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Saturday, December 21, 2024

buyers agent

    Delivering a buyer’s presentation that effectively communicates the new NAR settlement requirements can be challenging.

    Still, with the right approach, it can be done in a way that’s both informative and comforting to your clients.

    Here’s how to craft a presentation that ensures your buyers feel informed and supported:

    1. Start with a Warm Welcome

    Begin your presentation by establishing a rapport with your buyers. Highlight your commitment to helping them find their ideal home while ensuring they are fully informed.

    Emphasize that your goal is to provide transparency and clarity, particularly with the recent changes in the industry.

    2. Simplify the Settlement Overview

    Introduce the NAR settlement changes by explaining that the real estate landscape has evolved to offer more transparency and flexibility. Frame the changes positively, mentioning that buyers now have more control over their agents’ compensation.

    Use simple language to describe that, in the past, sellers typically covered the commission for both their agent and the buyer’s agent, but now buyers can negotiate and decide how their agent is paid.

    The First Time Buyer Postcard Serie and Scheduled Campaign is shown above. To learn more, Click Here.

    3. Explain the Written Agreement Requirement

    Discuss the new requirement for a written agreement before touring homes.

    Position this as a benefit, ensuring all parties are on the same page regarding services and compensation.

    Explain that this agreement will clearly outline your services, allowing them to understand precisely what they’re getting and at what cost. Reinforce that this protects their interests and helps avoid surprises later on.

    4. Focus on Value

    Transition to discussing the value you bring as their agent.

    Highlight your expertise, market knowledge, negotiation skills, and commitment to finding them the best home at the best price.

    Reassure them that, although they will be directly involved in compensating you, your services are designed to save them time, money, and stress.

    5. Invite Questions

    Conclude by inviting them to ask questions or express any concerns. Emphasize that you are there to guide them through every step of the process and that their satisfaction is your top priority.

    By following this structure, you can deliver a buyer’s presentation that effectively communicates the new NAR settlement requirements, is reassuring, and is client-focused, ensuring your buyers feel confident moving forward.

    PLUS: When you have time…below are some marketing tools to help support your success.

    1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

    Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

     

    2. The Free 6-Month Done-For-You Strategic Marketing Plan

    The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

    3. The Free Interactive 6-Month Real Estate Business Review

    The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals.   – Click Here

    4. The Become a Listing Legend Free eBook 

    This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

    Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here

     

     

     

      “America’s housing dream is broken,” claims a CNN.com headline. The New York Times wants us to know that “The Housing Market Is Worse Than You Think.” Finally, CNBC.com resorts to the scary stuff with an article about “… how much equity U.S. homeowners have lost since May.” 

      Is it any wonder that homebuyers, already fatigued by competing with multiple buyers, watching home prices skyrocket (seemingly overnight) and, now, escalating mortgage rates, are beyond frustrated?

      Is it impossible, as many think, to buy a home? While it may be challenging, you and I both know it’s not impossible. At least not for many Americans. They just need a lot of educating, counseling, and, maybe, a whole lot of hand-holding.

      Are they aware of the ins and outs of mortgages?
      Direct Response Reports. See more Here.

      Naturally, you’re hesitant to get too deep into the mortgage weeds when advising clients. After all, you’re most likely not a financial expert and, therefore, shouldn’t be counseling clients about financial subjects. 

      You can, however, suggest that they get to know and understand the following concepts and strategies and talk them over with a lender:

      • Discount points – Discount points, also known as points, lower a borrower’s “… interest rate in exchange for paying an upfront fee,” according to the experts at the Consumer Finance Protection Bureau. Pass the link on to your clients for an excellent description of buying points and the pros and cons of doing so.
      • Adjustable-rate mortgage – The loan of choice for the past few months, adjustable-rate loan applications have “… more than quadrupled since the start of the year,” according to Melissa Dittmann Tracey at nar.realtor. This may be the ideal solution for a buyer who plans on staying in the home for a reasonable length of time. Get the house with an ARM and then refinance into a fixed mortgage when rates drop. This strategy is not without risks, however.
      • Help them strategize coming up with a heftier down payment  – Yes, this is a tough one for an agent to suggest. It may mean putting a hot buyer on hold for a time. April, however, is right around the corner, and if your client is expecting an income tax return, depending on the amount, it could go a long way toward helping to lessen the impact of a higher-than-expected mortgage rate. 
      Keep an eye on the news

      If ever there was a time for Congress to act quickly, it would be now. Several bills remain in the works from last year that can greatly ease the pressure on hard-hit, moderate-income homebuyers. 

