There’s no denying that working in the real estate industry is a tough job. Property agents work on a commission basis and qualifying real estate leads is an essential part of the process. Many real estate agents have spent their time meeting with clients and showing them properties – only to discover that the client isn’t qualified, won’t qualify or has no real desire to buy property.
The important point to note here is that buyer – or even potential buyers – don’t do this with mal-intent. It’s most likely that they aren’t informed about how the real estate process works and are genuinely looking for information. As a realtor, a crucial aspect of your job is to educate clients: this includes potential and future buyers – and even client who may never buy property. As online real estate leads in the UAE are generating a lot of business, it’s important for real estate agents to know how to qualify real estate leads. And that means asking the right questions to buyers.
This is where MyBayut steps in. Today, MyBayut breaks down one of the most important questions a realtor should ask a buyer – and the right way to put it across. And that’s asking a buyer about their financing process.
Unfortunately, due to the volume of real estate leads generated online, many agents can become rote on phone calls with customers. A typical conversation between property agents and potential customers could follow like this:
Client: Hello, is this an agent?
Client: I am calling for a property.
Agent: For sale or for rent?
Client: For sale.
Agent: Is this cash or mortgage?
Did that conversation just happen? While it’s important for agents to qualify real estate leads, what’s also essential is the manner the question is asked in. In the above conversation, one could replace property with ‘pizza’ and mortgage with ‘credit card’ and have a basic transactional conversation. So, how should agents qualify real estate leads? Read on to see how to pose one of the most important questions to ask prospective buyers.
Firstly, real estate is a service industry and relationships are everything here. While nobody wants to waste time with an unqualified client, there is certainly no qualified buyer that wants to work with an agent who asks such basic questions at the very beginning of the relationship.
The key is not what you ask, but how you ask. When a prospective client calls up, here are some important questions agents should ask buyers. The first question should be, “May I ask who I’m speaking with?” An appropriate second question is, “What’s brought you to the decision to buy property?” Get to know the person and their requirements.
Now, qualifying real estate leads is important, but asking whether it’s cash or mortgage isn’t relevant. One of the most essential questions to ask potential real estate clients is, ‘Where are you in the financing process?”
This is an excellent open question for realtors to ask. Buyers cannot simply answer this with a ‘yes’ or ‘no’. Furthermore, the question requires potential buyers to provide the agent with some information. The answers real estate agents can expect are, “I haven’t started the mortgage process” or “I am prequalified” or “I have already secured my loan”. All of these answers will help agents in qualifying their real estate leads – and close more deals.
The major difference seen here is how the potential client perceives the question. The first impression of an agent is crucial in determining if a client wants to do business with you – or someone else. In the first conversation in the article, the questions are almost interrogative. Whereas in the second conversation, asking the client’s name and their position in the financial process helps build rapport and subtly qualify real estate leads.
Why is this so important?
These are crucial questions to ask real estate buyers because it helps agents learn more about them and add value. Based on the answers, agents can make recommendations for mortgage providers or even explain the purchase process. Your aim isn’t just to verify if there are capable of affording a property, but also to protect their time. It’s awful for potential buyers to find their dream home but have to take steps backward to get everything in order and then lose out to another qualified buyer.
It’s a challenging market, so it’s vital that all agents remain professional and understand their clients. Learn where they are in the financing process and educate clients who aren’t informed. Always remember, if a client doesn’t buy, they can still refer you to others.
And that’s the right way property agents should be qualifying real estate leads. These questions to ask prospective buyers can help you maintain a strong agent-client relationship and do more business, too. Want to communicate more effectively with your clients? Read up on Bayut’s tips on communication skills for real estate agents. If you’re interested in raising your real estate game, you might want to attend one of the popular Bayut Academy workshops. Learn more about these workshops by contacting firstname.lastname@example.org. And stay tuned to MyBayut for more articles on tips for real estate agents.