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Buyer Bootcamp - Coggle Diagram

- - - - (Not taught in this class)
        
        Mega Open House
        
        MOJO
        
        REGH IC
        
        Farms
    - - Prequalify Questions
        
        Exchange information
        
        Find out how they contacted you in the first place
        
        Establish the motivation
        
        Set the appointment
      - Setting the Appointment
    - - Preparing for the Buyer Consultation
        
        General Ideas
        
        Need to be Mobile, Locations Vary
        
        Locations
        
        Office
        
        Listing
        
        Client Home
        
        Pre Appointment Emails & Communication
        
        Credentials & What to expect
        
        Confirmation Email & Text
        
        Pre Appointment Research & Preparation
        
        Home Evaluation Report (asking about specific listing)
        
        Prepare the Folder
        
        Buyer Consultation Presentation
        
        Similar Homes Comps
        
        Create MLS Search for Similar criteria homes, save, and send to client
        
        Print comps for folder
        
        Business Card
        
        Buyer Brokerage Agreement
        
        Residential Purchase Agreement
        
        Duties Owed (in case they want to write an offer)
        
        Buyer Cost Sheet
        
        Preferred Lender’s Contact Info (In case of needing Financing)
      - Presenting the Buyer Consultation
        
        General Principles
        
        Buyer consultations are fluid depending on what you discover
        
        Appointment Walkthrough
        
        Meet & Greet
        
        Discuss Criteria & Dig Deeper
        
        Dreams
        
        Needs
        
        Price (Range)
        
        Financing Vs Cash
        
        At Listing
        
        Walkthrough home
        
        Rate house 1-5 stars
        
        Pros & Cons
        
        Do you want this home?
        
        Would you like my help?
        
        Yes
        
        Great, here’s what it looks like for us to work together
        
        I’m not sure
        
        Fair enough, do you have a few minutes where I can walk you through what my service looks like and how it can help you.
        
        No
        
        Interesting, why not?
        
        Procuring Cause
        
        By Law I’m entitled to the commission
        
        If you’re working with another agent, it’s best you write the offer with me
        
        If not working with another agent, and not interested in the property
        
        Buyer Presentation
        
        Explain how what you offer relates back to their specific goals and situation.
        
        Ask for the commitment 30 days (can do more)
        
        Yes
        
        No
        
        After appointment Next Steps
        
        Writing Offer
        
        Yes or No
        
        Going to look at homes
        
        Reconvene later to look at homes
        
        If needing financing
        
        Setup Meeting with Lender
        
        Start to get the Preapproved
        
        Offer lender even if already preapproved, explain the benefits of working with your preferred lender
        
        Not working with you at all
  - - - Find Right Homes
        
        How to navigate MLS
        
        How to setup an Auto search
        
        How to use hotsheets
        
        How to review MLS Sheets
        
        How to comp properties
        
        How to update profile & website in MLS
        
        Off market properties
        
        Farming
        
        Targeted Circle Prospecting
        
        NODs
        
        FSBOs
        
        Craigslist
        
        FB Marketplace
        
        Understand MLS Sheets
        
        Understanding Statuses
      - Constently, Accurately, & Safely - Open Them & Show Them & Set Appointments
        
        Showing Instructions
        
        Vacant - Key Any
        
        Appointment with Owner
        
        Appointment with Tenants
        
        Appointment with Listing Agent
        
        No Show
        
        Open Lock Box
        
        Mechanical
        
        Sentri Lock - Electronic Lockbox
        
        Keypad
        
        App
        
        Open Door
        
        How to leave a home
        
        The way you found it or Better
        
        Safety
        
        Walk around the house, look for obvious signs of forced entry
        
        Be present/aware (not staring at phone)
        
        Seek out more information on this topic
      - Optimize Routes
        
        https://routexl.com/
        
        https://www.mapquest.com/routeplanner
      - Car Expectations
        
        Following you
        
        Hopping in your Car
      - Plan Adequate Time
        
        Time
        
        10-15 minutes per house
        
        30 minutes or longer in a house means they really like it
        
        Add in total drive time as well
        
        Plan Adequate Time to Write Offers
        
        At least another 1-2 hours to submit an offer if needed
    - - Create Templates in Transaction Desk
        
        Disclosures
        
        Contracts
        
        Buyer Forms
      - Write Offers
        
        Pull the Tax Record
        
        Comp the Property
        
        Draft up Disclosures & Residential Purchase agreement in Transaction Desk
        
        Offer signing & explanation of all docs with client
        
        Give copies to the buyers
        
        Optional: Buyer Offer Presentation Letter
        
        Fair Housing Considerations
        
        Submit actual offer to listing agent (offer template form)
        
        Follow up on offer to ensure it’s received
        
        (Offer is presented to seller)
      - Offer Outcomes
        
        Counter
        
        Negotiate Counters
        
        Understanding the Counter
        
        Review counter offer and expiration date
        
        Contingencies
        
        Due diligence periods
        
        Appraisal
        
        Home Inspection
        
        Earnest Money Deposit
        
        Escrow
        
        Financing vs Cash
        
        Seller Contributions
        
        Timeframes
        
        Presenting the Counter
        
        Notify Buyer
        
        Presentation Tactics & Tools
        
        Key Tactical Decisions
        
        1 more item...
        
        Presentation Strategies
        
        4 more items...
        
        Tool
        
        3 more items...
        
        Options
        
        Accept counter
        
        Continue to Contract to Close
        
        Counter offer
        
        Negotiating Terms between both parties
        
        Common Counter Points
        
        5 more items...
        
        Multiple Counter offer Situation
        
        1 more item...
        
        Reject offer
        
        Reject
        
        Reasons why a client might reject outright
        
        99.9% of the time... it’s price
        
        Offer is so bad, it’s worth sending a clear signal that it’s not even in the ballpark
        
        Process
        
        Still Present to Buyer
        
        Still Sign it
        
        Still send it back to the listing agent
        
        Accepted
        
        Notify Listing Agent
        
        Have Escrow Opened
        
        Begin Closing Process with All Parties
    - - Escrow Opened
      - EMD Deposited
      - Request HOA Resale Package
      - Coordinate Home Inspection (If Applicable)
        
        Not applicable when buyer is not requesting it
      - Coordinate Appraisal (If Applicable)
        
        Not applicable on a Cash Offer
      - Review Preliminary Title Report
      - Follow Up on Buyer’s Loan Underwriting Process
      - Coordinate Closing Document Signing
      - Follow Up on Funding & Close Date Details
      - Buyer Walkthrough
      - Closing Confirmation
      - Compliance
      - Post Closing Tasks
        
        Request Client Review
        
        Request Referral
        
        3 Days after Close of Escrow
        
        If sign remains in yard politely reach out to listing agent
        
        If lockbox remains at property, politely reach out to listing agent
        
        Update Client CRM Status to “Past Client”
        
        Start “Just Sold” Marketing & Lead Gen