Selling Agent
5 Blunders Buyers Agents Must Avoid
Following Are Areas Buyers Agents Need To Refrain From
1. Communication Breakdown. Not spending enough time with buyers determining their wants, must-haves, and deal breakers for a property.
2. MLS Prospects. Not adding buyers as prospects in your MLS system (or similar app). Give buyers access to view and tag properties in the MLS that they have questions about or want a showing.
3. Pre-Qualified. Buyers have not been pre-qualified by a lender before showing them property.
4. Unafordable Properties. Showing properties to buyers that are way over the maximum amount your buyers can afford, per the lender’s loan commitment.
5. Bad Attitude. Having a bad attitude when you’ve shown buyers several properties and they’re indecisive about making an offer.
Disclaimer: The opinions expressed in blogs on this website are solely those of Marcy Sanders. The information provided on this site is for general informational and educational purposes only.
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The Difference Between Pre-Qualified vs. Pre-Approved
Your Buyer Must Be Pre-Approved Before You Show Them Property
A friend of mine told me that he was extremely frustrated with the home buying process and was turned down for a mortgage. He said he had a “Pre-Qualified” letter from his mortgage broker that he requested. He didn’t understand the issues that caused a roadblock in getting the loan he needed to purchase his dream home. I explained that his agent should have insisted that the mortgage broker provide a “Pre-Approval” (Loan Commitment) letter, from the beginning, verifying that they did a credit check, knew the income/debt ratio and then determined the maximum loan amount for him. If your buyer doesn’t have a “Pre-Approval” letter then you run the risk of your buyer not qualifying for the loan needed for the home they have a contract on. You’ve wasted the buyer’s time. You’ve wasted the listing agent’s time. If the buyer (as in my friend’s case) had a home inspection done, there’s more time and money wasted. His buyer’s agent had a number of contractors/vendors lined up to start doing home repairs, yet there were still contract contingencies. As a side-note: For whatever home updating issues the buyer is requesting a referral, the agent should provide the buyer with no less than (2) vendor referrals for each issue i.e. painting, carpeting, tile work, kitchen remodeling etc. I’ve always referred to the Pre-Approval letter as the “LOAN COMMITMENT” letter. It’s no wonder my friend, the buyer, was confused. He thought the Pre-Qualified letter guaranteed him the loan amount. Based on this fiasco, he won’t be recommending the buyer’s agent to any family or friends.
Moral of this story is — Agent’s need to INSIST that the lender provide their buyer with a loan commitment letter prior to showing them property.
Disclaimer: The opinions expressed in blogs on this website are solely those of Marcy Sanders. The information provided on this site is for general informational and educational purposes only.
OrganizeMeForms™ (80) Exclusively Designed Real Estate Forms & Checklists – Providing Real Estate Professionals, their Customers and Teams with a unique collection of detailed forms to keep them on-track with task management. The solution agents have been waiting for! Start using OrganizeMeForms™ today and soon you’ll be on your way to becoming a successful top producer. Click on the button below to order now!
