Streamline your lead qualification system in legal agreements

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do you know how to pre-qualify your potential buyer clients let's talk about it [Music] hey there i'm amanda if this is your first time in the channel be sure to hit that subscribe button and tap that bell for notifications so that you'll be the first to know when i upload a video each and every week i've been getting a lot of questions from agents out there on how do i pre-qualify my buyer clients so i wanted to take the time to do a quick video and explain the process that i put buyers through before i even consider them to be an actual client my very first question when pre-qualifying buyer leads is are you working with an agent and i don't phrase it that way i phrase it are you committed to an agent typically that will give a better answer than are you working with an agent because working with can mean a lot of different things committed to puts it into perspective of have you signed anything and if the answer to that is yes well that's the end of the conversation there's no need to set up a buyer consultation but the answer to that question is no then the next step in pre-qualifying buyer leads is to set up a buyer consultation and this could be in person it could be on facetime or zoom or it could just be a regular old phone call whatever that lead and you are most comfortable with that's the route to go and during this consultation there are multiple questions that i ask and that you should be asking in order to determine if these people are actually viable buyers during that consultation the very first question that i ask is whether or not they have had a chance to talk to a lender and find out what their buying power is and i know some of you are going oh that's really straightforward and kind of awkward but the fact is you have to know where people are in the buying process there are so many potential buyers out there that they just don't understand what goes into the financing side of purchasing a home it is not the same as purchasing a car nowhere near as easy so you need to dive into it up front and if their answer to that question is yes then hey that's a great first step and i follow that up with i'd love to see a copy of the pre-qualification letter or the pre-approval so that i can get an idea of whether or not the lender that they've already connected with is going to be someone that we can actually rely on or if maybe they need some more suggestions to get a more thorough pre-approval then i'm also going to ask some questions about financing and cash as well you want to ask if they're going to be doing financing or if they're going to be paying cash and if they're going to be doing financing and they have talked to a lender i'm still going to ask some questions i want to know what type of loan program they're interested in you need to find out what type of down payment funds they have do they also have enough to pay for closing costs and have a conversation about closing costs i find that's a big one that a lot of buyers haven't accounted for so they have their down payments set aside which is great but then they don't realize that they're gonna need some additional funds for closing costs or possibly depending on what market you're in as the agent you will then know that you need to be able to ask for some seller assistance when constructing an offer for them once you ask those questions about their financing or if they're paying cash the next question that i go into is if they are going to be doing financing to ask who is going to be on the loan and whether or not i'm speaking to all parties who will be on the loan and this is an important question because if someone's going to be signing on the loan but they're not a part of the conversations that could be a problem every situation is different so it's just a matter of gathering some information but it is important to know who are going to be the decision makers and if they're going to be on the loan are they just signing off on whatever this person or people decide to purchase or are they actually going to be a part of the decision making process of finding a home from there the next question is what is their budget and they may not know the answer to this if they haven't spoken to a lender this is where i will lead in and say i have you know three preferred lenders that i work with regularly and trust after this call i will send them send you their information and put you in touch with them so that you can go ahead and get pre-approved to determine what your budget is and be sure to add in that them getting pre-approved does not mean that they need to spend the max of what they're pre-approved for that's entirely their decision it's just to determine what their buying power is after you get the financing and budget talk out of the way then you can jump into what is the more fun part of the buyer consultation and that is finding out more information of when they want to buy and in an ideal timeline when would they be into their new home and the next question i will find out is where are they looking to buy and this is an important question to ask anyone that you're having a buyer consultation with because you might find out that they could be looking in an area that's a little bit far for you to want to commute to or maybe this happens a lot in the northern virginia area maybe they're interested in virginia dc and maryland and that for me would mean i need to refer them to a different agent because i personally only handle northern virginia but there are plenty of agents here who are licensed in and operate in all three states so you want to get an idea of location and then from location find out what type of property they're interested in how many beds and baths and any must-haves that would be deal-breakers if a property didn't have it then they wouldn't be interested in it and this is more of a conversation to gather information so that then you're able to set up a listing alert for them so that they're getting properties from you regularly in addition to being able to outside of that listing alert look for homes for them so that you can find the right fit for what they're interested in next question during a buyer consultation is do they need to sell a home first or are they currently renting or staying with someone where they don't need to sell anything first and this is a must-ask question as well because depending on what their situation is you may have to work backwards also depending on what the market is doing in terms of timing if you have to also sell a home in the process of them finding their new home so that's very important to then be able to determine timing-wise how this is all going to play out and then set realistic expectations for them of how soon they will be able to be into their new home and getting settled in having the initial consultation with buyers is an absolute must do when you are a real estate agent you will waste so much time running around meeting buyers at houses when they really aren't qualified to even buy or maybe they're not motivated to buy and you're spending your time and your money gas is not cheap these days to meet them at a home when you could have saved yourself that hassle by having this consultation up front and i will close by saying it is a red flag for me if i get a buyer lead and they're not willing to have a consultation they just want to go see a house immediately they're just interested in this one property i will say there are cases if i i already have an existing relationship with someone and know them in terms of the past client maybe that's a possibility but if it's a lead that's just come into me whether it's through the website or a referral or whatever the situation is and there's no background of me understanding what they're really looking for we need to have that consultation first you're talking 30 45 minutes of your time to get to know each other a little bit better ask the questions that need to be asked and then determine also if you're going to be a good fit working together if you got some value from today's video i would really appreciate it if you give it a like or better yet hit that subscribe button i really appreciate you all tuning in and until next week take care