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MREA: Converting & Servicing Buyers

MREA: Converting & Servicing Buyers. A Course for the Millionaire Real Estate Agent. Friday Morning Coffee. Presented by Brad Korn, The Korn Team. Serving Your Greater Kansas City and Lincoln NE Referrals www.kornteam.com. Introduction. What You Will Learn (cont.).

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MREA: Converting & Servicing Buyers

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  1. MREA: Converting & Servicing Buyers A Course for the Millionaire Real Estate Agent

  2. Friday Morning Coffee Presented by Brad Korn, The Korn Team Serving Your Greater Kansas City and Lincoln NE Referrals www.kornteam.com

  3. Introduction What You Will Learn (cont.) MREA: Finding and Servicing Buyers Outline • The Role of the Buyer Specialist • Preparing for the Appointment • Handling Objections • Delivering the Buyer Consultation • Touring Properties • Writing the Offer • Putting It All Together 6

  4. Chapter 1: The Role of the Buyer Specialist Job Description Buyer Specialist • Prospects for, follows-up with, presents to, and services buyers • Develops expert knowledge • Provides high-level fiduciary needs analysis • Consults with clients • Effectively negotiates 9

  5. Chapter 1: The Role of the Buyer Specialist Goal Categories The 80/20 Rule Truth: There is a pattern of predictable imbalance in life. It is called the 80/20 Principle. Truth: Doing a lot of things is never a substitute for doing the right things. 10-11

  6. Chapter 1: The Role of the Buyer Specialist The 4-1-1 What is the 4-1-1? • Annual Goals • Monthly Goals • Weekly Goals 12-13

  7. Chapter 1: The Role of the Buyer Specialist Accountability Preparing for the Accountability Session • S – Specific • M – Measurable • A – Action Oriented • R – Realistic • T – Time Bound 16-17

  8. Chapter 1: The Role of the Buyer Specialist Accountability (cont.) Format of the Session The Weekly Accountability Session • What was your goal? • How did you do? • How do you feel about that? • What do you need to do now? 18

  9. Chapter 1: The Role of the Buyer Specialist Accountability (cont.) Results of the Session • Meeting the Goals • Not Meeting the Goals 19

  10. Chapter 2: Preparing for the Appointment Chapter 2: Preparing for the Appointment In this chapter, you will… • Internalize the winning mindset it takes to get a Buyer Consultation appointment • Use the buyer interview form to qualify buyers • Prepare for the buyer consultation 22

  11. Chapter 2: Preparing for the Appointment The Winning Mindset How to Get It • Be confident • Phone skills are key • Take control • You’re on their side • Give the buyer choices • Know where they’re coming from • Trial close at every step 23

  12. Chapter 2: Preparing for the Appointment Qualifying the Buyer How to Do It: • Stop! Be prepared for questions • Gather Buyer Interview sheet information • Use Buyer Interview sheet information • File your completed Buyer Interview Sheet 24-26

  13. Chapter 2: Preparing for the Appointment Preparing for the Buyer Consultation How to Do It: • Buyer Book • Team Mission Statement • Team Introduction • Testimonials • Getting to Know Your Agent • Buying vs. Renting • Buying a Home (FAQ) • Step by Step Process • Moving Checklist • Service Provider List 28

  14. Chapter 2: Preparing for the Appointment Preparing for the Buyer Consultation How to Do It: (continued) • Buyer Representation Agreement • Addendum • Agency Disclosure • Affiliated Business ArrangementDisclosure • MLS Search Printout • Notes on Viewed Properties • Business Cards • Homebuyer’s 10’s Sheet • VIP Question • Who Do You Call When… 28

  15. Chapter 3: Handling Objections What Makes Effective Objection Scripts How to Do It: • Opportunities to shine! • Learn your scripts • Listen carefully • Assure them • Answer patiently • Ensure that you have answered their question • Go for the close 32

  16. Chapter 3: Handling Objections What Makes Effective Objection Scripts How to Do It: Exercise • We Can Find Homes on Our Own • We Can Find Homes on Our Own Using the Internet • We’ll Use Realtor.com • We’ll Find Homes by Calling Signs & Ads • We’re in a 2-month Lease 35-42

  17. Chapter 3: Handling Objections What Makes Effective Objection Scripts How to Do It: (continued) Exercise (continued) • We’re in a 3-month Lease • We’re in a 4-month Lease • We’re Just Not Sure We Want to Buy • We Don’t Want to Sign Anything Today • We Want to be Free to Work with Other Agents 35-42

  18. Chapter 4: Delivering the Buyer Consultation Know Who You’re Talking To The D.I.S.C. Personality Profile What is it? D: Dominant-Driver I: Influencing-Inspiring S: Stable-Steady C: Compliant-Correct 45-46

