When you first begin your career in real estate, you will more than likely start working with buyers. There are many reasons for this which is centered on your prospecting and trust issues. Typically sellers pay the commission and look for more experience which is why a Sales Associates will usually start out working as buyer Sales Associate. Regardless, you are a Sales Associate who wants to build a business and the buyers you work with will be your future sellers. It is important to build a good relationship with them so they will trust you with the sale of their home in the future. Being friendly, helpful, understanding, listening to their needs and maintaining constant communication and service are the keys to success. You want to become the buyer’s Sales Associate for life.

1. Fundamentals in Real Estate Series
Part 5 Working with Buyers
Pranav Pandya
Franchise Development Manager
RE/MAX Mumbai Gujarat Maharashtra

2. RE/MAX Mumbai Gujarat Maharashtra
RECAP
• Part 1 - Getting Started
• Part 2 - Marketing
• Part 3 - Prospecting
• Part 4 – Working with Sellers

3. RE/MAX Mumbai Gujarat Maharashtra
Today’s Agenda
• Where do you find them?
• What can be done to attract them?
• Qualifying buyers
• The buyer interview
• Property selection
• Showing property
• Sample due diligence checklist
• Overcoming objections
• Safety considerations
• The lowball offer
• Seminar selling
• Six mistakes buyers make

4. WHERE DO YOU FIND THEM?

5. RE/MAX Mumbai Gujarat Maharashtra
Ways to find buyers
• Calls on property ads –
newspaper/magazine
• Sign calls
• Former clients, friends, center of
influence, etc
• Open houses
• Door knocking and cold calling
• Clients with homes currently listed

6. RE/MAX Mumbai Gujarat Maharashtra
• Website inquiries
• Social media
• Generic promotion ads - bus benches,
billboards, etc
• Referrals
• Flyers, Just Sold/Just Listed inquiries
• Office call duty inquiries
• Office leads
• Relocation referrals
• Referrals from veteran Sales Associates

7. WHAT CAN BE DONE TO
ATTRACT THEM?

8. RE/MAX Mumbai Gujarat Maharashtra
Sources of Obtaining Buyers
• Home matching service
• Market evaluation
• Market updates
• Buyer information booklet
• Home search plan
• Pre-qualify
• Buyer seminars

9. RE/MAX Mumbai Gujarat Maharashtra
Specific type of buyer
• First time buyer
• Condominium buyer
• Buyers looking in a specific neighborhood
area
• Buyers who sign representation
agreements
• New construction home buyer
• Executive homes

10. QUALIFYING BUYERS

11. RE/MAX Mumbai Gujarat Maharashtra
Ask Questions
• When do you want/have to move?
• Why is that an important time?
• How would your plans be affected if you
moved sooner? Later?
• If you found a home today, are you
prepared to purchase it?
• Where are you currently living?

12. RE/MAX Mumbai Gujarat Maharashtra
• Do you own your present home or are
you renting?
• Will you need to sell your current home
before you purchase?
• Have you been pre-qualified for a loan
with a lender?
• How long have you been looking for a
new home?
• How many homes have you looked at?
• Why didn’t you buy one of those?

13. RE/MAX Mumbai Gujarat Maharashtra
• Is there anyone else who is going to be
purchasing this home with you?
• Are you working with a Sales Associate? If
yes, have you signed an exclusive buyer
representation agreement? Is the
agreement current or has it expired?
• Do you have any other ads circled that you
were planning to call for information? If
yes, please give me the names and
addresses, I’ll research and provide the
information when we meet.

14. RE/MAX Mumbai Gujarat Maharashtra
Financial Qualifying
• What price range do you have in mind?
• How did you decide on that amount?
• How much over that amount would you go if the
home was really appealing?
• What monthly payment are you comfortable with?
• Do you know about different down payments and
closing costs?
• Is your down payment a gift from someone?
• Do you have the down payment in your own savings
account?

15. RE/MAX Mumbai Gujarat Maharashtra
Needs and Priorities
• What will this move accomplish for you?
• What neighborhoods interest you?
• How far from work do you want to be?
• What items must be present in your new home?
• What feature, or lack thereof, would immediately
rule out a home?
• What type of home are you looking for? What
size?
• Are you moving up or scaling down?

16. THE BUYER INTERVIEW

17. RE/MAX Mumbai Gujarat Maharashtra
• A Buyer Presentation include
• Offer of purchase and sale agreement
• Mortgage rate/financing information
• Articles on market conditions and statistics
• Your newsletter
• Testimonials
• Title insurance information
• Area information
• Relocation information Utilities info, moving
with kids’ info, property tax info

18. RE/MAX Mumbai Gujarat Maharashtra
• Schools, Utilities, Amenities information
• Home Buyer Plan of your city
• Buyer representation Agreement
• Want / needs form
• Buyer Guide
• Closing cost information
• Agency brochure
• Your resume, personal brochure or “Meet
_____________” with contact information
• Company brochure
• Map Book

19. RE/MAX Mumbai Gujarat Maharashtra
• Obtain all the relevant buyer information
• Names (correct spelling)
• All pertinent phone numbers incl. business,
fax, emergency
• E-mail address
• Employment details, where, for how long
• Family members names and ages, education
requirements
• If out of town, where family and friends are
located

20. RE/MAX Mumbai Gujarat Maharashtra
• Discuss Finances
• Employment history
• Down payment
• Credit
• Discuss Buyers’ Needs and Wants
• Discuss and Sign Buyer Representation
Agreement
• Review Purchase Agreement
• Discuss Procedure Followed for Viewing
Homes
• Keep in Constant Contact

21. PROPERTY SELECTION

22. SHOWING PROPERTY

23. SAMPLE DUE DILIGENCE
CHECKLIST

24. RE/MAX Mumbai Gujarat Maharashtra
• Professional Property Inspections
• Protect Yourself and Your Client
• Presenting an Offer
• Negotiation

25. OVERCOMING OBJECTIONS

26. RE/MAX Mumbai Gujarat Maharashtra
• Typical Objections
• Handling Objections
• Other Buyer Objections
• Commission Cutting

27. SAFETY CONSIDERATIONS

28. THE LOWBALL OFFER

29. SEMINAR SELLING

30. 6 MISTAKES BUYERS MAKE

31. RE/MAX Mumbai Gujarat Maharashtra
1. Not Pre-qualified
2. Don’t shop for a mortgage
3. Don’t get professional inspections
4. Don’t use a professional Sales
Associate
5. Buy first
6. Don’t know the cost of buying

32. RE/MAX Mumbai Gujarat Maharashtra
Thank You