For most parts of North America there is no shortage of Home Buyer’s these days. There is a huge shortage of Home Sellers. Consequently, it’s mandatory when working with Buyers to shorten the Sales Cycle. To do so you must take the time to educate your Buyer upfront. Otherwise they will learn the truth the hard way. When they learn the hard way (i.e.: 3-4 failed offers) it takes up a tremendous amount of your time + it’s very frustrating for them.
Before you start, meet with your Buyer and show them the following list. Don’t just tell them about it… Show it to them. Communicate effectively so they understand. They need to know the rules and how serious you are in helping them get to the final destination – their dream home:
1. Expect Multiple Offers…high demand, low supply.
2. Explain the process when a Seller is “Holding Offers until __________________” (get their frustration for this possibility out of the way upfront).
3. Firm Offers… As few conditions as possible to improve the strength of their offer.
4. Closing Date for Seller… They have to go with what the Seller wants to be competitive.
5. “Understanding the Price you need to offer” – educate them on actual MLS Listings that have sold that week and how much they went over asking price.
6. Be the Right Buyer at the Right Time – other Buyers who have lost out on several homes are going to be more motivated to buy and they will be very aggressive with the price they offer. Don’t be the “Wrong Buyer at the Right Time”. Your Buyer must shorten the cycle by being equally aggressive..
7. Move Fast and view the home immediately– if they are not prepared to do so, it’s an indication that this Buyer is really not that motivated.
8. “Don’t Blame Me”… Oftentimes a frustrated Buyer will want to blame somebody and you are the closest target. Explain right from the start that you are on their side and you are the messenger, not the problem. That’s why you’re having this meeting right now.
Follow this process and you will eliminate the extra work. Don’t forget to get Buyer’s Agency signed early in the process. You deserve that level of commitment.
As a final thought, recognize that if your Buyer is not prepared to follow this process, you should not work with them. Accept the fact that everyone will not be prepared to follow these guidelines. NO Excuses.
Have a look at the Buyer’s package of All the Right Words.