're working with X# of high end buyers who are looking to buy high end homes in your neighborhood. This, in turn, will make you attractive to high end sellers, and you can now advertise these properties to lure in further high end buyers.
Q: When acting as a buyer’s agent, the compensation offered is sometimes below the same compensation offered for acting as a sellers agent. I was wondering if you had the language for rejecting the amount of compensation for buyer agency listed on the MLS listing sheet and requesting a different amount for compensation that I feel is more appropriate? Do you submit this request on a separate piece of paper or is it part of the offer?
A: We do not reject the offer of compensation. We note what it is and then request the difference paid to the buyer by the seller in terms of "closing costs." So if the buyer agency compensation is 2.5% and our buyer agreement is 3.5%, we're short 1%. If the sales price were $200,000, we would add the following language to the additional provisions of the contract as follows: Buyer requests the seller to contribute not more than $2,000 towards the buyer’s prepaids, discount points and closing costs.
Q: I have a Quantum Leap website and get lots of VIP buyer requests. How do you approach these from a script point of view? I am not sure what to say as they have already given me the information (and many tell me this) when I ask them to come in. I have quite a problem with this and would appreciate any help you could give me.
A: Basically, we explain that although we can send them listings, we want to do a great job for them and if we arbitrarily send them a bunch of listings that may or may not match what they're looking for, then we aren't doing a good job for them. So, if they can drop by at their convenience the first time, we can review their criteria and listings together, and in this way get a better feel for what they like and don't like in a home. At the same time they can see if I'm even the type of agent that they want to work with.
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