The Buyer Process

The Buyer Process

Act 1: The Buyer Counseling Interview

A Webinar with Larry Kendall

1. Working with buyers is a 3 Act Play. ? Act 1: _________________________________________ ? Act 2: _________________________________________ ? Act 3: _________________________________________

2. Typical results if you follow the Ninja Buyer Process ? _____% of your buyers will find their home on their first time out ? _____% of the remaining 40% will find their home on their second time out ? _____% Total (60% + 20%) will find their home on their first or second time out ? _____: Average number of homes viewed before writing a contract (NAR Profile of Buyers)

The remaining 20% either have issues that are beyond the capability of your process to handle or you need to look at your process. 3. A Buyer's 4 Greatest Fears (From Green Light Selling by Don Aspromonte) ? _____________________________________ ? _____________________________________ ? _____________________________________ ? _____________________________________ 4. The Buyer Process Goals ? _____________________________________ ? _____________________________________ ? _____________________________________

5. The Rule of Confusion Confused buyers don't buy. They _________________________________________.

6. The Rule of Clarity Clear buyers are decisive. They ___________________________________________.

7. The Question Sequence ? ________________________________________ ? ________________________________________ ? ________________________________________ ? ________________________________________

Act 1 -The Buyer Counseling Interview 10-Step Buyer Process

1. Greet a. Prepare and coach receptionist: "You must be customer's name. We're really glad you are here. Agent's name is looking forward to meeting with you. b. First 2 minutes ? Connect & Take control of the process i. Connect: 1. Enroll: "How are you today?" 2. Acknowledge: "Welcome." Or "Thank you for coming in." 3. "My name is ________________." You can feel when you are connected. If you are not sure, gently nod and they will nod back if you are connected. ii. Take control of the process. "If it's alright with you let's . . . "

2. Meet ? move to a different location ? offer a gift a. If you are meeting them at the house, greet them out front on the sidewalk. b. If you are meeting them at a coffee shop or restaurant, get out of your seat and go to them for your greeting. Then move back to your table for your meeting.

3. Access prior learning (ask questions about their past). Examples: a. Do you own your current home? How long have you owned it? b. How many homes have you owned? c. When you purchased your current home, what was the process you used to find that home? d. How did that process work for you? Any changes? e. Are you familiar with how real estate works here? Are you familiar with the current market?

4. Buyer packet and agency disclosure

5. Funnel process. "Our goal is to help you find a great home and at the same time make sure you don't miss out on anything or pay too much. We have a process to help you do that called the Funnel Process. Would you like to see how it works?" Start with "show and tell": "Do you have any properties that you have found that you want to put in the funnel?" On each property ask: "What was it about that property that attracted your attention?" (Their first words are a dominant motivation.) Key phrases: a. Process of elimination versus selection b. Make sure you don't miss anything c. Make sure you don't pay too much d. Some we will look at on line, some we will drive by, some we will go in e. Our goal: For you to have a "Rolling Top 3"

6. "On a scale of 1 ? 10, where do you believe you are in the process? What would have to happen for you to be a 10?" Listen carefully and probe. "Tell me more about that...." "Is there anything else?" "Do you need to sell your current home?" Etc.

7. Two pieces of paper ? Star the 3 things you can't live without

8. What and why? Features & benefits (People buy their "Whys" not their "Whats".)

(What) Features

(Why) Benefits_____________________

"85% Perfect Home" Dialogue

9. Cash? Loan? ? Look at MLS Results

? Reframe expectations?

? Drive till you qualify?

? 1% = 10% Rule 1% change in rate = 10% change in mortgage ? 4.5%, 30-years, $1,013/mo. = $200,000 ? 5.5%, 30-years, $1,013/mo. = $178,476 ? Your interest rate risk right now?

10. When we find it . . . . What will you do? a. "Cream Puff" dialogue on urgency

b. "Lost house story"? (If you are going to tell a story, tell it here. Not in the house.)

c. Prepare expectations 1. The Market 2. Negotiations ? _________________________________ ? _________________________________ ? _________________________________ ? _________________________________ ? _________________________________ 3. Final Questions: ? "Do you have any questions before we head out?" ? "Would you like to know your odds?"

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