SUCCESS IN REPRESENTING BUYERS
ON REO’S
OBSTACLES
SO MANY ACTIVE LISTINGS IN THE AVERAGE PRICE RANGES ARE R.E.O.’S
MANY OF THESE LISTINGS HAVE MULTIPLE OFFERS
PREPARING YOUR BUYER FOR TODAY’S MARKET
MEET WITH YOUR BUYER’S IN A CONFERENCE ROOM BEFORE YOU TAKE THEM OUT TO SEE HOMES
EXPLAIN WHAT IS GOING ON IN THE PRICE RANGE THEY ARE LOOKING FOR. NOT ALL PRICE RANGES HAVE MULTIPLE OFFERS.
EDUCATE THEM ON THE MULTIPLE OFFER ISSUES ON R.E.O.’S
PREPARING YOUR BUYER FOR TODAY’S MARKET
GO OVER LOAN PAYMENTS, PROPERTY TAXES AND THE COSTS INVOLVED IN BUYING
SHARE YOUR EXPERIENCE’S WITH THEM
GIVE EXAMPLES OF PROPERTIES SELLING SUBSTANTIALLY OVER LIST
HERE IS WHAT WE KNOW…
R.E.O.’S RARELY SELL FOR THE LISTING PRICE OR BELOW
WE KNOW THEY OFTEN SELL FOR $30,000 OVER LIST PRICE
OUR “BUYER” CAN’T QUALIFY OR AFFORD THE HIGHER PRICE, SO THEY DO NOT GO HIGH ENOUGH IN PRICE ON THE COUNTER OR LAST, BEST, AND FINAL.
IF YOU ARE SHOWING PROPERTY TO YOUR BUYERS AT THE MAXIMUM PRICE RANGE THEY CAN AFFORD, OR EVEN CLOSE TO IT . . .
YOU ARE MAKING A MISTAKE !!!!!!!!!!!!
HERE IS THE ANSWER
DO NOT SHOW LISTINGS AT YOU CLIENTS MAXIMUM PRICE
SHOW LISTINGS WHERE YOUR CLIENT CAN GO UP SUBSTANTIALLY IN PRICE FOR EXAMPLE $30,000 - $50,000 !!!!
PREP THEM FOR THIS SCENARIO FROM DAY #1 !!!!
EXAMPLE IF YOUR BUYER CAN AFFORD A $400,000
SALES PRICE, SHOW HOMES LISTED AT $359,000 - $370,000
HAVE THEM PREPARED TO PAY AS MUCH AS $400,000
PACKAGING YOUR OFFER FOR SUCCESS
COVER LETTER WITH A TABLE OF CONTENTS
CONTACT INFORMATION SHEETLETTER FROM BUYERS TO
SELLERSLETTER ABOUT YOU – THE AGENT
PACKAGING YOUR OFFER FOR SUCCESS
ACTUAL PREAPPROVAL !!!!!! PROOF OF CREDITAGENCY DISCLOSUREPURCHASE AGREEMENT & OTHER
OFFER FORMS REQUIRED
WHAT WILL HURT YOUR CHANCES OF GETTING YOUR OFFER THROUGH ?
NOT CALLING THE OB TO TELLING THEM YOU HAVE WRITTEN AN OFFER AND FAXED IT
NOT CONFIRMING THEY RECEIVED THE OFFER
WHAT WILL HURT YOUR CHANCES OF GETTING YOUR OFFER THROUGH ?
MAKING MISTAKES ON THE OFFER SUCH AS…LEAVING ITEMS BLANK, ERRORS ON THE AGENCY SECTION, COST ALLOCATION ERRORS AND, NOT TURING THE BANKS REQUIRED ADDENDUMS IN WITH THE OFFER
IT IS OK TO CALL ON A REGULAR BASIS FOR UPDATES, THEY NEED TO KNOW YOU ARE ON TOP OF THE ISSUES AND ON TOP OF THE TRANSACTION.
YOU SHOULD ASK MANAGEMENT FOR ADVICE PRIOR TO PRESENTATION
WE MIGHT KNOW THE O.B. AND COULD MAKE A CALL ON YOUR BEHALF
WE MIGHT MAKE SUGGESTIONS TO MAKE THE OFFER MORE ENTICING
HELPFUL HINTS
BE GRACIOUS AND POLITE TO THE ASSISTANT OF THE LISTING AGENT
OUR ATTITUDES AS AGENTS SIGNIFICANTLY IMPACTS THE ATTITUDES OF OUR BUYERS. FRUSTRATION BREEDS FRUSTRATION. BE POSITVE. GIVE HOPE. PROVIDE SOLUTIONS. TELL SUCCESS STORIES.
HELPFUL HINTS
SIT DOWN & EDUCATE YOUR BUYER ON THE MARKET AND CURRENT LENDING PRACTICES
EXPLAIN WHAT IS HAPPENING IN THE PRICE RANGE IN WHICH YOUR CLIENT IS SHOPPING
EXPECT A COUNTER AND BE PREPARED TO COUNTER HIGHER!
OTHER WAYS TO FIND HOMES FOR YOUR BUYERS
SEARCH EXPIRED LISTINGSSEARCH CANCELLED LISTINGSMAIL, DROP OR DOORKNOCK
AREAS YOUR BUYER HAS AN INTEREST IN
OTHER WAYS TO FIND HOMES FOR YOUR BUYERS
LET OTHER PINNACLE AGENTS KNOW OF YOUR BUYERS WANTS. LOOK FOR NEW LISTINGS ON OUR BOARDS
CHECK N.O.D.’S ASK THE FARMING AGENT IN THE AREA
IF THEY HAVE ANYTHING THEY ARE ABOUT TO LIST OR KNOW OF A POCKET LISTING
OTHER WAYS TO MAKE YOUR OFFER MORE COMPETITIVE
WAIVING CERTAIN CONTINGENCIES REDUCING THE NUMBER OF DAYS IN THE
CONTINGENCY PERIODS AGREEING TO CLOSE ESCROW BY THE
END OF THE MONTH ALL CASH IF POSSIBLE PROVIDING THE COMPLETE PACKAGE WE
SPOKE OF EARLIER IN THIS PRESENTATION
SUMMATION
PREP YOUR BUYERPRESENT A COMPLETE
PACKAGEDO NOT RELY SOLELY ON MLSSHOW THE CORRECT PRICE
RANGEGET MANAGEMENT INVOLVED
FACTLET THEM KNOW IF THERE ARE 10
OFFERS ON THE PROPERTY, THERE ARE GOING TO BE 9 LOSERS WHO LEAVE DISAPPOINTED AND UNHAPPY
IT IS A LOT MORE FUN TO BE THE ONE OUT OF 10 WHO WINS, AND LEAVES HAPPY
FROM THE GROUND WORK LAID WEEKS BEFORE . . .
WINNING IN A MULTIPLE OFFER SITUATION BEGINS BEFORE THE OFFER IS WRITTEN. PREPARATION OF THE BUYER IS CRITICAL.
CONCLUSIONTAKE THE EXTRA STEPS
TO PUT YOUR CLIENTS IN A POSITION TO WIN