PAULA'S SOUTHAMPTON BLOG: HOW DO YOU "QUALIFY" YOUR BUYERS?...Or,...DO You Ever "QUALIFY" Your Buyers?

HOW DO YOU "QUALIFY" YOUR BUYERS?...Or,...DO You Ever "QUALIFY" Your Buyers?

HOW DO YOU HOW DO YOU "QUALIFY" YOUR BUYERS?....Or,...DO You Qualify Your Buyers? ASKING THE RIGHT QUESTIONS IS A MUST WHEN QUALIFYING A BUYER

Given the "no" answer that I have received from a number of agents it appears that there is woeful disregard for the act of qualifying a buyer. It surprises me completely that this important part of working as a real estate professional is overlooked or is not even a known CRUCIAL part of the interview of a buyer.

Today it seems that most agents do NOT qualify their buyers and in fact, they have no idea HOW to qualify them!

This post is written after I read one by Maria Morton: Showing Homes To Unqualified Buyers Just like Maria, I find that this is THE most important part of an interview of a potential buyer. Some agents feel it is too invasive; they feel embarrassed to ask these probing questions...That is too bad, because not only is it necessary, it is EXPECTED by any qualified buyer!

LOOKIE LOUS' WILL WASTE YOUR TIMEIn my observations there is a danger in several ways in NOT qualifying a person who you will be working closely with. The most obvious one is the safety issue; the chances we take every day in the real estate profession include possible life-threatening encounters with someone that we know nothing about.

The next risk, and not as threatening personally but still a risk, is the "Time Waster", who has no regard for the work we do and no respect for our precious time. Not many, but some people just want to go into other peoples homes....and these Lookie Lous' will waste your time "Big Time" if you let them!

Taking all of this into consideration, and with Maria's post still fresh in my mind, I would like to give everyone here a list of the most important things we must ask a potential client/customer. 

 

 

QUESTIONS YOU MUST ASK A POTENTIAL CLIENT/CUSTOMER:DON'T WALK INTO A TRAP....

  • What do you do for a living?
  • How long have you been looking?
  • Have you bid on anything else?
  • Have you tried to buy a house recently?
  • If "yes" why did you not buy it?
  • Will you be financing the house you buy?
  • If "cash" is the answer, are you in a liquid financial position?
  • If financing, how much will you be putting down and is it liquid?
  • Are you pre-qualified for a loan to buy a house?
  • If not, would you be willing to talk to a mortgage broker or bank to get pre-qualified?
  • Do you know what your net-worth is? (This applies generally, to a high net worth purchase only)
  • Can you substantiate any claim to net worth if a seller requires it?

NOTE: If these seem too invasive and if the potential client/customer baulks at answering any of these questions, you need to make note of the reaction..this reaction is crucial to identifying a potential problem--both for your safety and your valuable time! DON'T FALL INTO A TRAP BY NOT QUALIFYING A "BUYER"!

THESE ARE THE ACTIONS NEEDED BEFORE YOU LEAVE YOUR OFFICE WITH YOUR NEW CLIENT/CUSTOMER:

  • Ask them if they are currently working with an agent other than you.
  • If "yes", try to find out who and if the answer is I "was" working with another agent, ask why they are not still working with said agent.
  • Do a Google search on the person you just interviewed. (Do this in private if you can find a place to do a search)
  • If anything looks suspicious, put off working with them until you have time to do a back ground search.
  • If you need a background search, there is a sight called "People Search" and for a few dollars, you can get the low-down on what is a possible problem with the individual.

Now, these may seem like probing questions and they are, but you need to take the stance of being the scrupulous individual you are if you want to get the respect you should get from a potential client/customer...

UNDER THE WATCHFUL EYE OF YOUR SCRUITNYI always say that if the person knows you are REALLY interested and not just nosy, they are more apt to be forthcoming with the information you require.

The way you ask and what you ask will help them determine that you are a professional, not a snoop! 

If they do not want to share any of this information with you, that is a sure sign that they are holding back needed information from you and you can choose whether or not you want to go forward.

THE WATCHFUL EYE OF QUALIFYING A BUYER IS A NECESSARY PART OF YOUR SUCCESSFUL BUSINESS!

