MREA: Converting & Servicing
Buyers
A Course for the Millionaire Real Estate Agent
Friday Morning Coffee
Presented by Brad Korn, The Korn Team
Serving Your Greater Kansas City and Lincoln NE Referrals
www.kornteam.com
Introduction
What You Will Learn (cont.)
MREA: Finding and Servicing Buyers Outline
1)
2)
3)
4)
The Role of the Buyer
Specialist
Preparing for the
Appointment
Handling Objections
Delivering the Buyer
5)
6)
7)
Touring Properties
Writing the Offer
Putting It All Together
Consultation
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MREA: Converting and Servicing Buyers
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Chapter 1: The Role of the Buyer Specialist
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
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MREA: Converting and Servicing Buyers
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Chapter 1: The Role of the Buyer Specialist
Goal Categories
The 80/20 Rule
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.
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Chapter 1: The Role of the Buyer Specialist
The 4-1-1
What is the 4-1-1?
1) Annual Goals
2) Monthly Goals
3) Weekly Goals
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Chapter 1: The Role of the Buyer Specialist
Accountability
Preparing for the Accountability Session
1)
2)
3)
4)
5)
S – Specific
M – Measurable
A – Action Oriented
R – Realistic
T – Time Bound
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Chapter 1: The Role of the Buyer Specialist
Accountability (cont.)
Format of the Session
The Weekly Accountability Session
1)
2)
3)
4)
What was your goal?
How did you do?
How do you feel about that?
What do you need to do now?
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MREA: Converting and Servicing Buyers
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Chapter 1: The Role of the Buyer Specialist
Accountability (cont.)
Results of the Session
1) Meeting the Goals
2) Not Meeting the Goals
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MREA: Converting and Servicing Buyers
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Chapter 2: Preparing for the Appointment
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
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MREA: Converting and Servicing Buyers
Slide 10
Chapter 2: Preparing for the Appointment
The Winning Mindset
How to Get It
1)
2)
3)
4)
5)
6)
7)
Be confident
Phone skills are key
Take control
You’re on their side
Give the buyer choices
Know where they’re coming from
Trial close at every step
MREA: Converting and Servicing Buyers
23
Slide 11
Chapter 2: Preparing for the Appointment
Qualifying the Buyer
How to Do It:
1)
2)
3)
4)
Stop! Be prepared for questions
Gather Buyer Interview sheet information
Use Buyer Interview sheet information
File your completed Buyer Interview Sheet
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Chapter 2: Preparing for the Appointment
Preparing for the Buyer Consultation
How to Do It:
1)
2)
3)
4)
5)
Buyer Book
Team Mission
Statement
Team Introduction
Testimonials
Getting to Know Your
Agent
6)
7)
8)
9)
10)
Buying vs. Renting
Buying a Home (FAQ)
Step by Step Process
Moving Checklist
Service Provider List
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MREA: Converting and Servicing Buyers
Slide 13
Chapter 2: Preparing for the Appointment
Preparing for the Buyer Consultation
How to Do It: (continued)
11) Notes on Viewed
Properties
12) Business Cards
13) Homebuyer’s 10’s
Sheet
14) VIP Question
15) Who Do You Call
When…
MREA: Converting and Servicing Buyers
16) Buyer Representation
Agreement
17) Addendum
18) Agency Disclosure
19) Affiliated Business
Arrangement
Disclosure
20) MLS Search Printout
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Chapter 3: Handling Objections
What Makes Effective Objection Scripts
How to Do It:
1) Opportunities to shine!
2) Learn your scripts
i.
ii.
iii.
iv.
Listen carefully
Assure them
Answer patiently
Ensure that you have
answered their question
v. Go for the close
MREA: Converting and Servicing Buyers
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Slide 15
Chapter 3: Handling Objections
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
355) We’re in a 2-month Lease
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MREA: Converting and Servicing Buyers
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Chapter 3: Handling Objections
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
MREA: Converting and Servicing Buyers
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Slide 17
Chapter 4: Delivering the Buyer Consultation
Know Who You’re Talking To
The D.I.S.C. Personality Profile
What is it?
D:
I:
S:
C:
Dominant-Driver
Influencing-Inspiring
Stable-Steady
Compliant-Correct
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Chapter 4: Delivering the Buyer Consultation
Know Who You’re Talking To
Another Way of Looking at the D.I.S.C.
