FOR INTERNAL USE ONLY
Buyer Consultation
Location: In-person or virtual
Mindset
- Setting the stage: What a great time to be a professional real estate agent.
- The game is the same; the rules have changed. We put buyers and sellers together. We clear the path to closing.
- New processes, contracts, and new conversations
- Role: We have the privilege of taking on the role of proactive trusted advisor, market maker, deal market, and most importantly, being a practical GUIDE for our buyers. Remember that your customer is the HERO in this story. You are the GUIDE.
A thought from Carlos
You will obtain commitment & capture value from customers when you demonstrate commitment & understand your value to the customer.- Carlos Villanueva.
- “Clear is kind, Unclear is Unkind” – Brene Brown, Author
- Be kind to your customers by clearly demonstrating the path forward.
- There is opportunity in chaos. Use the noise to your advantage. While others are confused, upset, and unsure what to do, Keep Calm and Carry On.
- You got this!!!!!!!
Skillset
Introduction: The agent and the buyer begin their journey by engaging in a crucial F.O.R.D conversation. This conversation is a formality and a critical step in building a solid rapport. The agent then explains their pivotal role in helping the buyer find a suitable property. Remember, the agent is a facilitator and guide in this process.
Safe Island: Here is your line "Before we begin, let me explain how I work."
Understanding Needs: The agent asks the buyer about their specific requirements for a home, such as location, size, number of bedrooms and bathrooms, budget, preferred amenities, etc. This helps the agent narrow down the search criteria. Resource: Buyer Questionnaire and Lead Sheet
Financial Pre-approval or Proof of Funds: If the buyer hasn't already obtained mortgage pre-approval or provided proof of funds, the agent may suggest doing so. This step helps the buyer understand their purchasing power and demonstrates to sellers that they are serious and capable buyers. Resource: Capital Partners Mortgage
Market Overview: The agent provides an overview of the current real estate market conditions, including trends in the local area, recent sales data, and any other relevant information that may impact the buyer's decision. Resource: NAR RPR and Florida Sun Stats
Home Buying Process: The agent explains the steps involved in the home buying process, from searching for properties and making offers to negotiating contracts and closing the deal. This helps the buyer understand what to expect and feel more confident about the process. Resource: Keyes Buyers Guide and Buyer’s Value Proposition.
Q&A: The buyer can ask any questions they may have about the home buying process, specific properties, financing options, or anything else related to their real estate goals. Resource: Listen and take outstanding notes
Setting Expectations and Getting Client Onboard: The agent sets realistic expectations regarding the timeline for finding a home, potential challenges that may arise, and the role of the buyer in the process. This is the time to review how our compensation works and obtain the client’s commitment to work with us. Resource: Buyer Brokerage Agreement/Engagement Letter or Showing Agreement located on Transaction Desk in Keyes Connect
Follow-up Plan: The agent and the buyer discuss the next steps and establish a plan for communication and follow-up, including how often they will check in and how the buyer will be notified of new listings that meet their criteria. Tip: Stay in contact with your buyers DAILY. Resource: Keyes Connect and MLS
Actionset
- Moving forward, Buyer consultations occur 100% of the time, with no exceptions.
- This is the only way to know that you have been empowered to work for buyers and that all expectations have been well established.
A Buyer Consultation is not just a one-sided interaction but a collaborative effort between the buyer and the agent. It's about ensuring that the buyer's needs and goals are understood and met. Together, we will navigate the home-buying process successfully.
Handling Objections
Handling objections to a buyer brokerage agreement requires effective communication and understanding the concerns of the buyer. Here are some steps to address objections:
Listen actively: Start by actively listening to the buyer's concerns without interrupting. Let them express their objections fully so you can understand their perspective.
Empathize: Show empathy towards their concerns. Acknowledge their feelings and reassure them that you are there to address their worries. Statements like "I appreciate that or I understand" are important.
Clarify misunderstandings: Often, objections arise due to misunderstandings or misconceptions. Take the time to clarify any points that may be unclear and provide factual information to dispel any misconceptions.
Highlight benefits: Emphasize the benefits of signing a buyer brokerage agreement. Explain how it protects their interests, ensures dedicated representation, provides access to exclusive listings, and streamlines the home-buying process.
Customize the agreement: Offer to customize the agreement to address their specific concerns. For example, you can include clauses that allow them to opt-out under certain conditions or specify the duration of the agreement.
Provide examples: Share success stories or testimonials from past clients who benefited from signing a buyer brokerage agreement. Real-life examples can help alleviate concerns and build trust.
Offer alternatives: If the buyer is still hesitant, offer alternative options such as a trial period or a shorter-term agreement to test the waters. This demonstrates flexibility and shows that you are willing to accommodate their needs.
Address objections directly: Address each objection directly and provide reassurance or solutions. Avoid dismissing objections or becoming defensive. Also, isolate and address each objection one at a time.
Follow-up: If the buyer needs more time to consider, schedule a follow-up meeting to address any lingering concerns and provide additional information, if necessary.
Respect their decision: Ultimately, respect the buyer's decision, whether they choose to sign the agreement or not. Maintain professionalism and continue to offer assistance and support throughout the home buying process.
Using The C.R.I.A.C method as a framework for objection handling
The CRIAC method is a structured approach to handling objections, which stands for Clarify, Respond, Interpret, Assess, and Confirm. Here's how you can apply the CRIAC method to handle objections to a buyer brokerage agreement:
Clarify:
Begin by clarifying the objection raised by the buyer. Ask open-ended questions to ensure you understand their concerns fully.
Example: "I understand you have some concerns about signing the buyer brokerage agreement. Could you please clarify what specific aspects of the agreement you're unsure about?"
Respond:
Provide a direct response to the objection raised by the buyer. Address their concerns with clear and concise information.
Example: "I appreciate your concern. Let me explain how the buyer brokerage agreement works and address any worries you may have."
Interpret:
Interpret the underlying meaning or motivation behind the objection. Try to uncover any deeper concerns or fears that may be driving their hesitation.
Example: "It sounds like you're worried about being locked into a long-term commitment without flexibility. Is that correct?"
Assess:
Assess the validity of the objection and determine if it is based on misconceptions, lack of information, or genuine concerns.
Example: "Based on what you've shared, it seems like you're concerned about not having enough control over the process. Am I understanding your perspective correctly?"
Confirm:
Confirm understanding and address any remaining doubts or uncertainties the buyer may have. Offer reassurance and solutions to alleviate their concerns.
Example: "Thank you for sharing your concerns. I want to assure you that we can tailor the agreement to meet your needs and ensure you feel comfortable every step of the way. Would you be open to discussing some options that might work better for you?"
By following the CRIAC method, you can effectively address objections to the buyer brokerage agreement while demonstrating empathy, understanding, and a willingness to accommodate the buyer's needs. This approach helps build trust and encourages open communication, leading to a more positive outcome for both parties.