Post-License Ch.8 Summary Notes
A buyer isn’t likely to come from an open house. The person who benefits most is the agent.
- Advertise it aggressively.
- Develop a simple advertising piece that can be used as a mailer and a flyer.
- Have registration/feedback forms or cards for people to fill out.
Floor time is a block of time when the agent is required to be in the office and available to take incoming phone calls.
- This is where knowing your office’s inventory pays off.
- Have two or three “favorite” homes in mind from each price range.
Most real estate companies have a relocation service.
- But you often have to be a certified relocation specialist before you’re given any referrals.
- Friends or family members who live out of state can be a good resource too.
Types of Buyers:
· Quick Decision-makers
- Likes Everything
- Not in a Hurry
- The Mystery Buyer
Most common mistakes can be defined as assumptions:
- How much house buyers can afford.
- How soon they need to move.
- Being pre-qualified or pre-approved for a mortgage.
- The buyers know what they wan
- Familiarity with the home-buying process.
- Loyalty to one agent.
- Who the decision makers are.
Learn to prioritize your buyers so you can effectively manage your time and better satisfy your clients.
- I need a home now.
- I’ll need a home soon.
- I’ll need a home eventually.
Before your buyer arrives, you should have the following things ready:
· Financial Qualification Sheet.
- Step-by-Step explanation of the purchase process.
- Checklist the buyer can use to document the features he wants.
- Map of the area so they can mark the areas in which they’re interested.
- Company information.
- Agency notice disclosures.
- Contact information for two or three mortgage companies.
· Exclusive Buyer’s Agreement.
When you have all these items gathered together, put them in a nice, glossy folder and create a label with the buyer’s name on it.
Though you should let him take the paperwork home, you shouldn’t let him “think it over” indefinitely. Whenever possible, you want to schedule your first appointment with a new buyer at your office.
Exclusive Buyer’s Agreement
The broker can submit bids from other buyers, as long as the broker makes the buyer aware that he’s submitting a competing bid.
The buyer will make you aware, at the first available opportunity if any seller or seller’s agent has contacted him. The buyer will be available at reasonable times to view houses and meet with the broker.
A retainer isn’t required by Florida law.
Broker’s loyalty is to the buyer, even if the seller in a transaction has agreed to pay the buyer’s agent’s commission.
During the protection period, the broker’s commission is still due if the buyer signs a residential sales contract.
The buyer or broker can terminate this agreement by giving written notice to the other party.
If the buyer enters into a sales contract for any residential property that the buyer was aware of prior to the termination date, compensation is still due to the broker.
The responsibilities of a single agent include:
- Loyalty, Confidentiality and Obedience.
- Full disclosure and Accounting for all funds.
Be careful not to engage in steering.
Before you set up showings for your client, preview the homes you want him to see. When you preview the home, take a copy of the MLS listing and a notepad.
Use buyer evaluation forms. Have one for each property you’re going to show. Take some time to plan your route.
Limit the number of homes you show your client at one time.
If your buyers cancel, it’s important that you call and cancel all of the showings. Do your best to withhold your personal opinions.