I don't know if I'd say 'my knowledge'. I'd say the 'research' part, but, the knowledge part...I'm just wondering how that'd be in front of a real estate board. Better to just pull comps and let the buyers decide if they're overpaying. 'Course, again, EVERY buyer thinks they're overpaying; every seller thinks they're under-selling.

Thanks for posting these. I'm an experienced Realtor and there's some good verbiage here. The part about bank owned and foreclosure properties selling fast is so true, especially in the last couple of months.

This is a great thread so far..
I like to get the client to fill out a financial information sheet so that I can control who the client talks too and keep them in my pocket. Most of the calls that I deal with are "potential" buyers, so my approach is a little different. I wonder if this approach is hurting or helping...

When you've dealt with people who don't want to talk to a lender, won't get the letter, and you take them out numerous times...and then you finally 'discover' that they're NEVER going to get that letter...if you do this with about 15 different buyers...you'll learn for your own sanity that you NEED their letter; otherwise, there's a very good chance you're just spinning your wheels when you could be working on a REAL buyer.

Some of these people have nothing else to do in life so they find an agent and want to look at homes. I've even been so blunt as to tell people I'm not a home tour guide. I've told 'em there's only two kinds of agents who will take you out without a pre-qual/pre-approval letter...the newbie and the desperate - which do they want for an agent?

you loose the unqualified people who are not ready willing or able to purchase......i would rather show 10 people homes and have 10 sales where the client plays by the rules that have been proven to work......or you could show 100 people homes to make 10 sales


...seriously, i tell them that it is my office policy that i have to have emailed or faxed to me a prequalification letter prior to scheduling the showing and also that the buyer agent will call prior to leaving the office for confirmation of the appt.....the agent will not go to the property without phone confirmation prior to leaving the office.


i have a saying i made this one up:-)
*****someone is always running your business***** it is either you or your client/customer....the only one that has a proven track record in real estate sales is me and not my client, so we play by my rules....***someone is always going to run your business....you or your clients.....what business plan will you follow to make your living.

[quote=estatereal][quote=Rezo]Would directly ask them about pre-approval from lender will lose a lot of potential buyers??? [/quote]

you loose the unqualified people who are not ready willing or able to purchase......i would rather show 10 people homes and have 10 sales where the client plays by the rules that have been proven to work......or you could show 100 people homes to make 10 sales


...seriously, i tell them that it is my office policy that i have to have emailed or faxed to me a prequalification letter prior to scheduling the showing and also that the buyer agent will call prior to leaving the office for confirmation of the appt.....the agent will not go to the property without phone confirmation prior to leaving the office.

[/quote]

I really like that one, blame it on the "office policy"

I actually overheard someone talking in a restaurant once. He said:

"You know what my wife and I like to do? When we are in a new city we call up a real estate agent and tell them we want to buy a house, but we aren't familiar with the city. They takes us around and show us different neighborhoods and we look at a few homes, hell they EVEN BUY US LUNCH!"

How to qualify buyers:
1) they must be preapproved for a mortgage before you show them any houses, no exceptions
2) ask them how soon they NEED to move (not how soon they WANT to move, there's a difference). If they don't need to move, they're probably not serious, even if preapproved.

How to qualify sellers:
1) Ask them why they need to sell (same difference as above)
1b) If they need to sell, ask them how quickly they need the home sold (helps determine price motivation)
2) Ask what their plans are: do they need to buy another home, have they already purchased another home, etc.

Hope that helps!

They are not potential buyers if they are not preapproved for a mortgage. Don't be afraid to ask for the preapproval. You will save a lot of time (yours and theirs), gas and frustration. The only people who don't like being asked are people who aren't serious. Keep that in your head and you'll never go wrong.

OMG that would've made me sick LOL

My buyers and developers usually BUY ME lunch or dinner whatever the case may be.

Work commercial real estate and get rid of the residential flaky buyers.