☞ OR Turn on your computer speakers ☞ OR Turn on your computer speakers Conference Line: Access Code: Conference Line: Access Code: Tuesday, August 24, 2010

 CDPE Certified Instructor  Licensed real estate broker (1998)  Top sales agent 5 years in a row in South Florida  Personally closed 100’s of short sales  Helped 1,500 agents become CDPEs  MBA – Decision Information Systems Dolores Roth CDPE Certified Instructor

Buy  er’s Mar  ket [bahy-erz] [mahr-kit] –noun A market which has more sellers than buyers. Low prices result from this excess of supply over demand. Also called a soft market. It’s A Buyer’s Market

It’s a Great Time to Buy Interest rates at historic lows (4.42 on 30-yr fixed) Sellers NEED to Sell But is Your Buyer Serious? Are they qualified? Are they “just looking”? Do they know what they want? Are their expectations realistic? It’s A Buyer’s Market

“Before anything, preparation is the key to success.” Alexander Graham Bell

Getting Started (often the hardest part) Understanding Buyer DNA Educating the Buyer Interviewing the Seller’s Agent

Qualification Are they financially ready to buy? How is their credit? Are they pre-approved? Motivation When are they looking to purchase? Do they have to sell another house to purchase this one? Are they “just looking”? Are they searching for the “perfect deal”? Getting Started

D – Desire N – Need A – Ability Buyer DNA

Current Market Conditions Property Values Transaction Timelines Appreciation of Short Sale Process Educating the Buyer TIP: Communicate with Buyers Up Front (… understanding DISC profiles is helpful)

Communications: DISC Profile D – Dominance I – Influence S – Steadiness C – Conscientious

How to recognize the “D” Personality They usually get right to the point They speak in short, succinct phrases They sound confident, commanding They want to immediately hear how their goals can be reached Communications: DISC Profile

Buyer Market Availability “We’re going to look at some houses today. While you may have found some by yourself on Realtor.com, you need to know that some of those properties may not be available. Here’s why … Not all agents know how to list short sales effectively in the MLS, or represent distressed homeowners. Some agents take multiple offers, serving only their best interests. Here is where you might end up in a blind auction. As your agent, I’m not going to let that happen. This is for your protection and will also help us find the house you want much more quickly.” Communicating with the “D” Personality

How to recognize the “I” Personality They speak with emotional, energetic language They may tend to exaggerate They usually surround themselves with sound and activity They aren’t the best about keeping up with details Communications: DISC Profile

Buyer Market Availability “As we go out and look at some houses, I want to prepare you for what we’ll see. In my experience, I find it helps to first talk about expectations. I understand you may have viewed some properties on the Internet and Realtor.com. You can really find properties everywhere these days … I’m sure you saw tons of listings, but you should know that some advertised properties might not actually be available. What happens is, some agents listing short sales – great deals – will take four, five, even seven offers on a single property, but this really only serves their own best interests. It’s not a good place for you to be, as a buyer. Can you imagine? This is where I come in. I won’t let you end up in a bad position like a “blind auction” where you’re just bidding and bidding and bidding and have no idea if your offer is competitive. Sound good? OK, let’s go see some houses!” Communicating with the “I” Personality

How to recognize the “S” Personality They like to be very personal and sincere They may try to provide you with a lot of their information right off the bat They try to sound comforting, and want to be comforted in return. They tend to resist change and fear loss of security (more than most) Communications: DISC Profile

Buyer Market Availability “Hello [FIRST NAME]. We’re going to look at some houses together. Sound good? Now, have you already had a chance to look around on the Internet to find some properties? It’s okay if you have, but I want to make sure you understand what you may have found. You see, some of the properties advertised may not actually be available. This is because there are a lot of agents who are listing short sales – which can be great deals – but don’t know what they’re doing. The agents may be looking for multiple offers, which serves only their best interests. It’s really unfortunate. Personally, I’d never want you end up in what’s known as a blind auction, which is not a favorable situation for you. This is for your protection as well as mine, and it’s my goal to make sure you’re 100% protected throughout this process.” Communicating with the “S” Personality Note: Early on in the relationship, ask permission to call them by their first name.

How to recognize the “C” Personality They may greet you in a more formal manner They ask a lot of specific questions They bend over backwards to give you very accurate information They are not usually socially graceful or smooth Communications: DISC Profile

Buyer Market Availability “I have a process I go through when showing houses, but first I need to make you aware of something. I’m sure you’ve done your homework and already found some properties on the Internet. However, there is a percentage of properties that may be advertised but not actually available. This is because not every agent knows the intricacies of listing short sales. Some agents take multiple offers on these properties. This would put you, as a buyer, into an unfavorable position like a blind auction. It would also decrease our chances of getting you the house you want. I know this market well and would never put you in a situation like that.” Communicating with the “C” Personality

Crucial to Closing on Short Sales Conduct Prior to Contract Submission Ensure Agent Knows Short Sale Process Stress Single-Contract Approach Interviewing the Seller’s Agent

CDPE vs. SFR

New Information! - How to engage and work with buyers! - The New HAFA Program! - More than 50 new pages added! Meet the Team! - Tour of our Austin offices! - Unprecedented access to the CDPE team! - Breakout sessions to improve your business!