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

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MREA: Converting and Servicing Buyers Slide 3 What You Will Learn (cont.) MREA: Finding and Servicing Buyers Outline Introduction 6 1)The Role of the Buyer Specialist 2)Preparing for the Appointment 3)Handling Objections 4)Delivering the Buyer Consultation 5)Touring Properties 6)Writing the Offer 7)Putting It All Together

MREA: Converting and Servicing Buyers Slide 4 Job Description Buyer Specialist 1)Prospects for, follows-up with, presents to, and services buyers 2)Develops expert knowledge 3)Provides high-level fiduciary needs analysis 4)Consults with clients 5)Effectively negotiates Chapter 1: The Role of the Buyer Specialist 9

MREA: Converting and Servicing Buyers Slide 5 Goal Categories The 80/20 Rule Chapter 1: The Role of the Buyer Specialist 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.

MREA: Converting and Servicing Buyers Slide 6 The What is the 4-1-1? 1)Annual Goals 2)Monthly Goals 3)Weekly Goals Chapter 1: The Role of the Buyer Specialist

MREA: Converting and Servicing Buyers Slide 7 Accountability Preparing for the Accountability Session 1)S – Specific 2)M – Measurable 3)A – Action Oriented 4)R – Realistic 5)T – Time Bound Chapter 1: The Role of the Buyer Specialist

MREA: Converting and Servicing Buyers Slide 8 Accountability (cont.) Format of the Session The Weekly Accountability Session 1)What was your goal? 2)How did you do? 3)How do you feel about that? 4)What do you need to do now? 18 Chapter 1: The Role of the Buyer Specialist

MREA: Converting and Servicing Buyers Slide 9 Accountability (cont.) Results of the Session 1)Meeting the Goals 2)Not Meeting the Goals 19 Chapter 1: The Role of the Buyer Specialist

MREA: Converting and Servicing Buyers Slide 10 Chapter 2: Preparing for the Appointment 22 Chapter 2: Preparing for the Appointment In this chapter, you will… 1)Internalize the winning mindset it takes to get a Buyer Consultation appointment 2)Use the buyer interview form to qualify buyers 3)Prepare for the buyer consultation

MREA: Converting and Servicing Buyers Slide 11 The Winning Mindset How to Get It 1)Be confident 2)Phone skills are key 3)Take control 4)You’re on their side 5)Give the buyer choices 6)Know where they’re coming from 7)Trial close at every step 23 Chapter 2: Preparing for the Appointment

MREA: Converting and Servicing Buyers Slide 12 Qualifying the Buyer How to Do It: 1)Stop! Be prepared for questions 2)Gather Buyer Interview sheet information 3)Use Buyer Interview sheet information 4)File your completed Buyer Interview Sheet Chapter 2: Preparing for the Appointment

MREA: Converting and Servicing Buyers Slide 13 Preparing for the Buyer Consultation How to Do It: 28 Chapter 2: Preparing for the Appointment 1)Buyer Book 2)Team Mission Statement 3)Team Introduction 4)Testimonials 5)Getting to Know Your Agent 6)Buying vs. Renting 7)Buying a Home (FAQ) 8)Step by Step Process 9)Moving Checklist 10)Service Provider List

MREA: Converting and Servicing Buyers Slide 14 Preparing for the Buyer Consultation How to Do It: (continued) 28 Chapter 2: Preparing for the Appointment 11)Notes on Viewed Properties 12)Business Cards 13)Homebuyer’s 10’s Sheet 14)VIP Question 15)Who Do You Call When… 16)Buyer Representation Agreement 17)Addendum 18)Agency Disclosure 19)Affiliated Business Arrangement Disclosure 20)MLS Search Printout

MREA: Converting and Servicing Buyers Slide 15 What Makes Effective Objection Scripts How to Do It: 1)Opportunities to shine! 2)Learn your scripts i.Listen carefully ii.Assure them iii.Answer patiently iv.Ensure that you have answered their question v.Go for the close 32 Chapter 3: Handling Objections

MREA: Converting and Servicing Buyers Slide 16 What Makes Effective Objection Scripts How to Do It: Exercise 1)We Can Find Homes on Our Own 2)We Can Find Homes on Our Own Using the Internet 3)We’ll Use Realtor.com 4)We’ll Find Homes by Calling Signs & Ads 5)We’re in a 2-month Lease Chapter 3: Handling Objections

MREA: Converting and Servicing Buyers Slide 17 What Makes Effective Objection Scripts How to Do It: (continued) Exercise (continued) 6)We’re in a 3-month Lease 7)We’re in a 4-month Lease 8)We’re Just Not Sure We Want to Buy 9)We Don’t Want to Sign Anything Today 10)We Want to be Free to Work with Other Agents Chapter 3: Handling Objections

MREA: Converting and Servicing Buyers Slide 18 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 Chapter 4: Delivering the Buyer Consultation

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

MREA: Converting and Servicing Buyers Slide 20 Identify the Steps and Forms How to Do It: 48 Chapter 4: Delivering the Buyer Consultation 1)Meet face-to-face 2)Build rapport 3)Set the expectation 4)Conduct a needs analysis 5)Explain agency, the process, and your team 6)Complete a Buyer Representation Agreement 7)MLS search results 8)Close the meeting

