For buyer’s agents, there are vital mistakes you must avoid to build rapport and get referrals. Let’s explore three of buyer agents’ most common mistakes and how to avoid them.
- Assuming a buyer’s ability to be preapproved for a mortgage loan
While clients may seem like they’d easily qualify for a substantial home budget, never make assumptions before you see the proof yourself—looks and first impressions may be deceiving.
What a client shows you versus their actual financial situation can differ. For example, they may have hidden debt or financial red flags (like bankruptcy) that prevent them from securing a home loan.
- Getting a surface-level view of your buyer’s property needs
It’s standard to get background information regarding the property type they’re looking for, the number of beds and baths, the school district, etc. However, a home is an enormous purchase, and they may have particular preferences that they feel insecure about sharing for fear of being labeled “picky” or “difficult.”
Ask deeper questions when you’re getting to know them to pull these preferences out, like:
- Do frequent visitors need special accommodations (e.g., wheelchair-accessible ramps, a mother-in-law suite)?
- Are there certain color schemes you dislike?
- Are you willing to perform immediate renovations?
- Are there certain aspects of a property that make you uncomfortable?
By asking deeper questions, you can find the root cause of a buyer repeatedly turning down properties, whether due to a feng shui preference, a disdain for specific address numbers, or something in between.
- Being a transactional agent rather than a relationship-focused agent
Ideally, your clients will feel taken care of following a transaction, encouraging them to give you positive testimonials and referrals.
However, if you withhold valuable information just to get a quick sale, this won’t be lost on your client. So, rather than being a transactional agent, focus on relationship building and treat clients as family members you want to look after.
Here are a few things to keep in mind to achieve this:
- Prepare buyers for the market they’re working in. Will they need to participate in bidding wars? Will the lender approve the amount they’re bidding with?
- Manage expectations and know when to walk away, even if that means starting the home search process over.
- Help your clients understand the whole picture regarding their financial investment. For example, is there a pool? Can they afford to run it and service it? Or is there a flooding issue that will cause them trouble after the first big storm? Help them understand the pros and cons.
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