      Direct Response Report, See more Here.

      Keep an eye on Congress because if any of these passes, it could be a boon for your clients.

      • The First-Time Homebuyer Act of 2021. Introduced in late April 2021, this act revises the IRS code to provide first-time buyers up to $15,000 in tax credits. At the time of this writing, the act sits with the House Ways and Means Committee.
      • Downpayment Toward Equity Act of 2021. This program will be administered by HUD to “… states and other entities to provide qualifying assistance to certain first-time, first-generation home buyers in purchasing their first homes,” according to the bill’s text.
      • LIFT Homebuyers Act of 2021.  Introduced in September 2021, The LIFT Act will provide 20-year fixed-rate mortgages for “… first-time, first-generation homebuyers whose incomes do not exceed a certain amount,” according to the bill’s text. These loans will be offered by Rural Housing Services or the Federal Housing Administration (FHA).

      PLUS: When you have time…below are some marketing tools to help support your success.

      1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

      Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.

      Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here


      2. The Free 12-Month Done-For-You Strategic Marketing Plan

      The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

      3. The BusinessBase, SOI building system

      The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes but is also a business-building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. – Click Here

      4. The Free Interactive Real Estate Business Plan

      The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.  – Click Here

      5. The Become a Listing Legend Free eBook 

      This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

      Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here

      6. The Take a Listing Today Podcast

      Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here

        As a new buyers agent, you may still be learning the ropes. Now is the time to cultivate good habits and avoid making the mistakes that many other agents make.

        One of the most prevalent among the latter is assuming that your clients know what they need to know during the home buying process.

        In reality, most first-time buyers know little, if anything, about buying a home and are counting on their agents to guide them through the process.

        Do them a solid and share with them the following 3 warnings.

        1. Getting preapproved for a mortgage is non-negotiable

        “For 41% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale,” according to the NAR’s Profile of Homebuyers and Sellers.

        Yes, the prospect of buying a home is exciting, and without knowledge of the process, some folks jump right over the baby steps of shopping for a lender, loan preapproval, and interviewing buyers’ agents. They hop in the car and start looking at homes for sale without even knowing how much home they can afford.

        It’s a recipe for disappointment

        Knowing how much they can spend is paramount, both in avoiding wasting your time and theirs. 

        Then, there’s the fact that sellers and their agents want to see a preapproval letter. 

        Experienced agents know well the couple that fell in love with a house they found open on a Sunday afternoon only to learn later that it was way out of their price range. Nothing you show them after that will stack up.

        2. Help them understand the home loan process

        Check this out: “41% of Americans who’ve never owned a home believe 20% down payments are required,” according to Maggie Davis at lendingtree.com.

        These people are first-time homebuyers who are absolutely clueless about down payments. Yes, 20% down is best for the borrower, but a smaller down payment certainly doesn’t prohibit them from buying a home.

        The First Time Buyer Series is shown above. To see more designs, Click HERE.

        So, although it’s a given that agents should counsel their buyers that they need to see a lender before looking at homes, they also need to warn their clients about the out-of-pocket costs involved in the purchase of one. Then, give them the good news about low-down loans and down payment assistance programs.

        3. About that final credit pull

        Because they aren’t fully tutored on the mortgage process, many newbie homebuyers rightfully assume that once they’re approved for a mortgage, they will remain approved. 

        They can relax.

        Many are so eager to get started shopping for furniture, new appliances, and other items for their new home they run up hefty credit card tabs. Additional credit changes their ratios, and they may find themselves without a home to fill with all those purchases.

        Remind your clients that it’s not a done deal until it closes. Changing jobs, making large purchases on credit, and allowing credit inquiries after loan approval have all proven detrimental to many buyers. The lender’s soft pull just before closing should be explained fully to your buyers.

