Convert more sales for real estate

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so you have a prospect but you have no idea how to convert them to an actual buyer in this video i'm going to be sharing with you some tips on what it is that you need to do to figure out if this person is actually going to turn into a deal or if they're just wasting your time [Music] now really quick this video is sponsored by flexispot if you guys follow me on instagram you probably have seen my desk and my bicycle chair and the reels that i have posted and you know i have been using this desk and chair for quite a few years now and i absolutely love it um the desk you can go up and down so it's really helpful because sometimes you know we're sitting all day i get tired so i stand up flexi spot is having a tech day sale so between the 7th and the 9th of september you guys can get up to 200 off if you purchase anything from their website the next time that they have some big discounts will be during black friday so then the link will be in the description box below in case you guys want to check it out so let's say that you have some leads their prospects they have told you that they're interested in buying they have expressed that they want to stop renting whatever that is the first thing that you need to do is figure out what their current situation is and what their motivation is for actually purchasing a home a lot of times first-time buyers especially have no clue as to what the home buying process is so obviously you have to be very well educated as to what the combined process even looks like that way you can go ahead and relay that information to them if you are having a hard time converting these prospects into buyers is because somewhere along the way in your communication with them there hasn't been expectations set or there hasn't been really a flow for them to understand what the next step is so let's say you are watching this you come to me and you say hey lloyd you know i'm thinking about purchasing a home the next thing that i'm going to ask you is first of all what does your time frame look like have you already spoken to a lender what exactly are you looking for in the home that you purchase will this be the first time that you buy a home do you have to sell another property you see these are all pre-qualifying questions and the reason that i'm asking all of this is because i want to find out first if this person really is in a position to be able to purchase a home and second i want to know whether or not i will actually be able to help them so as they start answering those questions i now have a better idea as to where i need to take them for the next step some other questions that i like to ask are whether or not they have some money say for a down payment if they will be getting approved by themselves with a family member with a friend or what that looks like so obviously as they're answering all of this the next step let's say everything checks off they have money saved they want to get the ball rolling you know they have a time frame by when they want to be out of their current home because they're currently leasing i will tell them you know what the next step is for us to figure out exactly what you qualify for so let me connect you with a lender we have a few that you can pick from but that way they can review your financial situation based on your income your credit how much money you have saved up and so many other factors this will really help us determine whether or not first you can qualify for a home second what programs are available for you and third if you are actually right now in a position to be able to move forward or if there are some other things that you need to wait and do and take care of before you proceed with the home buying process at that point if a buyer is still hesitant about submitting their documents then i know that there is something that they're thinking that perhaps they're not expressing to me you see buying a home is a really big deal especially for people that have never even done a real estate transaction so it's almost like you have to hold their hand you have to walk them through the entire process so that they know that you are going to be taking care of them the whole time so when i send some hesitation from the buyer what i like to do is that i like to already set them up with what the next step will look like so obviously i said you know we're going to connect with the lender but the next step immediately to do is to actually start collecting some documents i like to tell the buyer what documents they need to start looking for because this is what a lender is going to ask for so documents such as the tax returns pay stubs bank statements and employment information i tell them all of this and usually what i like to do is that i like to get a list from my lender that way i can tell the buyer directly what the lender is going to ask for now as i tell the buyer this i tell them that i will also email that to them and my lender will also connect with them to further answer any questions that they have but at this point the buyer or the lead the prospect pretty much has everything they need in order to get the ball rolling if at that point they start ghosting me or if they just you know follow the face of the yard or they just don't want to proceed then i know that there's something going on or maybe they're just not really motivated we are real estate agents we're here to provide valuable information to them and guide them to make the best decision for some of them like i said this is a really really big deal because we have never purchased a home so they might be stressed out they might be anxious and for many of them the moment that they start collecting documents and submitting them to the lender they know that this is about to get real so ask them for a time frame by when they think they might be able to gather all of the documents you also want to find out when they're usually available so that your lender can reach out and they can connect so that the lender can't answer any other questions before you know they get the ball rolling so by doing that you're now getting a commitment from this prospect to connect with your lender and then from there if they're hesitant and they're like no no no no then you know it might require some more follow-up maybe follow-up calls follow-up text messages or just plain out asking you know at this point what is holding you back from at least having that conversation with the lender something that i like to make very clear to any of my prospects that are thinking about buying is that just because they talk to a lender or get approved it does not mean that they have to go out and purchase home immediately the next day because maybe some of them think that that's exactly what's going to happen and you're going to shove a property down their throat and i tell them look at the end of the day by you getting the ball rolling you're at least going to see where you stand and whether or not you are in a position to be able to purchase home if you want to know what mistakes to avoid when you're working both with buyers and sellers so that you're not wasting your time make sure to check out these videos right here and that's it for today i'll see you on the next one