  19. Chapter 4: Delivering the Buyer Consultation Know Who You’re Talking To Another Way of Looking at the D.I.S.C. I: Hot, People/Relationship, Fast/Aggressive D: Cold, Tasks/Thinking, Fast/Aggressive S: Warm, People/Relationships, Slow/Passive C: Cold, Tasks/Thinking, Slow/Passive 47

  20. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms How to Do It: • Explain agency, the process, and your team • Complete a Buyer Representation Agreement • MLS search results • Close the meeting • Meet face-to-face • Build rapport • Set the expectation • Conduct a needs analysis 48

  21. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 2: Greet and Build Rapport Using the FORD Technique • F – Family • O – Occupation • R - Recreation • D - Dreams 52-53

  22. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 3. Set the Expectation Your Team’s Mission 54

  23. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 4: Conduct a Needs Analysis, Using the Homebuyer’s 10’s Sheet Homebuyer’s 10’s Sheet 55

  24. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 5: Explain the Home-buying Process and Your Team’s Value Proposition • The Home-Buying Process • Experienced Home Buyer • First Time Home Buyer 57-61

  25. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 5: Explain the Home-buying Process and Your Team’s Value Proposition(continued) Your Team’s Value Proposition 62

  26. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 6: Explain Agency and Complete a Buyer Representation Agreement Explain Agency 63-64

  27. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 6: Explain Agency and Complete a Buyer Representation Agreement (continued) Complete a Buyer Representation Agreement 65-66

  28. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 7: Present Your MLS Search Results 67

  29. Chapter 4: Delivering the Buyer Consultation Identify the Steps and Forms Step 8: Close the meeting 68-69

  30. Chapter 5: Touring Properties The Property Tour How to Do It • Schedule a tour • Print MLS information • Order MLS sheets • Gift basket/water • Give buyer MLS sheets • Know your scripts • Tour of the properties • Consult with the buyer • Visit other properties/reschedule • Refine your search • Repeat until buyer want to make an offer 74

  31. Chapter 5: Touring Properties The Property Tour Tour Guidelines • Record buyer’s comments • Record your comments • Rank properties • 3 hour maximum • Descriptive names • Pre-qualification • FSBO’s • Provide feedback 75

  32. Chapter 5: Touring Properties Making a Decision Describing the Process of Elimination • Rank 1 to 10 • Pick out 8’s or better • Homebuyer’s 10’s sheet • Choose top 3 • Place an offer 76

  33. Chapter 5: Touring Properties Making a Decision Objections to Making a Decision Exercise: Practice dealing with decision objections • I Want to Wait for the Price to Drop Before Making an Offer • I Want to Sleep on It Before Making an Offer • New Agent Will Give Me 1% Back at Closing if I Buy Their Listing Without Having an Agent Represent Me • The Builder Will Give Me 1% if I Work Directly Through Them Without an Agent 77-79

  34. Chapter 5: Touring Properties Making a Decision Objections to Making a Decision (continued) Exercise (continued) • Something’s Not Quite Right with this Home • We’re Going to Shop Around • We Haven’t Seen Enough Homes Yet to Make a Confident Decision • We Want to See Every Home in Our Price Range • We’re Looking for the Perfect Home 80-82

  35. Chapter 5: Touring Properties Making a Decision Guidelines for Decision-Making: • How would you feel? • Lock in the interest rate • No way of knowing about other offers • Won’t be on the market for one more day 83

  36. Chapter 6: Writing the Offer Write the Offer How to Do It: • Which property? • Contact the listing agent • Seller’s Agent Questions worksheet • Consult with the buyer about price/terms • Buyer’s Estimated Charges worksheet • Complete a contract for purchase • Accept counter-offer/re-counter • Earnest money and option fee 86-87

  37. Chapter 6: Writing the Offer Negotiation Guidelines Tips • Provide copies of contracts • Better act quickly • Remain patient yourself • lay everything on the table • Go for win-win • Establish rapport with the seller’s agent • Prepare them for the worst • Explain the nuts and bolts • Set objective criteria • Remove emotion 88-89

  38. Chapter 6: Writing the Offer Negotiation Guidelines Tips (continued) • Get the facts • Put the buyer first • Look at the bottom line • Keep buyers in the loop • Let the other party have the final word 88-89

  39. Chapter 7: Putting It All Together What You Have Learned? MREA: Finding and Servicing Buyers Outline • The Role of the Buyer Specialist • Preparing for the Appointment • Handling Objections • Delivering the Buyer Consultation • Touring Properties • Writing the Offer • Putting It All Together 93

  40. Chapter 7: Putting It All Together Exercise: My Action Plan Complete your own action plan 94

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