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Effectively Working With Buyer’s
In A Seller’s Market
Connection
Kerri Hartnett, GRI, PMN
Portland, Oregon
Shannon Rogers Buss ABR, PMN
Rhode Island & New Jersey
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THANK YOU FOR JOINING US TODAY!!!
~Kerri & Shannon
Kerri Hartnett
[email protected]
Shannon Buss
[email protected]
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Challenges For Today’s Buyer
• Competing with multiple buyers
• Competing with cash buyers
• Asking for seller concessions
• Making contingent offers
• Working with unrepresented sellers
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Competing With Multiple Buyers
• Know Your Market/Inventory so you can act
quickly
• Don’t skip the Buyer Consultation
• Have approvals and proof of funds ready
• Think outside the box
• Ask the listing agent the right questions to make
your offer as strong as possible
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Competing With Cash Buyers
• It’s NOT all about the money all the time
• Have your financing in place & crunch the
numbers
• Know what’s important to the Seller and make
them fall in love with your Buyer
• Get creative (escalation clauses, etc.)
• NO lowball offers!
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Asking For Seller Concessions
Know what you need and what’s important to the Seller
Know the cost/impact of what you’re asking for
Counsel Buyers on available options
Asking for seller concessions can weaken a Buyer’s
position
Counsel your Buyer’s that they may have to pay more if
they are expecting to get concessions.
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Making Contingent Offers
• Do as much in advance as possible (preinspection, etc.)
• Communicate with the listing agent about what
is happening with the process of their sale
• Don’t forget to protect the Buyer
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Working With Unrepresented Sellers
• Use one time showing or seller fee agreements
• Remember you are representing the Buyer
• Get everything in writing!
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Understanding Your Buyer’s Needs
• Buyer Consultation is VERY important – don’t
skip the needs analysis!
• Know their Needs v. Wants
• Help them determine their top 3 “must haves” in
home so that they are realistic when they search
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Communicating With Your Buyer
• What is the preferred way?
• What is the fastest way?
• On a scale of 1 to 10, how honest can I be with
you?
• Consult them on the process in advance and take
the anxiety out of the transaction
• Set expectations
• Do what you say you will
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Educating Your Buyer About The Process
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Educating Your Buyer About The Process
• Point them to reliable information/sites
• Explain the possible pitfalls that could arise
• Communicate at every step to remind them
what’s next
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Educating Your Buyer About The Market
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The Portland Market
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The Portland Market
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The Portland market
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The New Jersey Market
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The New Jersey Market
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The New Jersey Market
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The New Jersey Market
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Finding Homes That Are Not “Listed”
• Don’t Use Conventional Search Methods
• Use Your Sphere
• Network With Other Agents
• Pocket Listings/Exclusives
• Mailings to Neighborhoods
• Preview For Sale by Owners
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Finding Homes That Are Not “Listed”
Don’t be afraid to
Doorknock!
Many agents are
Finding “Make Me Move”
listings that give your
Buyers more options
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Finding Homes That Are Not “Listed”
Call Expireds from years past.
These homeowners now have
more equity to be able to
reconsider selling
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Negotiating a Winning Offer
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Negotiating a Winning Offer
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Negotiating a Winning Offer
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Getting From Contract To Close
• Arrange for inspections with enough time to get
through the allowed time
• Communicate with all parties often i.e. buyer,
listing agent, loan officer, title
• Focus on repairs that the appraiser would call
out to avoid having to negotiate twice
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Getting From Contract To Close
• Send supporting documents when repairs are
requested as a reference
• Meet the appraiser at the property with
supporting comps
• Remind buyer not to purchase a car or use credit
to make any major purchases
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Creating Clients For Life
• Follow up after the transaction is complete
• Check in at least every 4-6 weeks to offer
resources especially if they are new to
homeownership or new to your area
• Stay in touch with an item of value or phone call
monthly to build strong relationships!