Verifying buyers

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Anonymous

Date: December 9, 2007, Number of Replies: 23

Hello all. I have been doing the real estate thing for many years, but still I am amazed at how many buyers I get calls from who say they are not working with another agent....and they actually are. Other than getting an immediate signature on a buyer-broker contract, anyone have suggestions (trick questions perhaps ;-) that I can use to avoid driving 30 miles to meet someone only to find out a few days later they have another agent? I guess I am going to have to use the Indiana buyers broker contract from the moment I meet people. Anyone else use those?

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Marlow Harris Licensed Real Estate Agent, Seattle, WA

Date: December 9, 2007

"..... anyone have suggestions (trick questions perhaps ;-) that I can use to avoid driving 30 miles to meet someone only to find out a few days later they have another agent? I guess I am going to have to use the Indiana buyers broker contract from the moment I meet people. Anyone else use those?"

Always, ALWAYS, have new buyers meet you in your office. Why would anyone meet a total stranger out in the field, at a house, or worse, at a vacant house?

Doctors don't do house calls anymore, why should you?

If a buyer is ready to hire an agent or employ your services, they should be ready to meet with you in your office. That's what professionals do.

You explain to them how you work and make gentle inquiries as to whether or not they're ready to "hire" an agent.

Hand them important documents regarding your state agency laws or whatever, but always include a Buyers Agency Agreement.

Good luck!

Marlow Harris

www.SeattleDreamHomes.com

Coldwell Banker

Seattle, WA

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Nancy Malick

Date: December 10, 2007

Re: Verifying Buyers: I do not have an answer for you. I also have trouble with that one. I snail mailed information to a prospective buyer many times, worked with her over a 3 month period, set her up in Client Gateway, used two tanks of gas previewing homes (because she would only have limited time to come into Charlotte to buy a home), and spent two days looking at the previewed listings with her only to find out she had been looking in Charlottesville, VA the week before where her daughter lives and her husband graduated from UVA. Of course she bought a home there. Lies by omission are still lies. She said she was not working with an agent in Charlotte.

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reneesommer@insightbb.com

Date: December 10, 2007

Hello all. I have been doing the real estate thing for many years, but still I am amazed at how many buyers I get calls from who say they are not working with another agent....and they actually are.

Something I found effective was a series of questions before you agree to meet them:

How long have you been looking for a house, or how many homes have you looked at? Do you rent or own? Are you pre-approved to buy with/w/o a contingency of selling. What generated them to that house and are they interested in looking at other homes in the neighborhood or price range.

You can tell a lot about their process of looking from their answers. If they have looked at other homes, then who did they look at them with? Probably a different Realtor. If they have, I suggest they go back to the Realtor they intend to purchase from. At that point, they may tell you something like well they are out of town, busy, etc. It might be better to loose a potential buyer than to run around wasting energy and working for negative income.

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Dave Johnston Licensed Real Estate Broker, Richmond, VA

Date: December 10, 2007

Always, ALWAYS, have new buyers meet you in your office. Why would anyone
meet a total stranger out in the field, at a house, or worse, at a vacant
house?

Doctors don't do house calls anymore, why should you?

If a buyer is ready to hire an agent or employ your services, they should be
ready to meet with you in your office. That's what professionals do.

You explain to them how you work and make gentle inquiries as to whether or
not they're ready to "hire" an agent.

Hand them important documents regarding your state agency laws or whatever,
but always include a Buyers Agency Agreement

____________________________________________________________________________
_______________________________

You obviously just work in a small area. I might be showing a house an
hour an a half North of me and the Buyer is coming down NJ. I am not going
to make him go another 3-5 hours round trip just so I can meet him in my
office.

Dave Johnston GRI, e-PRO, CRB, ABR, CPC
"The Old House Man"R
Principal Broker
oldhouseman@verizon.net
(804) 343-7123
www.AntiqueProperties.com

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gbcosta@yahoo.com

Date: December 10, 2007

Hello all. I have been doing the real estate thing for
many years, but still I am amazed at how many buyers I
get calls from who say they are not working with
another agent....and they actually are. Other than
getting an immediate signature on a buyer-broker
contract, anyone have suggestions (trick questions
perhaps ;-) that I can use to avoid driving 30 miles
to meet someone only to find out a few days later they
have another agent? I guess I am going to have to use
the Indiana buyers broker contract from the moment I
meet people. Anyone else use those?

I ask if they are working with another broker and my
reason for asking is I do not want to interfer with
another brokers transaction and I do not want to put
you the buyer in a position of paying 2 commissions
(considering they have a buyers agreement signed).
The 2 commissions does it.

Glory Bee Costa ABR, CRS, GRI, E-PRO, SRES
410-745-3241-Home Office
410-310-9081-Cell
http://www.Maryland-WaterFront-Homes.com
E-Mail-Glory@GloryBeeCosta.com
Maryland Counties (Eastern Shore)
Talbot, Queen Anne, Caroline & Dorchester
Prudential Premier Properties - Easton, MD - Associate Broker

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Rich Schiffer Licensed Real Estate Agent, West Chester, PA

Date: December 10, 2007

"...anyone have suggestions?"

