You receive a call from an advertisement that you posted on Craigslist.com on a property listing in your area. The buyer quickly asks the price of the property and more details. This being a buyers' market, you immediately answer every question the potential client asks.
At this point, you need to start asking the right questions in order for you to make sure that the caller on the telephone is actually a viable client to work with. With gas prices steadily rising, you do not want to be waisting your time and gas money with a "tire-kicker." You MUST first qualify the potential buyer and ask the necessary questions. Here is a list of questions that every real estate agent must ask before working with a buyer:
1. Area Selection, City/County
2. Price Range
3. Type Of Home
4. Size Of Home
5. Bedrooms
6. Bathrooms
7. Desired School Nearby
8. Age Of House
9. When Do They Need To Purchase By
10. Do They Need To Sell Their Current Home Or Are They Renting
12. Are They Pre-Qualified For A Loan (VERY IMPORTANT!)
13. Do They Need To Speak With Your Preferred Lender
14. Are They Currently Working With Another Real Estate Agent (AGAIN, VERY IMPORTANT)
15. When Is The Best Time To Reach Them
16. Ask For Their Complete Contact Information Including Their Email Address In Order To Send Them Properties That Are Currently Listed On The MLS Via Email.
After asking the above questions, you will know a lot more about your potential client and be able to know if they are worth working with. If a buyer does not wish to answer your questions, let them go and do not bother working with them. They most likely will waist your time in the long run. Remember, that you must stay in control. You are the real estate expert, and your time and expertise is priceless.
Another valuable suggestion is to meet with every client face-to-face before showing them properties. Have a qualified mortgage lender present during your first meeting if possible. Do not take a buyer out that cannot present you a pre-qualification letter for a mortgage. How is it possible to truly know if the potential client can afford any property if you have no idea what they can afford. After speaking with your mortgage specialist, your potential buyers will know all of their financing options and completely understand their comfort levels when putting offers on a properties that you show them.
Asking lots of questions and going the extra mile will pay off dearly when you get your commission check as well as the plethora amount of referrals that you will receive after closing. Remember, you are you own boss and you should make sure you work with "real" buyers and not liars.
Michael, great post! All very important bits of info to get from a prospective client. I actually have a Buyer Sheet with all of the standard questions on it so I don't forget any.