Episode 311: Mastering the Buyer Consultation: Standing Out in a Post-NAR Settlement Market

In episode 310, we covered how the NAR settlement has shifted the way commissions are handled and shared strategies for discussing these changes with your buyers.

In episode 311, we take the Buyer Consultation to the next level, focusing on how you can stand out in the crowd.

We're diving into the rest of the consultation process—equipping you with the tools to educate, qualify, and guide your buyers through the market with confidence. Learn how to set expectations, tailor your presentation style, and deliver exceptional value that will secure your role as their trusted real estate advisor.

This episode highlights a lesson from the Buyers Module of our Real Estate Sales Builder Course.

The Buyer Consultation  (The B in the Before, During, After System)

Conducting the buyer consultation

The Buyer Consultation is your opportunity to educate and qualify the Buyer while demonstrating your market and industry expertise.

In a seller's market with little inventory and multiple offers, the Buyer Consultation must establish reasonable expectations and the Buyer's readiness.  Whether it's a buyer's or seller's market, the consultation is your opportunity to stand out and show your value as their representative.

Confirm the information you might already have regarding the buyers and ensure you have all the details:

• Time frame
• Location
• Financing or cash?
• Budget - price range, mortgage payment, closing costs & down payment
• Wants and needs in their Property (the specifics)
• Be prepared to adapt and adjust to any changes the buyer shares
• Know your buyers "WHY" for purchasing a home now 

Explain the home buying process & set expectations

• Use a Buyer Presentation.  Creating a presentation for your buyers will help educate them on the process and make you stand out, as most agents do not take the time to develop this tool.  It can also be a vehicle to explain the new commission structure post-NAR settlement better.   Your company or Title company may have a template you can personalize, or you may have access to something in your CRM that you can use.  Another great place to get started is CANVA.  They have several real estate presentation templates that will give you a significant jump-start.  If you are not a CANVA user, visit https://www.canva.com/ to get started. 
• About you and your experience
• Leverage your team of professionals - your company, lender, closing, inspectors
• Are they ready to buy?
  • Steady income - proof of employment
  • Low to medium debt
  • Cash for down payment 3.5% + closing costs
  • Two months pay stubs & bank statements
  • Two years tax returns
  • Two years with the same company or industry
  • Credit score 580+
  • 1-2% available funds for the initial deposit (earnest money)
• Lender process - the power of loan approval for negotiating
  • Know financing basics, programs available, down payments
  • Calculating payment (PITI +)
  • Cost sheet or App to determine closing costs for Buyer
• You can show them all properties from varied sources
  • Available Listing in the MLS
    • Call you when they see other agents' listings advertised online, yard signs
  • Office and Company Listings
  • New Homes
  • For Sales By Owners
  • Finding Properties Not on the Market
  • Get them using your website and Home Search app!
• Have they purchased homes before? If so, when and where
• Describe your current market (Sellers Market or Buyers Market)
• Sense of urgency in Sellers Market with multiple offers 

Use this chart or one like it on your Buyers Consultation to help you explain the type of market you are currently in.

Generally speaking, we are in a BUYERS market when there are MORE than 7 months of inventory.

A NEUTRAL Market when there are 6-7 months of inventory

And a SELLERS market when there are less than 6 months of supply.

Months of supply or Inventory means how long it would take for all currently available properties to be sold if no other homes came on the market and current demand and pace of sales continued.

• Review Agency Disclosure or Buyer Brokerage Agreement and obtain commitment
• Give the Buyer a Home Buying Guide
  • Explains the home buying process & provides additional helpful information
  • Where to get one?
    • Check with your brokerage
    • Breakthrough Broker - set up a free account (10 downloads per month)
    • Keeping Current Matters - learn more at https://www.keepingcurrentmatters.com/