FOR YOUR SAFETY AND FOR YOUR SUCCESS IN THE PROCESS OF SELLING HOMES, YOU MUST ALWAYS QUALIFY A POTENTIAL CLIENT/CUSTOMER!

 

 

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                                     **ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY.  The views expressed herein are my personal views and do not reflect the views of Douglas Elliman Real Estate

 

Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate

Southamtpon Village Real Estate Specialist since 1995;  Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York

Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005

 

Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill:  http://www.elliman.com/paulahathaway

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Comment balloon 69 commentsPaula Hathaway, REALTOR, LBA • February 10 2012 08:59PM

Comments

Paula I can't imagine NOT qualifying a buyer. That is just crazy both for me and  the buyer and anybody else involved in the situation. If you don't qualify them how can you best be of service?  Makes no sense.

 

Featured in BananaTude


Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 6 years ago

Anna: Thank you for the feature! I know, it is really quite something when you get to find out that most agents DON"T even know HOW to qualify their potential buyers! This post was lost at one point---I mean literally lost-poof-I reported it because it disappeared while in draft mode and I had the hardest time getting back into it-(I had to totally re-write it from scratch)--it always seems that this topic is the most boring one but look how crucial it is to our businesses! We MUST, MUST, MUST qualify our buyers/clients

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Very Good Information - It is a waste of time and money to work with unqualified lookers.  I consider they are just lookers until you get the underwritten loan approval, based on documented assets and a current credit report - This is essential -

Posted by Steve Laird, Steve Sells Chico Real Estate (Anderson Real Estate Sales) over 6 years ago

This is an excellent overview of how to prequalify a buyer.  I must admit I don't go anywhere near this deep.  But why not.  They are going to have to through it at some point so why not start with the person who is probably going to be most involved.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) over 6 years ago

If there is anyone out there that spends their time freely like that, may god bless them...I'm with Anna I certainly don't do a google search or a background check, but I definitely ask the required questions and speak with their lender and have them sign a buyers agreement.  

Posted by Cheryl Thomson, REALTOR, U.S Army-Veteran, Real Estate in Northern Virginia (Jobin Realty (703.216.5635) cheryltee47@gmail.com) over 6 years ago

Steve:...and I will be willing to bet that you have very few problems after the fact, right? That is what i find--the better you qualify the potential client/customer, the fewer problems...period!

Jane: That is the way I look at  it! I learned from a professional who is now the president of my company and he did very little that wasn't top notch in the way of professionalism. He gave me the best tools--and I am still incorporating them in my business today!

 

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Cheryl: I do a back ground check only if there are red flags as I qualify them...the background check can also identify a well-qualified person as well and I have found my share of surprises about the ability to buy a more expensive property if I choose to show them those. Background checks are invaluable for the very few who are creeps and give off bad vibes and few answers to my questions.

 

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

I can't imagine spending my time and money running around with unqualified buyers.  makes no sense to me!

Posted by Cindy Edwards, CRS, GRI, PMN - Northeast Tennessee - 423-677-6677 (RE/MAX Checkmate) over 6 years ago

Hi Paula, excellent post I have to say! A lot of great and useful information and they are worth to be considerred carefully by people. Thank you for sharing with us!

Have a great weekend!

Posted by Jark Krysinski *PREC (Personal Real Estate Corporation), TeamYVR Team Leader, BA,ABR,IRES,IMSD,LLB (REMAX CREST REALTY WESTSIDE) over 6 years ago

Cindy: Me either--but there are agents who do just that and they do it without really knowing that there is harm in doing so...It is something that I don't think is taught to agents very often...a manager would be the best person to teach the new agents how to do it. The older agents?...shame on them if they are not doing it!

Jark: You have  a great weekend too---and remember: If you don't qualify your potential buyers, who knows what you will find at the end of the time you work with them.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

We used to run out the door for anybody - because in the good old days, they would probably qualify.  Nowadays, these questions need to be asked at the forefront - I think we have all been burned at least once by unqualifed buyers (unqualified in many ways, not just financial.)

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) over 6 years ago

Margaret: I remember how easy it was to take a walk-in buyer to see several houses without worrying that they may not be qualified--I sold more than my share of houses that way...but you are so right; not any more!!! We live in very different times and the urgency of the matter of qualifying a new buyer is now a priority.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

We are professional and we should act professionally by qualifying all buyers first.  I wouldn't want to be the seller and have agents bring un-qualified buyers to my house.  Great post!

