MREA: Converting

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MREA Converting Servicing Buyers

• A Course for the Millionaire Real Estate Agent

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Friday Morning Coffee
Presented by Brad Korn, The Korn Team
Serving Your Greater Kansas City and Lincoln NE
Referrals www.kornteam.com
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What You Will Learn (cont.)
Introduction

• MREA Finding and Servicing Buyers Outline

1. The Role of the Buyer Specialist
2. Preparing for the Appointment
3. Handling Objections
4. Delivering the Buyer Consultation

• Touring Properties
• Writing the Offer
• Putting It All Together

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Job Description
Chapter 1 The Role of the Buyer Specialist

• Buyer Specialist
• Prospects for, follows-up with, presents to, and
  services buyers
• Develops expert knowledge
• Provides high-level fiduciary needs analysis
• Consults with clients
• Effectively negotiates

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Goal Categories
Chapter 1 The Role of the Buyer Specialist

• 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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The 4-1-1
Chapter 1 The Role of the Buyer Specialist

• What is the 4-1-1?
• Annual Goals
• Monthly Goals
• Weekly Goals

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Accountability
Chapter 1 The Role of the Buyer Specialist

• Preparing for the Accountability Session
• S Specific
• M Measurable
• A Action Oriented
• R Realistic
• T Time Bound

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Accountability (cont.)
Chapter 1 The Role of the Buyer Specialist

• Format of the Session
• The Weekly Accountability Session
• 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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Accountability (cont.)
Chapter 1 The Role of the Buyer Specialist

• Results of the Session
• Meeting the Goals
• Not Meeting the Goals

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Chapter 2 Preparing for the Appointment
Chapter 2 Preparing for the Appointment

• In this chapter, you will
• Internalize the winning mindset it takes to get a
  Buyer Consultation appointment
• Use the buyer interview form to qualify buyers
• Prepare for the buyer consultation

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The Winning Mindset
Chapter 2 Preparing for the Appointment

• How to Get It
• Be confident
• Phone skills are key
• Take control
• Youre on their side
• Give the buyer choices
• Know where theyre coming from
• Trial close at every step

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Qualifying the Buyer
Chapter 2 Preparing for the Appointment

• How to Do It
• 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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Preparing for the Buyer Consultation
Chapter 2 Preparing for the Appointment

• How to Do It

1. Buyer Book
2. Team Mission Statement
3. Team Introduction
4. Testimonials
5. Getting to Know Your Agent

1. Buying vs. Renting
2. Buying a Home (FAQ)
3. Step by Step Process
4. Moving Checklist
5. Service Provider List

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Preparing for the Buyer Consultation
Chapter 2 Preparing for the Appointment

• How to Do It (continued)

1. Buyer Representation Agreement
2. Addendum
3. Agency Disclosure
4. Affiliated Business Arrangement Disclosure
5. MLS Search Printout

1. Notes on Viewed Properties
2. Business Cards
3. Homebuyers 10s Sheet
4. VIP Question
5. Who Do You Call When

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What Makes Effective Objection Scripts
Chapter 3 Handling Objections

• How to Do It
• Opportunities to shine!
• Learn your scripts
• Listen carefully
• Assure them
• Answer patiently
• Ensure that you have answered their question
• Go for the close

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What Makes Effective Objection Scripts
Chapter 3 Handling Objections

• How to Do It
• Exercise
• We Can Find Homes on Our Own
• We Can Find Homes on Our Own Using the Internet
• Well Use Realtor.com
• Well Find Homes by Calling Signs Ads
• Were in a 2-month Lease

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What Makes Effective Objection Scripts
Chapter 3 Handling Objections

• How to Do It (continued)
• Exercise (continued)
• Were in a 3-month Lease
• Were in a 4-month Lease
• Were Just Not Sure We Want to Buy
• We Dont Want to Sign Anything Today
• We Want to be Free to Work with Other Agents

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Know Who Youre Talking To
Chapter 4 Delivering the Buyer Consultation

• The D.I.S.C. Personality Profile
• What is it?