        Yes, we all wish that mortgage professionals would pass these warnings on to your clients, but they typically don’t. 

        Just consider these warnings as part of what we know will be the amazing customer service you will provide all of your buying clients.

        PLUS: When you have time…below are some marketing tools to help support your success.

        1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

        Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.

        Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here


        2. The Free 12-Month Done-For-You Strategic Marketing Plan

        The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

        3. The BusinessBase, SOI building system

        The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes but is also a business-building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. – Click Here

        4. The Free Interactive Real Estate Business Plan

        The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.  – Click Here

        5. The Become a Listing Legend Free eBook 

        This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

        Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here

        6. The Take a Listing Today Podcast

        Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here

          To Become That Stand-Out Agent

          Crazy business, isn’t it? You studied, got your license, paid all those fees, found a broker, and GOT TO WORK.

          If you were lucky, once onboard, your broker had some sort of training program for new agents. Most, however, teach a few rudimentary tasks and send agents on their way.

          What is universally lacking is training on how to work with clients – especially buyers. In many cases, this leads to a less than stellar experience for home buyers.

          Want to become a stand-out with your buyer clients? Here are three things you absolutely must share, that many agents won’t.

          Rent By Numbers Campaign, see more HERE
          Closing costs

          Have you ever wondered why there is so much focus on educating buyers about the down payment while details about closing costs are rarely mentioned? I have a theory about that.

          Buying a home is expensive. That’s a given. Telling a client who is on a budget that they’ll need thousands of dollars in cash to put down on a home almost feels like we’re scaring them off.

          Once past the down payment hurdle, who wants to say “Oh, yeah, by the way, you’ll need about that much more in cash for closing costs?” It’s much easier to let the lender take the hit for that one, right?

          But we owe our clients much more than this. There is nothing worse than meeting with the lender and learning you’ll need twice as much cash as your agent told you that you’d need.

          So, vague references to closing costs don’t cut it. Be the agent that helps change the perception of the industry by being upfront and honest about all aspects of the transaction – especially financial aspects.

          Give them more information about the loan process

          First-time buyers have a tendency to think that loan preapproval is an iron-clad guarantee that they’ll get the loan. It’s the lender’s job to tell them otherwise but how many do so?

          Since you, as the agent, have a vested interest in the buyer’s successful closing, don’t assume the buyer’s lender is going to do this.

          What is especially important for your buyers to understand is that their loan can fall apart right up until the moment the loan is funded.

          Quitting a job, moving money, buying anything on credit, applying for new credit can doom the entire purchase.

          First Time Buyer Campaign, see more HERE
          Treat the final walkthrough seriously

          I once had a friend who bought a house and used a well-known local agent. It was her first home so she relied heavily on the agent’s experience.

          During the final walkthrough, my friend allowed her agent to take the lead and, it’s a good thing because all of the appliances which were to remain with the home were gone. Refrigerator, washer, dryer – all missing.

          Since the walk-through was scheduled the day before closing, the closing had to be postponed while the seller replaced the appliances.

          After my friend moved in she found that the garbage disposer was also missing, plants were removed from the landscaping and several other fixtures were gone. At that point, it was too late to remedy the situation and she was forced to replace everything out of her own pocket.

          The agent fell down on her duty to her client.

          Make a walk-through checklist of every aspect of a home and use it during the final walkthrough. Counsel your client to move slowly and inspect everything.

          PLUS: When you have time…below are some additional tools to support your success.


          1. The Free 12 Month Done-For-You Strategic Marketing Plan

          The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

          2. The BusinessBase, SOI building system

          The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes, but it is a business building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. – Click Here

          3. The Free Interactive Real Estate Business Plan

          The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.  – Click Here

          4. The Become a Listing Legend Free eBook 

          This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

          Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here

          5. The Take a Listing Today Podcast

          The Take a Listing Today Podcast

          Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here

          Please reach out to our support team at 866.405.3638 with questions or if there is anything we can do to help you in your success.

          We’re here to support you.

          Your ProspectsPLUS! Team

          © 2024 ProspectsPLUS! | Real Estate Marketing Blog