Posted by Cynthia Grimes, "With You Every Step Home!" (Keller Williams Legacy West) over 6 years ago

Can't imagine not taking the most important step in the process and making sure a buyer is able to purchase a the home they want.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 6 years ago

Paula do you ask these questions when you talk to them on the phone or wait to meet them. Most of mine want to go and look at one house. I've been told to meet them at that house and develop some rapport, then ask them about finances. I have been asking if they were prequalifed on the phone and seem to lose them at that. They end up not calling back or making an appointment. I'd love your opinion.

Posted by Debra Davis, Realtor - Atlanta, Decatur, Snellville, Loganville (Keller Williams Realty Atlanta Partners) over 6 years ago

Paula, I've been showing a customer 4MM houses, you bet I had him qualified! Now when making offers we are in the drivers seat.

Posted by Ellen Caruso (Daniel Gale Sotheby's International Realty) over 6 years ago

I think it's almost a given down here, either you have to have proof of funds or preapproval letter from the bank to get through the front door. The interesting thing here is people know it already...

Posted by Winston Heverly, GRI, ABR, SFR, CDPE, CIAS, PA (Winston Realty, Inc.) over 6 years ago

Cynthia: Thanks--and I fully agree tha tthe sellers don't want unqualified buyers in their homes so why should we ignore the necessary qualifying questions?

Cindy: Good for you!...but many agents don't do it and they have a thing against doing it in some cases--as in Marias post--one man did not want to "asume that the buyer could not afford the house" he wants to be "fair" and allow anyone to view his listing!! That to me is stupidity!

 

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Ellen: Good for you! I think if we all did that, it would become second nature and then there woud be no reason to be shy about asking the right questions!

Winston: Very wise that they do know it there--obviously it is second nature to be sure to qualify all comers! Do you  know how they are questioned or is there a standard list of questions?  Here, there is nothing and it is super frustrating to see that the newer agetns have no clue what to do or what to ask!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Today, I had a gentlemen ( term used loosely) refuse to answer my questions seeking to qualify him. He got nasty and testy. I simply told him that he would have to find another agent to see the properties he wanted to see. Click.

Posted by Erv Fleishman, Luxury Prop Specialist Realty Associates (Realty Associates) over 6 years ago

Erv: It's really too bad it comes to that isn't it? But if he gave you such a hard time at this point, when he must know that you need to ask SOME quetions--just think of how bad it would be if you had spent many hours with him--and THEN he would not give you information that is essential--good to get rid of him up front, don't you think? 

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Realtors should know the basics of what's necessary to qualify for a mortgage.  This is a good start but having a partnership with a knowledgeable lender is critical.  There is no fool proof way to know for sure if the buyer is qualified until there is a credit report and review of income documentation and verification of funds.  Each loan is unique and often there are hidden elements that pop up during the process.  A good lender can identify those issues quickly to determine if you have a qualified buyer and offer solutions if there are any challenges.

Posted by Doug Bullwinkel, Mortgage Loan Originator NMLS #281609 (Envoy Mortgage, NMLS 6666) over 6 years ago

Excellent post.

I just had an out of town couple that balked at answering my questions because as they said : "we ONLY want to see homes, we are not ready to answer your questions..."

Really?  My car? my time? I don't think so...Goodbye!

It is mind boggling how often we get buyers who have been looking at homes with agents, BUT who have no money and no jobs!!!!!

Eve in Orlando

Posted by Mike & Eve Alexander, Exclusively Representing ONLY Orlando Home Buyers (Buyers Broker of Florida ) over 6 years ago

In New York State you can not qualify a "customer/client".  You must first determine if the buyer is going to be your client or if the buyer is going to be your customer.  Your qualification of a "client" is much different than qualifying a customer they are not one and the same.

Posted by Miriam Bernstein, CRS, New Orleans and Surrounding Suburbs Real Estate (New Orleans Property Lady, LLC) over 6 years ago

Paula, we just had that discussion in the office and so many say they will initially and I was floored!! Qualify up front and it may need to be a bit nosey...if they aren't strong sometimes the parents will step in which just happened on a sale...need to drill down...good share on all points. thanks

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 6 years ago

Doug: Yes, and short of that we have no real way of knowing if they are telling us the truth or not---BUT--the exercise of asking and the resulting answers and behavior are a very important tool we have of getting to see what and who we are dealing with---otherwise we are left to wonder and risk all kinds of things. In today's market places we need to bring out all the equipment we have and if asking these questions gives us the important information in showing us how to proceed with someone--I say use the tools!!!

