Importance of Representation

Every Realtor knows the importance of getting a buyers representative agreement signed during an initial consultation with potential clients, so why do we not always have one once the property is under contract. It is one of the aspects of our profession that makes us get out of our comfort zone. I want to go through a few steps of a buyer’s consultation and hopefully put you back in your comfort zone in order to get a buyer to sign the first time you meet with them. Once you have the appointment with a new potential client and have them come into the office or meet somewhere mutual, here are my 8 steps on how the meeting should go. Step 1 Set the Stage; Setting the stage should take about the first five minutes of your meeting and this should be building rapport and establishing your validity as a realtor consultant and let the client know what will be discussed in your meeting. Best way to build rapport is the FORD method Family, Occupation, Recreation, Dreams. Step 2 Buyer Interview; the buyer interview is a series of questions that you should have written down in order to find out your client’s wants and needs. You will need to refer to this data from time to time in order to set up searches to find properties.

Never deliver a canned speech or go through the motions of just asking questions. It is best to use a Buyers Counseling Interview questionnaire or create your own. This is where I get the info to add them to my data base. Step 3 About Sky Realty; this step is a very brief overview of Sky Realty and the office, which is very important because some people judge you by the company you keep. Rehearse this part to make it short and precise. Make sure you give them the Sky Realty web site so they can read more on their own. Step 4 About Me; this is a brief description of your credentials and your real estate career. This should last about one minute. Your goal is to establish validity.

Make sure you give them your contact info and website address. Step 5 What’s happening in the Market; this is an explanation on whether it is a buyers market or a sellers market and what the client can expect the interest rates to be during their buying process. A good rule of thumb is to know the current rates for today and I great time to introduce them to getting in touch with your mortgage vendor or mortgage person of their choice. Refer back to their info sheet to find what neighborhoods they like. Step 6 The Home Buying Process; this is the time to explain the steps in finding the perfect home, how the offer is made and when to get it inspected. Set expectations so to make your job easier once they find the right home.

Go over what you can and cannot control and refer back to this section as needed in your viewing or negotiating to help with anxiety moments that your client may experience; Step 8. Agency Disclosures and Buyers Rep. Agreement; this is the Information about Brokerage Services disclosure explaining agency. At this point you are testing your client’s motivation and getting commitment. If you have delivered a great interactive consultation with your client closing is easy.

They will sign the Buyers Rep Agreement without hesitation. But you must ask for the commitment and not be afraid of “no” or “we need more time”. What to say “Based on everything that we’ve discussed, do you think we can work together I think so, and I am ready to go to work for you.” Step 8 Wrapping Up; this is a brief discussion after the Buyers Representative Agreement is signed and you should have a few questions answered. For example that is the primary contact, when is the best time for us to look at homes. Etc. Now you are on your way to building a great relationship with this client and don’t forget to always stay professional. Getting a Buyers Representative Agreement signed bonds you and your new clients and protects both parties’ fiduciary responsibilities.

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