Sometimes it can be more difficult than usual to find a client a home they're excited about within their budget. Budgets are not everyone's favorite aspect of life to work around; but they are necessary to pay attention to. Nobody wants to sell someone a house that they can't afford.
Working within a client's budget is a must for every agent in order to both close a deal but also earn a good reputation as a hardworking, honest, and helpful agent.
Don't Stray Too Far
Before you're off watching the MLS with a keen eye, scheduling showings and the likes - it's time for clients to answer some questions. Always be sure to figure out the budget before doing anything else. Deciding the budget is crucial prior to beginning the search for the perfect home.
Budgets have the ability to make or break a real estate search. A client's budget will set the parameter for every search they do, or an agent does for them. So, once a budget is set, don't stray from it.
Even when it comes to simply looking at houses; clients could fall in love and then be disappointed or disheartened. They may also feel like their agent let them down. This can all be avoided if clients aren't even exposed to homes or areas outside of their price range.
Ask clients ahead of time if their finances have wiggle room or if the budget is strict and then go from there. This will give you a good indicator of what you can look at and what you need to keep scrolling past on listing sites. Also, keep in mind that clients will always pay more in closing costs and with potential bidding wars.
Be Realistic, All the Time
Sitting down to hear a list of what clients must have in their home is an important step to building client relationships. But, be sure to manage any unrealistic expectations right away. This way, the communication between agent and client stays transparent, open, and hiccup free. It's wonderful to see a home that checks every box for your clients; but if that home is out of the budget - it just simply doesn't matter.
Daydreaming about what clients wish they could afford does no one any good and ultimately slows down the process. Which, is a real issue in a competitive market like the one most areas are seeing.
By ensuring that everyone is realistic and stays within budget, agents are able to lead with integrity and grow their business by being trustworthy and dependable.
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