Pre-Qualifying Prospective Buyers

Everyone wants to buy a home yet many don’t really qualify. When choosing a serious buyer, it is hard to separate the real ones just by looking at them or without first having gained a proper understanding of your prospect.

The first step to working with any good buyer client is pre-qualification. A buyer who has been pre-approved is about 85% of the time ready to buy and qualified.  It’ll be much easier to guide your prospects to a property that will meet their needs and loan criteria. Clients may be able look at homes with a solid image of how much home they can afford. Most importantly, you can evade situations where your buyer locates a a property only to find out later on that they are not eligible to purchase it.

How Do You Qualify

Although potential buyers may show interest in your property, you’ll need to sort out who’s really interested and who’s just looking. Nothing can be more disappointing than investing large amounts of time, money and energy with buyers who will eventually pass out on you, backed out or end up working with another agent.

Carefully pick your clients by asking questions and eliciting the right information:

Customer Profile
By obtaining information from your potential home buyers, you can start to get a clear picture of their likes, dislikes, and buying behaviors.

  • Do they have the necessary down payment?
  • Stable Employment?
  • Income level?
  • Good credit score?
  • Asset reserves?

These are the basic questions any loan officer would ask, and if your borrower seems qualified from the answers they give you, then you are down the road toward qualification.

Know Their Needs
Knowing your customer’s needs will help you match them to the specific type of homes you are offering. You’ll be even more successful if you can match what you’re offering to what you know your customer can afford. Recognize each and make a list of their priorities based on:

  • Price Range
  • Location
  • Space
  • Style
  • Amenities

Real estate should be an enjoyable encounter for all parties. Before you spend time helping prospective buyers find their next home, it’s important to ask a few questions to ensure you don’t end up wasting each others time. Buyers who fit within the pre-qualification process are the ones who deserve your utmost attention and full commitment to finding the best possible home.

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