Are your contracts getting torn up
because your buyers weren't fully qualified?
One of the key components in sales is qualifying your buyers by getting them pre-approved to make sure that they are financially able to buy so you do not waste any time and gas. You are pretty good at this now that gas has gotten up to $4.00/gallon and you know that you cannot afford to ride folks around like you used to.
How about their sense of urgency; are you spending much time on this key component in qualifying your buyers? This is probably more important than their loan pre-approval because without a strong need or desire, they are going to eat up a lot of your time and money and they might never do anything and all of those contracts will never close...
Here's a quick Sense of Urgency Scale I put together:
Strong Buyers are:
- Moving to the area with a new job.
- Have to move because of a life-changing event.
- Have to move because something is happening with their current housing situation.
- They have locked-in with a good rate that is about to expire!
Not so strong buyers are:
- Feel cramped in their house and want a bigger one.
- Feel their current home is too large for them now.
- Want to get closer to family members.
- Their current home is not very convenient to new life-changing things like dealing with stairs or narrow hallways.
- Want to move into a better neighborhood or town.
Weakest of them all are:
- Saw the sign and was curious how much the house cost.
- Saw the house in an ad and wanted to know about it.
- Thinking about buying and fixing up and re-selling or renting out.
So, how can you elevate your prospects quickly up the sense of urgency scale? And while you are at it; how can you do this while accomplishing the other component; their finance-ability? Finally, how can you do this today with one quick phone call?
Call me and ask me to call them and get them into our Pre-Purchase, Rate Protection Program (PPRP).
It is the easiest close that you can make because it is a great program for them with no strings attached, if they are going to be buying a home any time soon. Here's why!
We get them pre-approved and try to get them into a 90-day rate protection program so we can start collecting their income and asset documents right away, before you even start looking at properties!
So when you finally find them their dream house, hopefully, most of the leg-work from their side of the transaction is already done.
Basically, they become a 'cash buyer'!
Now here's the best part! With this pre-approval status, we are locking them in for 90 days which helps you create a good sense of urgency, especially if rates have worsened. Also, it is a great deal for them too because if they want to go with another lender once a property is found, we will let them out of our deal IF they allow us to compete for their business otherwise, we do charge them a $350 cancellation fee. But, if they come back to us within 12 months, we'll waive that to get them back into PPRP.
If we are not able to match or beat the competitor's deal at the point that the contract is signed, we do not charge them a cancellation fee!
What do they have to lose?
Once you understand how this works, you will see why thousands of successful Realtors throughout the country are calling us and asking us to get their buyers in our PPRP program fast! With this, you are going to close 60% of your pre-approved buyers and you will close them with less work and much faster too!
Put me into your speed dial and call me with all of your prospects so I can help you with this!
843-230-7929
Sam Thompson, PHH Mortgage
Senior Advisor - Helping you GROW your business!
www.activerain.com./luckydog1 - SC
www.activerain.com/luckydog2 - NC
http://samthompson.phhmortgage.com/
This is so true Sam. With all of the changes in lending it is so important to have a buyer get preapproved before you take them out.