Chapter 9: Working with Buyers Flashcards
What is the most important factor for a prospective homebuyer to consider in the decision to purchase?
Affordability
What is floor time and why is it important?
Floor time consists of periods when agents can take inquiries. When a licensee is on floor duty, any new caller who does not ask for a specific agent by name becomes that licensee’s prospect. Floor time is particularly important for licensees who are trying to build a client base.
When handling a telephone inquiry, why should you limit the amount of information you give out about the property?
The less information you give, the less chance the caller will find a reason to eliminate the property and the better chance you’ll have of getting an appointment to show it.
Agent Greg receives a call about one of his firm’s ads. He succeeds in setting up an appointment to meet with the caller. What approach can Greg use to discourage the person from calling other agents?
Greg should suggest that the caller go through the ads and circle any and all other properties of interest. Then he should ask the caller to bring the paper to the meeting so that he can look up information about all the circled properties.
What four categories of information are important for you to collect from your prospects?
Demographics
Current information
Needs and wants
Financial information
Define “qualifying the buyer.”
The process of correlating the buyer’s needs and wants with his or her actual financial capacity to buy.
What should you do before you show any properties?
Prepare by determining your approach and then making notes about the specific features you want to showcase at each property.
What is an important technique that allows buyers to see themselves in the home?
Asking who, what, where and how questions for each room and feature of the home.
Prospects Jim and Linda arrive with agent Bill at the first showing. When Bill pulls in front of the home, Linda decides immediately that she doesn’t want to see the inside. What should Bill do?
Tell Linda that the sellers will be very disappointed if they cancel the appointment.
Launch into your list of the home’s special features and hope she changes her mind.
Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first.
Call the sellers immediately and let them know you won’t be coming by.
Call the sellers immediately and let them know you won’t be coming by.
Which of the following is not an advantage of home ownership?
Increase in property value
Increase in equity
Repairs and maintenance
Tax deductions
Repairs and maintenance
A buyer calls your office to inquire about a property he saw advertised. He sounds really excited about this property. Where is it that he likely found out the property was for sale?
On the Internet
In a classified ad
From the For Sale sign
From a direct mail flier
On the Internet
Which of these is not a good technique to get the name of a caller who is reluctant to give you that information?
Offer to mail the caller a set of fliers on interesting properties.
Ask the caller if he or she would like to receive e-mails on newly listed properties.
Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesn’t exist.
Offer to call the prospect when new listings that meet his or her criteria come on the market.
Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesn’t exist.
Most buyers who see a newspaper ad that interests them:
Drive by the property.
Call your office.
Check out your Internet site.
Visit your office.
Call your office.
Sara just bought her first new home. She put 20% down and got a mortgage for the remainder. The difference between what Sara owes and what her home is worth is known as what?
Principal
Capital gain
Replacement cost
Equity
Equity
Which of the following would be the least desirable phone handling technique?
Answer a question with a question when possible.
Give as much detailed information about the property as you can.
Ask the caller “when” not “if” he or she wants to see the property.
Arrange to meet the prospect at your office.
Give as much detailed information about the property as you can.
