In Real Estate Market, How You’ll Know If Your Client Is Truly Motivated To Buy?
Time is valuable. Before you spend too many hours driving buyers from property to property, be sure they're actually driven to overcome the hurdles of a hot sellers' market, such as competing with other buyers and signing contracts that benefit the seller. Here are some telltale signs that your customers are ready to buy.
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"I want to see what's out there," they don't say. Clients who are only looking at properties are probably not serious about buying right now. Even if they locate something they like, it will be taken off the market before they can make a buy. Explain to "browsers" the reality of a hot real estate market. Encourage them to take actions before starting their hunt, such as arranging finance.
They are serious about their quest and are aware of the reality of a busy real estate market. Home buyers that are motivated know exactly wherever they want to live and are aware of market realities. As a result, rather of waiting for you to provide them a list of homes, they spend a lot of time exploring properties online. They plan regular showings with you since they are in a rush and don't want to miss out on a good deal.
They've already been approved. Pre-approval demonstrates that the buyer is at least making progress. However, it is purely based on information provided by the buyer to the lender. It doesn't include a credit check or a thorough examination of the buyer's capacity to finance a home. As a result, it's far from certain. A pre-approval letter, on the other hand, is a written conditional promise from the lender for a specific loan amount. The buyer has passed a credit check, filled out a mortgage pre-approval application, and supplied documentation to the lender. Pre-approval gives buyers a significant advantage, especially in a hot market.
They already have a deposit. Sellers may be hesitant to accept an offer if the down payment is contingent on the sale of another property. Home buyers who are truly motivated will already have a deposit in hand.
They are realistic in their expectations. In a heated real estate market, buyers understand they may not be able to find a home that meets all of their requirements within their budget. They are willing to make concessions, pare down their wish list, and raise their price range if necessary. Should you refuse to work with clients who don't satisfy the following criteria? Certainly not. If you have the time, coaching them through the process and preparing them to purchase a property can be worthwhile.
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