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Tuesday, August 24, 2010. Hosted by Dolores Roth Certified CDPE Instructor Distressed Property Institute, LLC. Conference Line:Â 213-286-1201 Access Code: 519-953-366. OR Turn on your computer speakers. CDPE Certified Instructor Licensed real estate broker (1998)
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Tuesday, August 24, 2010 Hosted by Dolores Roth Certified CDPE Instructor Distressed Property Institute, LLC Conference Line: 213-286-1201 Access Code: 519-953-366 • OR • Turn on your computer speakers
CDPE Certified Instructor • Licensed real estate broker (1998) • Top sales agent 5 years in a row in South Florida • Personally closed 100’s of short sales • Helped 1,500 agents become CDPEs • MBA – Decision Information Systems Dolores Roth CDPE Certified Instructor
It’s A Buyer’s Market Buyer’sMarket[bahy-erz] [mahr-kit] –noun A market which has more sellers than buyers. Low prices result from this excess of supply over demand. Also called a soft market.
It’s A Buyer’s Market • It’s a Great Time to Buy • Interest rates at historic lows (4.42 on 30-yr fixed) • Sellers NEED to Sell • But is Your Buyer Serious? • Are they qualified? • Are they “just looking”? • Do they know what they want? • Are their expectations realistic?
“Before anything, preparation is the key to success.” Alexander Graham Bell
Getting Started(often the hardest part) Understanding Buyer DNA Educating the Buyer Interviewing the Seller’s Agent
Getting Started • Qualification • Are they financially ready to buy? • How is their credit? • Are they pre-approved? • Motivation • When are they looking to purchase? • Do they have to sell another house to purchase this one? • Are they “just looking”? • Are they searching for the “perfect deal”?
D – Desire N – Need A – Ability Buyer DNA
Educating the Buyer • Current Market Conditions • Property Values • Transaction Timelines • Appreciation of Short Sale Process TIP: Communicate with Buyers Up Front (… understanding DISC profiles is helpful)
D – Dominance I – Influence S – Steadiness C – Conscientious Communications: DISC Profile
Communications: DISC Profile • How to recognize the “D” Personality • They usually get right to the point • They speak in short, succinct phrases • They sound confident, commanding • They want to immediately hear how their goals can be reached
Buyer Market Availability Communicating with the “D” Personality “We’re going to look at some houses today. While you may have found some by yourself on Realtor.com, you need to know that some of those properties may not be available. Here’s why … Not all agents know how to list short sales effectively in the MLS, or represent distressed homeowners. Some agentstake multiple offers, serving only their best interests. Here is where you might end up in a blind auction. As your agent, I’m not going to let that happen. This is for your protection and will also help us find the house you want much more quickly.”
Communications: DISC Profile • How to recognize the “I” Personality • They speak with emotional, energetic language • They may tend to exaggerate • They usually surround themselves with sound and activity • They aren’t the best about keeping up with details
Buyer Market Availability Communicating with the “I” Personality “As we go out and look at some houses, I want to prepare you for what we’ll see. In my experience, I find it helps to first talk about expectations. I understand you may have viewed some properties on the Internet and Realtor.com. You can really find properties everywhere thesedays … I’m sure you saw tons of listings, but you should know that some advertised properties might not actually be available. What happens is, some agents listing short sales – great deals – will take four, five, even seven offers on a single property, but this really only serves their own best interests. It’s not a good place for you to be, as a buyer. Can you imagine? This is where I come in. I won’t let you end up in a bad position like a “blind auction” where you’re just bidding and bidding and bidding and have no idea if your offer is competitive. Sound good? OK, let’s go see some houses!”
Communications: DISC Profile • How to recognize the “S” Personality • They like to be very personal and sincere • They may try to provide you with a lot of their information right off the bat • They try to sound comforting, and want to be comforted in return. • They tend to resist change and fear loss of security (more than most)
Buyer Market Availability Communicating with the “S” Personality Note: Early on in the relationship, ask permission to call them by their first name. “Hello [FIRST NAME]. We’re going to look at some houses together. Sound good? Now, have you already had a chance to look around on the Internet to find some properties? It’s okay if you have, but I want to make sure you understand what you may have found. You see, some of the properties advertised may not actually be available. This is because there are a lot of agents who are listing short sales – which can be great deals – but don’t know what they’re doing. The agents may be looking for multiple offers, which serves only their best interests. It’s really unfortunate. Personally, I’d never want you end up in what’s known as a blind auction, which is not a favorable situation for you. This is for your protection as well as mine, and it’s my goal to make sure you’re 100% protected throughout this process.”
Communications: DISC Profile • How to recognize the “C” Personality • They may greet you in a more formal manner • They ask a lot of specific questions • They bend over backwards to give you very accurate information • They are not usually socially graceful or smooth
Buyer Market Availability Communicating with the “C” Personality “I have a process I go through when showing houses, but first I need to make you aware of something. I’m sure you’ve done your homework and already found some properties on the Internet. However, there is a percentage of properties that may be advertised but not actually available. This is because not every agent knows the intricacies of listing short sales. Some agents take multiple offers on these properties. This would put you, as a buyer, into an unfavorable position like a blind auction. It would also decrease our chances of getting you the house you want. I know this market well and would never put you in a situation like that.”
Interviewing the Seller’s Agent • Crucial to Closing on Short Sales • Conduct Prior to Contract Submission • Ensure Agent Knows Short Sale Process • Stress Single-Contract Approach
New Information! • How to engage and work with buyers! • The New HAFA Program! • More than 50 new pages added! • Meet the Team! • Tour of our Austin offices! • Unprecedented access to the CDPE team! • Breakout sessions to improve your business!
