would benefit from knowing what the Realtor knows. Article recommends
that agents make an audiotape to give buyers and sellers, telling
them what they don't expect to hear. 1300 words.
OUR BUYERS ONLY KNEW!
How many times have you lost a buyer prospect when they ended
up not telling another agent they were already working with you?
Or because they called on another company's yard sign and ended
buying through whoever answered the phone?
If our buyers only knew what we know, they would understand what
we understand. They would see the same world with the same perspective
that we see. But how do we get our understanding to them, up
front and without ever having to say, "You're wrong and
I'm right?" It's simpler than you think.
In the last edition, we recommended you make your own audio files
telling every buyer and seller what you'd want them to know from
the beginning. Not only will this help prevent your most common
problems from blocking your success, it will also give you the
opportunity to demonstrate your competence, to prove that you
know what you're talking about, that you know what the important
questions are. Whenever possible, tell people things they don't
know and wouldn't expect to hear. Make them think, "I didn't
know that!" Put all your buyer tips on one audio file along
with all your seller tips. There is no good piece of advice you'd
give a seller that you wouldn't want a buyer to overhear, is
there? This audio file is best done in your own voice.
FOR BUYERS TO KNOW
Last time we covered what the sellers need to be told. This time
we'll consider what you should put on the buyer's side of the
tape. If you can't find the other ar-ticle, email me at firstname.lastname@example.org and we'll
email you back the full list. Or, visit our web site to download
the whole article for free. www.steve-stewart.com
with a lender first. No exceptions. If you are going to
borrow in order to buy, the lender is the first person to see
- even before the Realtor® gets too deeply involved. Consider
this market survey we did from Steve Stewart Seminars: If lenders
talk to the borrower before getting into a Realtor's® car,
and the borrower has a job, pay stubs, copies of tax returns
and credit that can be checked, the lender stands a 97% to 98%
chance of funding a loan and closing the transaction. There are
that many different ways to get a buyer into a house and loan.
However, if lenders don't talk with the borrowers until after
they've been looking at property with an agent, the odds of funding
and closing drop to just 55%. Why? Lender-qualifying up front
steers us to the right price ranges of available property; it
keeps impossible buyers out of our cars. And people are always
more candid and accurate about their income and credit history
when they are talking to the person who's going to read their
tax returns and credit reports.
lowest loan rate isn't always the best loan. In truth,
some mortgage companies promise the lowest rates - which magically
creep up just before the closing. Some loans have low annual
rates and high loan fees (just like cars advertised for just
$199.00 a month ... small print: plus $12,000 down). Some
lenders are more reliable than others and will close on time
- a low rate loan that never closes isn't worth much in the end.
Sometimes it seems there is now a unique loan program for every
individual buyer. Don't be afraid to explore and look beyond
know more about your money than you do. Lenders see people in your
financial circumstances all the time and they measure at what
points people get into trouble. That's where income to loan ratios
come from. The lender does not want to take your property through
foreclosure, not at any sales prices. They simply want you to
make all the payments on time. They are in the lending business,
not in the property ownership business. If the lender says you
can afford it, you can - even if you didn't think so. And if
the lender says you can't, you should listen.
can't accidentally over-pay for a property. If the property is not worth
the price, the appraiser will blow a whistle on the deal. Buyer
money troubles (can't qualify for the loan, can't put together
the down payment, can't scare up the closing costs) are the number
one most common reason that a purchase will fall through. So
if you can't afford it or the property isn't worth it, there's
no way to get you in by accident. But if you knowingly choose
to pay the cash difference on the property of your choice (you
agreed to pay $160,000, the property appraises at $150,000; you
can get a $120,000 loan [80% of $150,000] and put $40,000 down
if you want to.)
at your best home options, not at all of them. Looking
at more and more houses just gets you confused. Before long you
will remember this house in that neighborhood;
that house with this kitchen. The advantage of working with a
professional agent who knows the market is that he/she can take
you directly to the homes that closest meet your needs in a given
your agent's advice, at least most of the time. An average
buyer has purchased several homes over a lifetime, while most
agents close anywhere from a half dozen to several dozen each
year. Experience - especially current experience - has great
value and wisdom. Pay attention to it. When you are paying an
agent to represent you, the advice you get is for saving you
money, not costing you more.
don't get better with time. What you see is what there is. Exceptional
opportunities don't wait for the conditions that cause you to
buy. So thirty days from now, you may have slightly different
properties from which to choose, but they will still be in the
same range - not better or worse. The best purchase you can make
is the one you choose now while you have the need to buy. Everything
else is just a fluke - purely an exception to the rule.
AUDIO FILES PRODUCED
Now you have to have the files recorded and produced. Please
don't use your old tape recorder at home; this isn't a good way
to save a few dollars. Look in your telephone yellow pages under
Audio and Video Tape Production (any studio that provides video
duplication usually also does audio production). These studios
will either have recording facilities or can refer you to a recording
studio. Recording will cost you $30 to $80 for one hour (that's
all you need if you are prepared). Recording voice tapes is much
easier, simpler and less expensive than recording music.
Practice your script out loud at least 30 times before you get
to the studio keeping the final tape to a total of no more than
20-30 minutes. Extensive practice will smooth your delivery and
save you a fortune in editing costs (usually $50 to $80 per hour).
When you are ready, go in, record and get out. Don't linger.
Studios will offer to add "bumper" music to your tape
to lead in and take you out just like you hear on the radio when
a host has his/her own theme music to bridge between the commercials,
the news and their show. Music is not a problem and does add
a more professional touch, but it can quickly become very expensive.
You don't need it, your message is what this is all about. Get
quickly to your voice telling people what they need to know and
don't. This is about information, not entertainment.
Ask around for a good deal on making your final CD product look
professional. Ask and you will get good advice. If you are a
strong promoter, have your black and white photo printed on the
label as well. Recording, labels, master file (yes, you need
one) duplication, printing plates for the labels and a protective
paper or plastic sleeve - all run you in the neighborhood of
$1.30 each on a quantity of 500 copies.
Your job now: Give them out like candy to anyone, anywhere with
any interest in buying or selling property. This is a slightly
more expensive and completely more valuable business card that
no one will ever throw away - although they will pass them around
to their friends!