Eve: Yes, you are so right--this is the kind of thing that we all should avoid--no one wants to be in a position where a person is just looking to look and taking up our valuable time and the owners time too in many cases--just so some one can get a thrill from seeing a house that they have been dying to see inside.

This morning I have someone who is showing my house--she called yesterday and I have been off my feet with a knee injury (surgery next Wednesday) so I asked her if she knows my house: "No but he is very interested in that street"; I asked if he knows the house is rented until Labor Day so he can't really buy it until after that--she said "No, but he just wants to get into one of the houses there on that street!"...I told her to tell him the rental information and call me back. So she asked him and he still wants to get in--but my point is: This agent never even asked if the buyer wants to be in a house for the summer--a key question in a resort area. I am astounded too that this agent has no interest in looking any further into the possibilities for this house--can it be torn down?...can it be added on to?...all the things that one would normally ask before ever taking a person to a house to show it. In my case I can overlook the miss-handling of the screening because I can see the inadequate way she is handling the buyer--

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Miriam: That is why the "client/customer" reference in my post.

Ginny: Thanks--I think we all can use a review of the qualifying questions we should ask. I don't ask every one that I listed but I do try to ask ALL applicable ones...

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Paula:  As a mortgage lender, I couldn't agree with you more.  I am sometimes a little surprised by the lack of interest that many agents show to the mortgage end of the transaction.  IMO, we need each other immensely ... and the more we know of what the other end of the transaction does, the better .. and the more successful each of us will be.  We are both stronger because of it.  Besides the obvious safety factor, there IS great merit to an agent prequalifying a potential buyer of their own, but most certainly seeing that they are pre-qualified by a mortgage lender, as well.  VERY good post ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) over 6 years ago

I qualify every buyer.  If they won't come forward with a honest ability to pay, then I've got other things to do.  I don't ask for net worth but I do ask for asset verification.  If you're buying cash, show me that balance, etc.  A buyer without money is a massive waste of time.

Posted by Bryan Robertson, Broker, Author, Speaker (Intero Real Estate) over 6 years ago

Gene: I am in full agreement with you---the buyer today needs all the advocates they can get to handle the complicated nature of the deal. If we all work toward the sale, including the qualifying of the buyer, then we are more certain of a positive outcome....otherwise it's like throwing feathers in the wind--hoping at least one of them sticks to the deal!

Bryan: Good for you! It is such an important thing to do, this qualifying thing; the serious buyer has more respect of the way you work with them if you have asked the right questions. Forthcoming answers are always a good sign for a successful deal too!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

It's just foolhardy to be travelling around in "prime time" with people who are just looking.

Posted by Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) over 6 years ago

Paula, I'll admit that I don't qualify every buyer, but what I can look back and see is that the one you DO qualify have more loyalty to you and ultimately end up at a closing table with you more often than the ones you don't qualify.

Posted by Eric Michael, Metro Detroit Real Estate Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) over 6 years ago

Good summary Paula. Time waters are a huge problem in our business.

Posted by Erica Ramus, MRE, Schuylkill County PA Real Estate (Erica Ramus - Ramus Realty Group - Pottsville, PA ) over 6 years ago

Brian: You are on the right track! ...dangerous too!

Eric: I have found the same thing---has something to do with respect for you on the part of the buyer!

Erica:  I agree--they are selfish and have no respect for the real estate profession.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

What true words!

Posted by Ciara Brennan (Mass Homes Realty) over 6 years ago

Paula it is so important to quailify your buyers and now adays, a lot of new agents could not conceive such a task other than referring a loan officers number. Every agent needs to read your blog, i will print and keep for my new agents in the future. Have a great night

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) over 6 years ago

Hi Paula - These are all excellent pointers to assist agents who need assistance with qualifying buyers.

Posted by FN LN over 6 years ago

This is an excellent sort of "check list" for all of us. Think I'll print it off and carry it with me.

