User41382_1_t Michael Citron
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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. 

 
Post is included in group: RealtorsĀ®

16 Comments on Buyers Can Be Liars! Be Careful!

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.

06/02/2007 07:38 PM by John Karadsheh, ABR, CRS ~ REALTORĀ® Mesa, Arizona - Las Sendas Real Estate (Coldwell Banker, Trails & Paths Premier Properties)


Thanks for your post, we use craigslist a lot so your tips are helpful.

06/02/2007 07:53 PM by Kevin Ray (Streamside Realty)


Some people are just so manipulative, and dishonest, that it makes life complicated.

06/02/2007 08:01 PM by Steven L. Smith, Bellingham, Wa. Home Inspector (King of the House Home Inspection)


I think it is very important to meet with the buyer in person -- you want to know not only if this is a serious buyer, but if you want to work with the buyer.  I also always work with a contract -- if they don't commit, they don't get to sit in my car.

06/02/2007 08:35 PM by Joan Whitebook, ABR,e-Pro,CEBA Southern New Hampshire (Buyer's Option Realty Services)


Sometimes even after all the right qualifying, buyer still changes their requirements and price range etc. We do the best we can and our efforts are recognized well most of the time. 

 

06/03/2007 08:17 PM by Ron Hackett, CRS,GRI,ABR,SRES,e-Pro (Coldwell Banker Heart of the Hills)


That sounds like a call i just got! I just ask for current loan approval and the name and number of  loan officer! 

06/03/2007 08:27 PM by Michael Lewis (Elite Realty)


Michael,  good post!.. Really said it all

06/05/2007 08:02 AM by My Favorite Mortgage.net - Matthew J Blum


Thank you for the post! I already made copies of your questions and distributed to all the agents in my office. They were ecstatic. They have been trying to make up their own list for awhile but nothing as complete as yours...Thanks again!

06/05/2007 09:26 AM by


 

Michael,

Thanks for your detailed post!  I typically ask at least 75% of these questions and get their info.  Mortgage qualificiation is a biggy since banks have tightened the credit requirements.

The difficulty for me has been when your showing properties (150 miles later) and the Buyer is either calling you to say he's jotting down a number (wait up).  Or They are actually in your vehicle telling you to back up..because they want to check on the FSBO!

It's easier when they are with you, because I typically call the number right there.  Harder when they are in their vehicle.

Is anyone else going through this?   The days of avoiding the path in front of FSBO is difficult due to the high number!!!!!

06/05/2007 09:34 AM by Elaine Liz-Ramirez MAI (ERA Advantage Realty)


Hello All,

Great original post.  I was trained at Caldwell Banker years ago and that is pretty much the standard questions they have you ask.  But, if you do not mind a suggestion, I would suggest moving two of them to the top.  Both you had marked as very important.  The first question should be are you working with another agent.  Then have you been Pre-Approved.  Having these out of the way is a major start on the sale. 

For the Pre-Qual or Pre-Approval they can use their bank or have them call a Mortgage Broker in your area.  Then you are working with a local loan officer and that will also help your transaction progress more smoothly.

I personally do not like the saying buyers are liars.  I work with almost 99% buyers and have not had any problems.  We have to remember that they are half of the transaction.

06/17/2007 03:02 AM by Homelink Real Estate & Mortgage


thats the ols sayind buyers are liars and sellers are even worse

06/17/2007 06:02 AM by john golymbieski (c21 access america)


Great post..sometimes we need a little nudge to remind us of all that you stated.

Yes there are liars on both sides--buyers & sellers.

Thanks.

06/17/2007 11:15 AM by Shirley Parks San Antonio Real Estate & Luxury Homes (RE/MAX Realty Advantage, San Antonio, TX)


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Real Estate - Other: Michael Citron (Web Email Flyers)
Michael Citron
Plantation, FL
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