How to Conduct a Buyer Presentation in Real Estate
Today we are going to talk about how to conduct a buyer presentation.
The buyer presentation is the first thing that I do with ALL new buyer clients.
Usually, I'll ask to meet them at a local coffee shop, or a Regus shared office near where they live or are looking to buy.
Always be searching for the why behind their answers. Don't just ask the questions, find out why they want it to be that way. That builds trust and gets you a deeper understanding of what they are looking to accomplish — digging deeper into the client's "why" will also allow you to make suggestions not initially conceived.
Build Rapport To start the buyer presentation
Be sure to start the buyer presentation off by building rapport. Find out how long they have been in the area. Where do they work? How did they hear about you? Why are they looking to buy a new home? Have they purchased a home before?
These questions will start the relationship off right and make the rest of the meeting that much smoother.
START WITH WHAT TYPE OF HOME THEY ARE LOOKING FOR
The reason I like to start with what type of home buyers are looking for is that it breaks the ice. Even though you started by building rapport, you may not be entirely comfortable with one another yet. For this reason, starting with what they are looking for in a home is fun and easy. Most clients like to talk about what they are looking for as it's exciting to them.
Go over the needs and wants of your client's new home. Ask them about bedrooms, bathrooms, size, location, age of the home. Be sure to bring up any special requirements like if the home needs a 3-car garage, swimming pool, more considerable sized lot, a particular school, etc.
Based on their feedback, I then go back and ask what of those features are non-negotiable and must-haves for their home and which are just "nice-to-have."
MORTGAGE PAYMENT AND PRICING DISCUSSION
Next, we dig into the mortgage and pricing discussion. I'll typically lead by asking what price range they are looking to stay within. I'll then follow up and ask if that's the amount they are pre-qualified for or just a number they wrote down.
Because most buyers are mostly concerned with the monthly payment, I then ask what their comfortable monthly payment is and how much they are looking to put down on the property. With this information, you can run the necessary payment numbers and see if their home price is in alignment with their desired monthly payment and down payment.
I typically use Zillow's mortgage calculator as I've found it's the most basic and easy one to use. You can also download the app on your phone, so it makes it very simple to calculate payments when you're out and about.
Explain Your Home Searching Process
Do you work as a team or as an individual agent? Do they reach out to you directly to set up a home tour? Who is going to be the one searching for properties for them?
This part of the meeting is where you go over all that type of information. You want to set the right expectations upfront with how the client gets on your calendar to see homes. Be sure to cover how much notice is typically required. Will you be sending them properties or will they be the ones doing the bulk of the searching?
Be sure to cover how your team works, if you have one. Let the client know what your roles are on the team and if they will be interacting with other people along the way.
Pull Up Homes and Get On The Same Page
Next, you'll want to take a few minutes to pull up homes on the spot and be sure you understand precisely what the client is looking for. Another reason for doing this is that it confirms their needs can be accomplished, and they aren't overestimating what their budget can afford them.
If I have my computer on me, I use it. If I don't, then having the MLS app on my phone works for me. I will briefly input the information they told me earlier and scroll through a few listings with them.
I let the client tell me what they like and don't like about each property. If no properties exist based on their requirements, we go back and have a new discussion about lowering certain expectations. We follow along this path until we can find a reasonable amount of homes that would be the right starting place.
At this time, we can set up our first tour. We can either go out after this meeting or set up a later day and time when it is convenient for both parties.
Going Over the Buyer Representation Agreement
Before that happens though, I go over the buyer's representation agreement. I explain that we offer an "easy exit buyers agreement" which gives the buyer peace of mind to know that if we don't find them a home or provide them with the level of service they expect, they can cancel the agreement at any time with proper notice.
I also explain during this time how the commissions work. I let the buyer know that we earn our commission from the seller, and only once we find them a home.
Scheduling The First Home Tour
If we are going out right after the buyer presentation, then I'll tell them it'll take me a few minutes to get everything scheduled. I'll start by scheduling vacant homes first since they are typically "go and show" and can be setup immediately. Then swing by the occupied homes as they usually require notice before accepting a showing.
Watch How I Conduct a Buyer Presentation
Watch below as I conduct a mock real estate buyer presentation. Some of the buyer presentation elements, like calculating a mortgage and searching for properties, are shortened for the sake of time.