mrea: converting & servicing buyers

MREA: Converting & Servicing Buyers

A Course for the Millionaire Real Estate Agent

Friday Morning CoffeePresented by Brad Korn, The Korn Team

Serving Your Greater Kansas City and Lincoln NE Referrals

www.kornteam.com

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 Offer7) Putting It All

Together


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


Goal Categories

The 80/20 Rule

10-11


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.


The 4-1-1

What is the 4-1-1?1) Annual Goals2) Monthly Goals3) Weekly Goals

12-13



Accountability

Preparing for the Accountability Session1) S – Specific2) M – Measurable3) A – Action Oriented4) R – Realistic5) T – Time Bound

16-17



Accountability (cont.)

Format of the SessionThe 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



Accountability (cont.)

Results of the Session 1) Meeting the Goals 2) Not Meeting the Goals

19



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


The Winning Mindset

How to Get It1) 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



Qualifying the Buyer

How to Do It:1) Stop! Be prepared for questions2) Gather Buyer Interview sheet

information3) Use Buyer Interview sheet

information4) File your completed Buyer Interview

Sheet24-26



Preparing for the Buyer Consultation

How to Do It:

28


1) Buyer Book 2) Team Mission

Statement 3) Team Introduction4) 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


Preparing for the Buyer Consultation How to Do It: (continued)

28


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


What Makes Effective Objection Scripts

How to Do It:1) Opportunities to shine!2) Learn your scripts

i. Listen carefullyii. Assure themiii. Answer patientlyiv. Ensure that you have

answered their question v. Go for the close 32

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 5) We’re in a 2-month Lease 35-

42



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 Buy9) We Don’t Want to Sign Anything

Today 10)We Want to be Free to Work

with Other Agents 35-42



Know Who You’re Talking To The D.I.S.C. Personality Profile

What is it?

45-46

D: Dominant-Driver

I: Influencing-Inspiring

S: Stable-Steady

C: Compliant-Correct

Chapter 4: Delivering the Buyer Consultation


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



Identify the Steps and Forms

How to Do It:

48


1) Meet face-to-face2) 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



Step 2: Greet and Build Rapport Using the FORD Technique 1) F – Family2) O – Occupation3) R - Recreation 4) D - Dreams

52-53




Step 3. Set the ExpectationYour Team’s Mission

54




Step 4: Conduct a Needs Analysis, Using the Homebuyer’s 10’s Sheet Homebuyer’s 10’s Sheet

55




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

57-61



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




Step 6: Explain Agency and Complete a Buyer Representation Agreement Explain Agency

63-64



Identify the Steps and Forms Step 6: Explain Agency and Complete a Buyer

Representation Agreement (continued)

Complete a Buyer Representation Agreement

65-66




Step 7: Present Your MLS Search Results

67




Step 8: Close the meeting

68-69



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/reschedule10) Refine your search

11) Repeat until buyer want to make

an offer


The Property Tour

Tour Guidelines

75


1) Record buyer’s comments

2) Record your comments

3) Rank properties

4) 3 hour maximum

5) Descriptive names 6) Pre-qualification 7) FSBO’s8) Provide feedback


Making a Decision

Describing the Process of Elimination

76


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


Making a Decision Objections to Making a Decision Exercise: Practice dealing with decision

objections1) 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

77-79



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


80-82


Making a Decision

Guidelines for Decision-Making: 1) How would you feel?2) Lock in the interest rate3) No way of knowing about other

offers 4) Won’t be on the market for one more

day


83


Write the Offer

How to Do It:

86-87

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


Negotiation Guidelines

Tips

88-89


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


Negotiation Guidelines

Tips (continued)

88-89


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


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 Offer7) Putting It All

Together


Exercise: My Action Plan

Complete your own action plan

Chapter 7: Putting It All Together

94

mrea: converting & servicing buyers

Documents

servicing buyersslide

buyer specialistmrea

buyer specialist9mrea

buyer choices

buyer specialisttruth

buyer consultationchapter

buyer consultation appointment

buyer interview form