Buyers' agents in real estate are VERY BUSY. Because they have several inquiries and demand a lot of your time, buyers might be time-consuming. More often than most of us would like, they can make life as a buyer's agent a little more chaotic. Although we at The Close are aware that your passion to help your clients is boundless, this does not imply that your time is as well.
To assist you to respond to potential buyers' questions before they occur, we've put together five checklists that could save their lives. Our checklists will provide your clients the tools they need to participate more actively in their transactions, freeing up some of your time so you can build up your client base and expand your business.
Checklist No. 1 For Real Estate Buyer Agents: Mortgage Approval
The majority of clients enter your office with a smile on their faces and excitement for a brand-new journey, especially first-time clients. When they contact their mortgage broker, that twinkle rapidly transforms into stress as they learn what they must do to obtain a mortgage pre-approval letter.
The majority of the pre-approval paperwork isn't difficult, despite the fact that there is a lot of it. Our Mortgage Pre-approval Checklist is a useful resource for managing the numerous duties required.
Using The Mortgage Pre-approval Checklist: Some Tips
Customize it: Since every lender differs slightly, there is no set list of documents required to obtain a mortgage pre-approval. Work with your client's lender to make sure your list includes all they require. By personalizing it, you can minimize confusion.
Regular check-in: Some buyers will go home and compile all of the necessary papers in a single evening. These are wonderful clients to have, but let's face it—they're not your normal clientele. A little bit of accountability goes a long way in this situation, so check in with your clients to see how they're doing with finishing their checklist.
Join forces with a lender: Do you wish to make use of your mortgage pre-approval checklist as a lead generation device? To establish a referral network that benefits both parties, collaborate with a nearby lender to give a co-branded checklist. Your partner lender can share the checklist with their clients and recommend you as a top real estate agent for their transaction, and you can recommend a fantastic lender to your buyers.
Download First Checklist
Checklist No. 2 For Real Estate Buyer Agents: Successful Home Search
Shiny object syndrome makes some real estate buyer clients among the most difficult to work with. They are easily sidetracked by houses that are too expensive, don't fit their needs, or are in undesirable neighborhoods. Nevertheless, people are interested in seeing those residences because the listing contains something intriguing.
Giving these clients the Successful House-hunting Checklist, which offers them a filter to apply on every home they're evaluating to make sure it's worth pursuing, can help you better serve them. A showing sheet from our checklist that your clients can use to contrast a house with other homes they've seen is also included.
How To Use The Checklist For House Hunting Successfully
Begin jointly: Using the first half of this checklist, create a baseline for the house your clients are looking for. As you work together to complete this portion of the checklist, direct them on the essentials they might not be considering.
Produce several copies: The second page of this checklist, where potential purchasers can write down their impressions of the properties they're viewing, is where the real power lies. When comparing many second pages, this feature becomes more potent and offers a more logical and impartial approach to house shopping.
Plan to go back to it: It's possible that your purchasers have unreasonably high expectations if they aren't succeeding in finding the house they want. Make a plan to go back and see if the first half of the checklist needs to be adjusted if you've seen more than six properties and they haven't yet invited you to write an offer.
Checklist No. 3 For Real Estate Buyer Agents: Open House Attendance
When a buyer signs a contract with a buyer's agent, it shouldn't prevent them from going to open houses on their own. While you maintain full agency, your buyers are free to visit properties on their own schedule and spend as much time as they'd like inside each home.
The drawback of your buyers attending open houses without you is that they can neglect to bring up the crucial points. Your absence adds to your workload because you might need to make follow-up phone calls or arrange for another show. In the end, this tactic might not be time or effort-saving for you.
All the most important inquiries that your potential purchasers should have been gathered in one spot by our Open House Attendance Checklist. This checklist tells them of the critical information you'd request if you were showing them the property personally if they believe a home is one they should think about making an offer on.
Using The Open House Attendance Checklist: Some Tips
First, explain it: This checklist includes a lot of rather technical questions. To ensure that your clients understand why they need to ask them and what to look for in the answers, you should first lead them through them step-by-step.
digitalize it Sometimes buyers don't sit down and schedule their presence at open houses. The majority of the time, purchasers pass by an open house on their way home from the farmers' market or while out riding bikes with their families. As a result, increasing the likelihood that your customer will use this checklist by making sure it can be downloaded to their phone
Additional market inquiries: Because every market is a little bit different, utilize our checklist as a beginning point rather than a final result. Before giving it to your buyers, make sure to add any special questions you always have when showing properties to our checklist.
Obtain Checklist #3.
Checklist No. 4 For Real Estate Buyer Agents: Writing A Successful Offer
Many buyers significantly rely on their brokers to provide them with the particular terms and conditions required to obtain them the greatest bargain when it comes time to put an offer on a home. However, if time is of the essence (as it is right now in a market that is extremely competitive), you might not have enough time to go over every provision of an offer contract.
You can review each significant contract term, including the purchase price, down payment, earnest money deposit (EMD), inspection, appraisal, possession, and more by using this Successful Offer Checklist. Before putting pen to paper, your buying clients will be fully aware of what each phrase means and how it affects their agreement.
Tips For Using The Checklist For Writing A Successful Offer
Finish it early: Don't wait to discuss this checklist until you've discovered the "ideal house." Before you've even visited a single property, think about filling it out with your buyers. In this manner, their decisions won't be influenced by feelings or the urgency of the situation.
Refuse ambiguous buyer responses: Don't let your customers get away with giving generic or ambiguous responses to the questions on the checklist. Encourage them to give a range of responses if they are unsure about a certain topic rather than providing no response at all. When it comes to the date of ownership, for instance, the remark "whenever works" is inadmissible. The phrase "anytime within 30 days of closing" is a better response.
Use this list as a guide when negotiating: Encourage your clients to give you the authority to negotiate on their behalf in accordance with the standards they specify in this checklist. You can engage in a little more verbal combat with the seller's agent by doing this. When you are not restricted to negotiating simply through written offers and counteroffers, deals close more quickly and frequently.
Checklist No. 5 For Real Estate Buyer Agents: Contract-To-Close
The most difficult aspects of purchase generally occur during escrow, the time between signing the contract and the closing, even though getting a home under contract for a buyer may appear difficult.
Before receiving their keys, buyers must perform a number of chores, many of which have time constraints. The main steps a buyer must take to close a deal are broken down in our Contract-to-Close Checklist. In order to maintain the transaction on schedule for your closing date, it also breaks them down weekly.
Using The Contract-To-Close Checklist: Some Tips
Partner with a closing firm: For the same reason that you teamed up with a mortgage company for your pre-approval checklist, choose a closing company to work with for this checklist. Win-win situation! In the event that the closing company of your choice has clients looking for a real estate agent, the closing company gains a referral source of clients, and you gain potential purchasers coming your way.
Get specific: Our checklist outlines the crucial tasks that must be completed, but don't be afraid to include smaller chores as well. You should remind your buyers to sign inspection reports, follow up with the mortgage underwriters, or plan their move-in date. Add any smaller jobs that would be useful to your customers.
Make the following list for yourself: Because you know your purchasers will be aware of what is happening and what is expected of them, having a buyer checklist is useful. Make a similar checklist for yourself with your obligations in relation to each of your clients' obligations, then track their progress as you advance on your own.
We hope you'll adapt these checklists for your business and your target market and use them right away with your customers.
The Close includes all the details you need if you want to learn how to be the top buyer's agent in your area. Check out our tried-and-true methods for increasing buyer clients to get started. We've got advice on how to use particular lead generation tools here, as well as things you can do with and for your customers to get better testimonials and more recommendations.