Posted by Peggy Wester, Real Estate Agent Ozaukee & Washington County (Realty Executives Integrity) over 6 years ago

Ciara: Thank you!

Scott: Why, that is so nice--please feel free to use it any way you can..I love to share information like this!

Marc: Glad you agree! Feel free to use it in any way you want to.....

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Great points Paula, we also like to ask the buyer's timeframe. Sometimes when they answer 'we are not in a rush', it can be a long process....

Posted by Eileen Hsu, LICENSED REAL ESTATE SALESPERSON (Douglas Elliman Real Estate) over 6 years ago

Very true.  Having a checklist is the best.  Always make sure your buyers are qualified before you even show them that first house.

Posted by Luis Iniguez, Search Inland Empire Homes For Sale - Short Sale Agent (Option One Real Estate) over 6 years ago

Paula, what a agreat checklist, though I can't say that I qualify all buyers before taking them out for the first time.  However, like Eric (#32) I find that when I meet them in the office for the first time and go over the buying process and qualify them, it's more likely to end in a sale and inspire buyer loyalty.

Posted by Lora "Leah" Stern 914-772-4528, Real Estate Salesperson (Coldwell Banker, 170 N Main Street, New City NY 10956) over 6 years ago

Congrats on the feature! Excellent, excellent checklist and post on the pro's of qualifying clients before taking them out to see properties. Thanks for sharing and have a great weekend.

Posted by Laurie Clark CRB Angel Realty LLC Your Monument Realtor 719-502-6572, Angel Realty, LLC (CRB-CCSS-ASD-HBS-RSD-Denver Short Sale Agents) over 6 years ago

I've been taught to qualify a client at the beginning of the process.  But sometimes I meet people for the first time at a home, so I won't have the answer to many of these questions ahead of time.  However, they don't get to see any more homes until they've been pre-approved for a mortgage and I'm comfortable that I'm dealing with a real buyer.

Posted by Iris Stuart (none) over 6 years ago

Great post and with a very good comment stream. I do qualify my buyers and I make sure that my sellers have the legal right to sell the property that they are listing. It is irresponsible to omit this critical step.

Posted by George Bennett, Inactive Principal Broker, GRI (Inactive) over 6 years ago

Hi Paula, great tips on qualifying and checking on your buyer. Now, with this there is no excuse for those who don't do this.

Posted by Sandy Acevedo, RE/MAX Masters, Inland Empire Homes for Sale (951-290-8588) over 6 years ago

Paula, I always enjoy your posts!  You have a great ability to cut to the chase and outline the issue. 

In this case, I totally concur!  Qualified buyers only!  I used to work as a loan officer so the process is a bit instinctual :)  One way I hold off any objections is I tell my buyers that my time is valuable, my schedule is tight, and I will devote 100% of my energies to helping them find the perfect home, but only if they lay all their cards on the table up-front.  I also remind them that this is a rapidly changing market and they have to be ready to act.  If I don't have an up-to-date pre-approval and proof of funds, we may lose their dream home, and that's not how I work.

Posted by Marti Steele Kilby, CRS, Broker/Owner, San Diego, CA (Steele Group Realty) over 6 years ago

It's just wasting time takig out unqualified buyers.  Why accompany them for window shopping for homes they can't afford?

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 6 years ago

No pre-approval?  No showings.  It's that easy.  Buyers that don't understand that are not buyers that I want to work with.  This isn't a hobby, it's our profession.  

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) over 6 years ago

Peggy : Please do! I love to share this kind of information!

Eileen: You are so right! I find that by asking that one question, we get a true view into the real motivations of the buyer.

Luis: I agree--please use thisone for all your new buyers!

Lora: I find that too...if I haven't taken the time to do the right infpormation taking--it usually ends in no deal...

Laurie: Glad you liked it! Please use it freely and good luck with your business!

Iris: That's a good idea...we always have those moments when we are not in a place or position to qualify someone--but that does not mean we can't do it at another time--before we get too involved with the buyer.

 

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

George: That it is and the results usually are a demonstration of whether you do qualify them  or not. I love the comment stream here too!

Sandy: That's why I wrote this post! ;)

Marti: Excellent! I love how you have been able to incorporate your background in your qualifying process--if you don't mind, I may take your ideas/approach and add it to my list! Thanks for sharing them!