D Dominant-Driver I Influencing-Inspiring S
Stable-Steady C Compliant-Correct
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Know Who Youre Talking To
Chapter 4 Delivering the Buyer Consultation

• 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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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• How to Do It

1. Explain agency, the process, and your team
2. Complete a Buyer Representation Agreement
3. MLS search results
4. Close the meeting

1. Meet face-to-face
2. Build rapport
3. Set the expectation
4. Conduct a needs analysis

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 2 Greet and Build Rapport Using the FORD
  Technique
• F Family
• O Occupation
• R - Recreation
• D - Dreams

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 3. Set the Expectation
• Your Teams Mission

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 4 Conduct a Needs Analysis, Using the
  Homebuyers 10s Sheet
• Homebuyers 10s Sheet

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 5 Explain the Home-buying Process and Your
  Teams Value Proposition
• The Home-Buying Process
• Experienced Home Buyer
• First Time Home Buyer

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 5 Explain the Home-buying Process and Your
  Teams Value Proposition (continued)
• Your Teams Value Proposition

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

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

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 6 Explain Agency and Complete a Buyer
  Representation Agreement (continued)
• Complete a Buyer Representation Agreement

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 7 Present Your MLS Search Results

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Identify the Steps and Forms
Chapter 4 Delivering the Buyer Consultation

• Step 8 Close the meeting

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The Property Tour
Chapter 5 Touring Properties

• How to Do It

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

1. Tour of the properties
2. Consult with the buyer
3. Visit other properties/reschedule
4. Refine your search
5. Repeat until buyer want to make an offer

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The Property Tour
Chapter 5 Touring Properties

• Tour Guidelines

• Record buyers comments
• Record your comments
• Rank properties
• 3 hour maximum

• Descriptive names
• Pre-qualification
• FSBOs
• Provide feedback

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Making a Decision
Chapter 5 Touring Properties

• Describing the Process of Elimination

• Rank 1 to 10
• Pick out 8s or better
• Homebuyers 10s sheet
• Choose top 3
• Place an offer

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Making a Decision
Chapter 5 Touring Properties

• Objections to Making a Decision
• Exercise Practice dealing with decision
  objections
• 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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Making a Decision
Chapter 5 Touring Properties

• Objections to Making a Decision (continued)
• Exercise (continued)
• Somethings Not Quite Right with this Home
• Were Going to Shop Around
• We Havent Seen Enough Homes Yet to Make a
  Confident Decision
• We Want to See Every Home in Our Price Range
• Were Looking for the Perfect Home

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Making a Decision
Chapter 5 Touring Properties

• Guidelines for Decision-Making
• How would you feel?
• Lock in the interest rate
• No way of knowing about other offers
• Wont be on the market for one more day

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Write the Offer
Chapter 6 Writing the Offer

• How to Do It

• Which property?
• Contact the listing agent
• Sellers Agent Questions worksheet
• Consult with the buyer about price/terms

• Buyers Estimated Charges worksheet
• Complete a contract for purchase
• Accept counter-offer/re-counter
• Earnest money and option fee

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Negotiation Guidelines
Chapter 6 Writing the Offer

• Tips

• Provide copies of contracts
• Better act quickly
• Remain patient yourself
• lay everything on the table
• Go for win-win

• Establish rapport with the sellers agent
• Prepare them for the worst
• Explain the nuts and bolts
• Set objective criteria
• Remove emotion

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Negotiation Guidelines
Chapter 6 Writing the Offer

• Tips (continued)

1. Get the facts
2. Put the buyer first
3. Look at the bottom line
4. Keep buyers in the loop
5. Let the other party have the final word

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What You Have Learned?
Chapter 7 Putting It All Together

• MREA Finding and Servicing Buyers Outline

1. The Role of the Buyer Specialist
2. Preparing for the Appointment
3. Handling Objections
4. Delivering the Buyer Consultation

• Touring Properties
• Writing the Offer
• Putting It All Together

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Chapter 7 Putting It All Together

• Exercise My Action Plan
• Complete your own action plan

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