When working with Buyers and Sellers you want to keep the experience you provide exciting yet stress-free…. Impossible you say? Try these tips to help keep you and your clients in a state of ZEN.
ZEN (Wikipedia): sometimes used to refer to an individual who teaches or practices, usually implying longtime study and subsequent authorization to teach and transmit the tradition themselves.
So what does it take to become a ZEN Master in Real Estate? Well the first step is to know what causes the most stress in a transaction and eliminate it. For 92% of homebuyers the thing they fear most about purchasing a home is the mortgage process… some have even compared it to having a “financial colonoscopy”!
As real estate professional we coach and council our clients through a very emotional, and sometimes stressful, period of their lives. What can we do to change stress into a new level of excitement?
#1. Be a great listener and find them the perfect house:
I know you’ve heard the old axiom of “buyers are liars and sellers are too”… but I feel this saying was created by a poor listener with even worse questioning techniques. Asking the right questions, and listening with intent, will educate you to helping your buyer clients find their dream home. What are their non-negotiable items or “must haves”? Big back yard, garages, first level bedrooms, etc an all be on a must have list… our job is to make sure the must haves are realistic. If a buyer wants a 5 bedroom home, with 3 garages, a 2 acre lot with an in-ground pool all for $175,000, they may have to adjust their must haves to their budget.
Also set expectations for current market conditions, if they know what to expect and all the steps of the process beforehand, the stress melts away and the excitement takes hold.
#2. If a loan is needed, make sure the clients know their credit limitations before you start showing homes:
Most clients will have access to checking their credit score before sitting down with a lender. It might be a stress reliever to have them get their scores prior to meeting with your preferred lender. But warn them the scores they see on some reporting sites might be higher than those the lender will use for qualification. Make sure their score resource pulls from all three bureaus for the most accurate picture of credit worthiness.
If there are credit issues or disputes it is better to know before an offer is written so they will have the time to correct or repair the credit. This will help minimize any unnecessary surprises or delays at the lenders office.
#3. Justify income, cash deposits, and gifts:
Any large sums of money deposited into a buyers account 60 days prior to closing has to be verified through written documentation. The banks have to protect themselves against a buyer borrowing money from other sources for down payment and closing cost expenses. If a family member gifts $5000 to the buyers, a gift letter stating is does not have to be repaid will be required
Self-employed or complex income buyers will also have more hoops to jump through to get a mortgage. Knowing this upfront and explaining and educating the buyer to the process will take the stress level down a few notches as well.
Make sure you are referring your clients to a local qualified and professional lender who fully understands the complex financial profiles of today’s buyers.
#4. Manage Emotions:
Emotions can induce clients into making poor decisions which can affect them for years to come. Building a client’s confidence and situational awareness can help in clearing the transactional fog which sometimes surrounds the buying or selling process.
By first making sure a client is properly educated to the entire process they are about to enter, and though constant communication, you will help keep emotions at bay. Reducing stress is all about the prep work you do with your clients before starting the process. It will mean less sleepless nights and panic attacks for your clients, and a calm and Zen-like closing for you!
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