Gabe: You said it! I have, in the past, accommodated this kind of buyer---and always resented them in the end!! Who wants that??

Christianson Team: Glad to hear that! Your convictioon is probably the reason for your successes!

 

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Paula, An excellent way to pre-qualify your buyers before showing.  Thank you for sharing your list, I would say it's covers just about every area of concern.

Posted by 1 ~Judi & Don Barrett & Chassy Eastep - Integrity, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) over 6 years ago

Paula, excellent post! Qualifying buyers is an important aspect of this business. Personal safety when qualifying buyers is also an important factor. Good checklist of questions to ask potential buyers.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA over 6 years ago

Get the answers to those questions sounds like a excellent way to qualify your buyers!

Posted by Don Barrett (Integrity Real Estate Services) over 6 years ago

Judi: Thank you and feel free to use any or all of it!

Michael: ..and thank you too--please use it if you need to but I am sure you are already incorporating it into your routine!

Don: It does work! Thanks...

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Paula:

I may ask some general questions, but I leave prequalifying my buyers to a qualified loan agent.  I have never Google a client or checked on their background.  Most of my buyer clients are referrals, friends and my sphere, so they are known to me.

Posted by Evelyn Kennedy, Alameda, Real Estate, Alameda, CA (Alain Pinel Realtors) over 6 years ago

Evelyn: You are lucky!  Although I will say mine are as well; however, I have a pretty significant number of walk-ins that I had to qualify and in some cases, thank goodness I did! You are very lucky that you get your business through referrals--sounds like a solid business to me!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Just bookmarked this for a reblog this week. I am a stickler for pre approvals before revving up the Jeep.

Posted by Cheryl Ritchie, Southern Maryland 301-980-7566 (RE/MAX Leading Edge www.GoldenResults.com) over 6 years ago

Cheryl: Great! Thank you for bookmarking--and I appreciate your understanding of the importance of qualifying potential buyers!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Paula - It just makes sense to pre-qualify a buyer.  If they can't buy, it wastes everbody's time and energy.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) over 6 years ago

Christine: You are so right! It is a total waste of time in many cases--rarely does a buyer resist qualifying unless they are malingering!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Paula -- great directions for those who don't know how to do this important step.  Just read another blog by realtor explaining why client needed to come into the office, and he touched on several of the same points.  Maybe if all the realtors and lenders keep banging this drum more of the public will get that they need to show how qualified they are if they want to go house hunting today.

 

Posted by Steven Cook (No Longer Processing Mortgages.) over 6 years ago

Steven: That's a very good point---we need to "train" the public in many ways regarding the real estate business--this is just one more!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

This is great information and something that all our Newbies need to see as well!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) over 6 years ago

Paula

Found this through Barbara Jo's reposting it. Probably the best post I have read about truly qualifying your clients. Congrats on the feature, cheers cvc

Posted by Curtis Van Carter, Your Napa Valley Broker Extraordinaire (Better Homes & Gardens Wine Country Group) over 6 years ago

Barbara Jo-Thanks for the re-blog! I agree that the Newbies need to read this; most important for them to see! Many are never taught the right way to do it...others just want to ignore it. Either way-it must be a part of doing buisness for real estate agents.

Curtis: Thank you for finding it and reading it too...This kind of information is not mentioned very often and in many cases it is because the agents just don't get it or they don't want to do it because they fear the response of the potential buyer...

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 6 years ago

Hi Paula, pre-qualifying also amounts to servicing your customers.  If there are obstacles, you can advise them on the steps to take before going further.  It is a waste of time to show properties that they can't afford.

Posted by Ron Cooks, Texas Real Estate, Ft Hood/Killeen Homes for Sale (The Real Estate Marketplace) over 6 years ago

Qualify your buyers. That is step one. If they can't or will not buy then you are wasting your time as well as everyone else's time!

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 6 years ago

Paula, as a new agent I'm trying to learn the balance of finding already qualified buyers and working with / helping clients become qualified.  Obviously I want to  build my business in the end so I'm willing to go the extra mile right now.  How do you connect with someone who has expressed interested but hasn't grasped the importance of pre qual up front?

 

Posted by Jeff Yeats 918.855.9256 (McGraw REALTORS in Owasso, Oklaoma (918)855-9256 www.haywoodhometeam.com) almost 4 years ago

Participate