MREA: Converting and Servicing Buyers Slide 21 Identify the Steps and Forms Step 2: Greet and Build Rapport Using the FORD Technique 1)F – Family 2)O – Occupation 3)R - Recreation 4)D - Dreams Chapter 4: Delivering the Buyer Consultation

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

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

MREA: Converting and Servicing Buyers Slide 24 Identify the Steps and Forms Step 5: Explain the Home-buying Process and Your Team’s Value Proposition 1)The Home-Buying Process 2)Experienced Home Buyer 3)First Time Home Buyer Chapter 4: Delivering the Buyer Consultation

MREA: Converting and Servicing Buyers Slide 25 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 Chapter 4: Delivering the Buyer Consultation

MREA: Converting and Servicing Buyers Slide 26 Identify the Steps and Forms Step 6: Explain Agency and Complete a Buyer Representation Agreement Explain Agency Chapter 4: Delivering the Buyer Consultation

MREA: Converting and Servicing Buyers Slide 27 Identify the Steps and Forms Step 6: Explain Agency and Complete a Buyer Representation Agreement (continued) Complete a Buyer Representation Agreement Chapter 4: Delivering the Buyer Consultation

MREA: Converting and Servicing Buyers Slide 28 Identify the Steps and Forms Step 7: Present Your MLS Search Results 67 Chapter 4: Delivering the Buyer Consultation

MREA: Converting and Servicing Buyers Slide 29 Identify the Steps and Forms Step 8: Close the meeting Chapter 4: Delivering the Buyer Consultation

MREA: Converting and Servicing Buyers Slide 30 The Property Tour How to Do It 74 Chapter 5: Touring Properties 1)Schedule a tour 2)Print MLS information 3)Order MLS sheets 4)Gift basket/water 5)Give buyer MLS sheets 6)Know your scripts 7)Tour of the properties 8)Consult with the buyer 9)Visit other properties/reschedule 10)Refine your search 11)Repeat until buyer want to make an offer

MREA: Converting and Servicing Buyers Slide 31 The Property Tour Tour Guidelines 75 Chapter 5: Touring Properties 1)Record buyer’s comments 2)Record your comments 3)Rank properties 4)3 hour maximum 5)Descriptive names 6)Pre-qualification 7)FSBO’s 8)Provide feedback

MREA: Converting and Servicing Buyers Slide 32 Making a Decision Describing the Process of Elimination 76 Chapter 5: Touring Properties 1)Rank 1 to 10 2)Pick out 8’s or better 3)Homebuyer’s 10’s sheet 4)Choose top 3 5)Place an offer

MREA: Converting and Servicing Buyers Slide 33 Making a Decision Objections to Making a Decision Exercise: Practice dealing with decision objections 1)I Want to Wait for the Price to Drop Before Making an Offer 2) I Want to Sleep on It Before Making an Offer 3)New Agent Will Give Me 1% Back at Closing if I Buy Their Listing Without Having an Agent Represent Me 4)The Builder Will Give Me 1% if I Work Directly Through Them Without an Agent Chapter 5: Touring Properties

MREA: Converting and Servicing Buyers Slide 34 Making a Decision Objections to Making a Decision (continued) Exercise (continued) 5)Something’s Not Quite Right with this Home 6)We’re Going to Shop Around 7)We Haven’t Seen Enough Homes Yet to Make a Confident Decision 8)We Want to See Every Home in Our Price Range 9)We’re Looking for the Perfect Home Chapter 5: Touring Properties

MREA: Converting and Servicing Buyers Slide 35 Making a Decision Guidelines for Decision-Making: 1)How would you feel? 2)Lock in the interest rate 3)No way of knowing about other offers 4)Won’t be on the market for one more day Chapter 5: Touring Properties 83

MREA: Converting and Servicing Buyers Slide 36 Write the Offer How to Do It: Chapter 6: Writing the Offer 1)Which property? 2)Contact the listing agent 3)Seller’s Agent Questions worksheet 4)Consult with the buyer about price/terms 5)Buyer’s Estimated Charges worksheet 6)Complete a contract for purchase 7)Accept counter- offer/re-counter 8)Earnest money and option fee

MREA: Converting and Servicing Buyers Slide 37 Negotiation Guidelines Tips Chapter 6: Writing the Offer 1)Establish rapport with the seller’s agent 2)Prepare them for the worst 3)Explain the nuts and bolts 4)Set objective criteria 5)Remove emotion 6)Provide copies of contracts 7)Better act quickly 8)Remain patient yourself 9)lay everything on the table 10)Go for win-win

MREA: Converting and Servicing Buyers Slide 38 Negotiation Guidelines Tips (continued) Chapter 6: Writing the Offer 11)Get the facts 12)Put the buyer first 13)Look at the bottom line 14)Keep buyers in the loop 15)Let the other party have the final word

MREA: Converting and Servicing Buyers Slide 39 What You Have Learned? MREA: Finding and Servicing Buyers Outline Chapter 7: Putting It All Together 93 1)The Role of the Buyer Specialist 2)Preparing for the Appointment 3)Handling Objections 4)Delivering the Buyer Consultation 5)Touring Properties 6)Writing the Offer 7)Putting It All Together

MREA: Converting and Servicing Buyers Slide 40 Exercise: My Action Plan Complete your own action plan Chapter 7: Putting It All Together 94