I: Hot, People/Relationship, Fast/Aggressive
D: Cold, Tasks/Thinking, Fast/Aggressive
S: Warm, People/Relationships, Slow/Passive
C: Cold, Tasks/Thinking, Slow/Passive
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
How to Do It:
1)
2)
Meet face-to-face
Build rapport
3)
Set the expectation
4)
Conduct a needs
analysis
5)
6)
Explain agency, the process,
and your team
Complete a Buyer
Representation Agreement
7)
MLS search results
8)
Close the meeting
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MREA: Converting and Servicing Buyers
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 2: Greet and Build Rapport Using the
FORD Technique
1)
2)
3)
4)
F – Family
O – Occupation
R - Recreation
D - Dreams
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 3. Set the Expectation
Your Team’s Mission
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 4: Conduct a Needs Analysis, Using the
Homebuyer’s 10’s Sheet
Homebuyer’s 10’s Sheet
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Chapter 4: Delivering the Buyer Consultation
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
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 5: Explain the Home-buying Process and Your Team’s Value
Proposition (continued)
Your Team’s Value Proposition
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 6: Explain Agency and Complete a Buyer
Representation Agreement
Explain Agency
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 6: Explain Agency and Complete a Buyer Representation
Agreement (continued)
Complete a Buyer Representation Agreement
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 7: Present Your MLS Search Results
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MREA: Converting and Servicing Buyers
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Chapter 4: Delivering the Buyer Consultation
Identify the Steps and Forms
Step 8: Close the meeting
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Chapter 5: Touring Properties
The Property Tour
How to Do It
1)
2)
3)
Schedule a tour
Print MLS information
Order MLS sheets
4)
Gift basket/water
5)
Give buyer MLS sheets
6)
Know your scripts
7)
Tour of the properties
8)
9)
Consult with the buyer
Visit other
properties/reschedule
10) Refine your search
11) Repeat until buyer
want to make
an offer
MREA: Converting and Servicing Buyers
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Slide 30
Chapter 5: Touring Properties
The Property Tour
Tour Guidelines
1)
3)
Record buyer’s
comments
Record your
comments
Rank properties
4)
3 hour maximum
2)
5)
Descriptive names
6)
7)
8)
Pre-qualification
FSBO’s
Provide feedback
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Chapter 5: Touring Properties
Making a Decision
Describing the Process of Elimination
1)
2)
3)
Rank 1 to 10
Pick out 8’s or better
Homebuyer’s 10’s sheet
4)
Choose top 3
5)
Place an offer
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Chapter 5: Touring Properties
Making a Decision
Objections to Making a Decision
Exercise: Practice dealing with decision objections
1)
2)
3)
4)
I Want to Wait for the Price to Drop Before Making
an Offer
I Want to Sleep on It Before Making an Offer
New Agent Will Give Me 1% Back at Closing if I Buy
Their Listing Without Having an Agent Represent Me
The Builder Will Give Me 1% if I Work Directly
Through Them Without an Agent
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Chapter 5: Touring Properties
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
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Chapter 5: Touring Properties
Making a Decision
Guidelines for Decision-Making:
1)
2)
3)
4)
How would you feel?
Lock in the interest rate
No way of knowing about other offers
Won’t be on the market for one more day
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MREA: Converting and Servicing Buyers
Slide 35
Chapter 6: Writing the Offer
Write the Offer
How to Do It:
1)
2)
3)
4)
Which property?
Contact the listing
agent
Seller’s Agent Questions
worksheet
Consult with the buyer
about price/terms
MREA: Converting and Servicing Buyers
5)
6)
7)
8)
Buyer’s Estimated
Charges worksheet
Complete a contract
for purchase
Accept counteroffer/re-counter
Earnest money and
option fee
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Chapter 6: Writing the Offer
Negotiation Guidelines
Tips
1)
2)
3)
4)
5)
Establish rapport with
the seller’s agent
Prepare them for the
worst
Explain the nuts and
bolts
Set objective criteria
Remove emotion
MREA: Converting and Servicing Buyers
6)
Provide copies of
contracts
7)
8)
Better act quickly
Remain patient
yourself
9) lay everything on the
table
8810) Go for win-win
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Chapter 6: Writing the Offer
Negotiation Guidelines
Tips (continued)
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
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Chapter 7: Putting It All Together
What You Have Learned?
MREA: Finding and Servicing Buyers Outline
1)
2)
3)
4)
The Role of the Buyer
Specialist
Preparing for the
Appointment
Handling Objections
Delivering the Buyer
5)
6)
7)
Touring Properties
Writing the Offer
Putting It All Together
Consultation
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MREA: Converting and Servicing Buyers
Slide 39
Chapter 7: Putting It All Together
Exercise: My Action Plan
Complete your own action plan
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MREA: Converting and Servicing Buyers
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