1. Meet with them in your office. This increases the likelyhood you will be seen as the professional you want to be seen as, and you will also be able to showcase your value more readily: "When you hire me, you get not just me, but the entire staff here, dedicated to meeting your needs."

2. Don't show homes until you have a signed buyer agency contract. It protects not only your commission, but it also protects the consumer. Explain to them that without such a business relationship in place, there is no confidentiality established. You can make the term of the contract be for as short a time or as long a time period as they are comfortable with, even just for the day, if that is all they want. If later they then decide to purchase one of the homes you showed them that day, you will at least have documentation of your showings, and will be better able to claim procuring cause should it come to a dispute over who earned the commissions.

3. Put a cancellation clause in your buyer agency contracts. I use, "Prior to submitting an offer to purchase real property, either the Buyer, the Broker, or the Licensee may terminate this contract with 24 hr written notice to the other party." I explain to people that I don't want them to feel locked in to working with me if they discover they really don't like me, and that I can do the same if I decide I don't like them. This usually elicits a chuckle, and breaks through any resistance they might have had about committing to a contract.

Don't be a chauffeur. Be a REALTOR.
(besides wasting gas, most of us look silly in chauffeur hats)

Rich Schiffer, Weichert Realtors (West Chester, PA)
rschiffer@point2agent.com

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Joseph Campbell

Date: December 10, 2007

Hello all. I have been doing the real estate thing for many years, but still I am amazed at how many buyers I get calls from who say they are not working with another agent....and they actually are. Other than getting an immediate signature on a buyer-broker contract, anyone have suggestions (trick questions perhaps ;-) that I can use to avoid driving 30 miles to meet someone only to find out a few days later they have another agent? I guess I am going to have to use the Indiana buyers broker contract from the moment I meet people. Anyone else use those?

It is a problem for me also. I think the best way is to "CITO" them or don't waste your time with them. "CITO" is a term I learned from a Floyd Wickman course and it stands for "Come into the Office" If they will not come into the office in my experience, I am taking a high risk that they just want information and a free taxi ride to some listings they are considering. They have no commitment to you. Create a scenario where you explain to them that you work by an agreement, and schedule an appointment to come into the office and take a virtual tour of the properties they are interested in and eliminate the ones that they do not care for. This will save them and you time and gas. Prior to taking them out have them sign the agreement that you represent them and their interests in purchasing a home, not the Sellers interests. You now have a Client with fiduciary responsibilities to them, not to the Seller. If they refuse to sign then wish them good luck in their search for a home.

Joe D. Campbell, CRS,e-PRO, GRI

Russ Lyon Realty Southeast

Phoenix, AZ 85048

jcampbell@russlyon.com

480-460-7440 Office

840-529-2464 Cell

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Kate Hotz

Date: December 10, 2007

anyone have suggestions (trick questions perhaps ;-) that I can use to avoid
driving 30 miles to meet someone only to find out a few days later they have
another agent? I guess I am going to have to use the Indiana buyers broker
contract from the moment I meet people. Anyone else use those?

I always use a buyer broker agreement. I always have people meet me in the
office, there is the occasion where I meet them out at the house, but I
always try to establish through a series of questions 1) (while I look up
the information about the house) "Where did you hear about this home?" 2)
"Are you working with an agent?" 3) "Do you have anyone doing research
regarding neighborhoods you prefer to live in?" 4) "What works best for me
and what my clients tell me works best for them is to set a time to meet at
my office to go over what you are looking for and where. This helps save
you time. Instead of waiting time after time for the listing agent to meet
you at each home, I can show you all that fits your wants and needs all at
once, and it can be when you have the time set aside."
This enables me to meet with them on my terms, which helps with safety,
helps to establish a more professional first impression and allows me to
sell myself to them thus giving me the opportunity to present the Buyer
Broker. Once I am done with my buyer presentation, I have never had anyone
turned off by the Buyer Broker.

I hope this helps a bit.

Kate Hotz ABR GRI e-Pro, Realtor�
Haymore Real Estate
Master of Real Estate Society
Realtor Land Institute
cell (520) 227-9861
www.KateHotz.com�

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Ron Fraser Licensed Real Estate Agent, Phoenix, AZ

Date: December 10, 2007

Hello all. I have been doing the real estate thing for many years, but still I am amazed at how many buyers I get calls from ...

If people want to be dishonest and their agent hasn't educated them, then they and their agent will pay the price. When you ask them if they have an agent let them know that you are asking them because if they do and you show them the house that they will not be able to use their agent. In Arizona we have a thing called procuring cause. You show it the first time then you get paid as the BB, though I think a previous and valid Exclusive BB contract will trump Procuring Cause. When you get there, tell them that before you enter the home that according to state law you have to have them sign an Agency Disclosure before entering and maybe even tell them upfront that your Broker requires you to sign an exclusive with them before showing... some really do! Besides everything I have said, for our own safety, we should NEVER meet strangers and a property alone anyway. If people can't appreciate and understand that, they are probably flaky anyway.

Ron Fraser, ABR, REALTOR®

Accredited Buyer’s Representative

RE/MAX Achievers

2801 E. Camelback Rd, Ste. #105

Phoenix, AZ 85016

Mobile Tel. 480-205-1522

efax 602-476-0209

email ron@RonSellsAZ.com

web www.RonSellsAZ.com

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