Broker working with Buyers

Question 1

What should an agent know about buyers before selecting properties to show?

Answer 1

An agent should know buyers financial capabilities and what features they want in a home.

Question 2

What should an agent do before showing any properties?

Answer 2

An agent should prepare by determining how he or she will approach the property. Also, the agent should make notes about the specific features of each property that should be showcased to the buyer.

Question 3

What is an important technique that allows buyers to see themselves in a home?

Answer 3

Asking who, what, where and how questions for each room and feature of a home

Question 4

List three tips to keep in mind when showing a property. (See screen 7 for other correct answers.)

Answer 4

Remember that the features you like about the property may not be the same ones the buyers like.
Try to address any objections at the time the buyers raise them.
Emphasize important features, but don’t oversell them

Question 5

What is the most common objection buyers have?

Answer 5

The listing price is too high.

Question 6

Why is it important for an agent to spend as much time as necessary making sure the buyer understands the provisions and details of the offer contract?`

Answer 6

If the offer is accepted by the seller, it will be a binding contract.

Question 7

How can an agent make a buyer feel more comfortable signing a contract?

Answer 7

Encourage the buyer to take the contract to a lawyer for review.
Point out that there will likely be a counter offer from the seller and until all parties agree to all terms, the contract is not binding.

Question 8

Under what circumstances would a licensee need to seek the advice of counsel?

Answer 8

The licensee’s employing broker is unavailable and he or she has a pressing question.
The buyers are requesting special terms that are not addressed in the pre-printed real estate sales contract or one of the associated addenda. It is not legal for a licensee to draft clauses.
The buyers want to include a legal document, such as an agreement for a road easement.

Question 9

The primary purpose of the first meeting with prospective buyers is to

Answer 9

pre-qualify them

Question 10

Ask them open-ended questions

Answer 10

that will lead you to understand their motivation.

Question 11

Organization

Answer 11

is the key to successful showings. Be sure to spend a sufficient amount of time with the buyers to find out what they really are looking for. Listen to them carefully, ask probing questions, and understand who they are and what they need

Question 12

Before you show any properties

Answer 12

determine your approach. Make notes about what specific features of each property you want to emphasize when you show it. You could even prepare presentation packets for buyers that include photos and information about the property and neighborhood, such as nearby attractions and information on the school district.

Question 13

Try to show

Answer 13

no more than 3 or 4 properties at a time. This cuts down on confusion for the buyers and allows the agent to get specific feedback on the buyers’ likes and dislikes of each of the viewed homes.

Question 14

It’s just as important

Answer 14

to sell the neighborhood as it is to sell the home. When driving buyers to a showing, be sure to make positive comments about the neighborhood.

Question 15

A sales technique called a “tie-down”

Answer 15

is particularly useful when showing houses. A “tie-down” is a statement that elicits a positive response. The idea is that a lot of small “yes” answers create a positive imprint on the buyer’s mind.

Question 16

Another helpful technique when showing property is

Answer 16

to invite comparisons from one property to another.

Question 17

Last minute objections about a property are good because they are signs the buyer is ready to submit an offer

Answer 17

The objections signal they need reassurance. You should acknowledge the buyer’s concerns by being ready with reasonable answers.

Question 18

The most common objection buyers have

Answer 18

is that the listing price is too high. If you are acting in the capacity of an intermediary agent, you can provide comps, but you CANNOT recommend an offer price to the buyers.

Question 19

You play a key role in giving advice to your buyer client in the following areas:

Answer 19

Pricing
Amount of earnest money and down payment
Personal and real property issues
Warranties
Closing date
Addendums/riders
Inspections
Final walk-through

Question 20

Also remember these tried and true universal sales techniques to close the deal with a buyer.

Answer 20

Proceed as if the buyer has decided to make an offer.
With this technique, you just go ahead and start writing it up once you get the signal the buyer is almost across the finish line.
Give the buyer a choice between two possibilities, both of which assume a purchase.

Question 21

Use an inducement

Answer 21

Be prepared to offer the buyer something if the buyer moves forward now. Be careful with this technique so that you offer only something you have the reasonable assurance you can deliver.

Question 22

Once you have a signed contract offer

Answer 22

take time to go over the entire offer with the listing agent to be sure he or she understands exactly what the buyers are offering before the listing agent makes the presentation to the sellers.

Question 23

REMEMBER, there may also be occasions when you will want to get the advice of an attorney. It is best to consult an attorney for these circumstances:

Answer 23

Your employing broker is unavailable and you have a pressing question.
The buyers are requesting special terms that are not addressed in the pre-printed real estate sales contract or one of the associated addenda. It is not legal for you to draft your own clauses.
The buyers want to include a legal document, such as an agreement for a road easement.