When a buyer tells you their price range... what do you do?

By
Real Estate Agent with RE/MAX of Naperville

I had some transferees out today (all day...) they were trying to decide if they like our area and if they wanted to work with me overall. They've purchased 6 homes over the years... when they gave me their criteria I knew that we had a problem... But I did the best I could following their lead on the pricing and area.

I also had a huge amount of back up plans ready to go (I knew that I would need them)

At the end of the day he expressed his appreciation at finding me (WooHoo!) His wife said that I was the first agent in their history of moving that didn't automatically start showing them houses for more than they wanted to spend and that they appreciated it. They were also glad that I was prepared to change gears.

They said that they always end up spending more than they plan, but never feel like agents are listening to them (of course they buy anyway)

So, did I just spend a lot of time wasting the morning? Or did I invest the time wisely in a future client. (who also happened to be fun to work with)

 

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Ambassador
650,068
Kristal Kraft
Denver Real Estate - 303-589-2022
The Berkshire Group Realtors

You are a wise man Mr. W.  I find buyers want to know they can trust you so they do exactly what they did today, and you passed the test.  I just posted a blog about "buyers don't know what they want until the know what they can have."

Until they start, they don't know where they will end up.  We can't (or shouldn't) take them their without their permission.  IF we do, we lose.

Good work!

September 16, 2006 09:04 PM
Rainmaker
1,368,912
Donna Harris
Realtor, CDPE & ASP - Hill Country Lakeway Austin
Regent Property Group

Always show the price range as it's got to be up to them to increase it if they're not finding anything they like.

Also, when people tell me a price range, I automatically ask if they set that range themselves or if a mortgage person approved them and told them that was their limit.  I won't show without the buyer being fully approved, so I would find out sooner or later anyway, but I have to laugh when people tell me something like $100k over their actual approval level and want 100% financing...

September 16, 2006 09:50 PM
Rainer
48,330
Lisa Dunn
www.TwinCitySeller.com
Edina Realty
It's easier to start low and go up! 
September 16, 2006 11:17 PM
Rainmaker
1,509,179
John Novak
Henderson, Las Vegas and Summerlin Real Estate
Keller Williams Realty The Marketplace

You clearly demonstrated that their needs came first by showing them homes in their given price range. Prices vary so much across the country;  they may have just wanted to acclimate themselves to your market.

And it was great that you had alternatives ready. It won't be long before we'll be seeing part 2 of your post -- 'found a house!'

September 17, 2006 12:54 AM
Rainer
69,818
Pam Hofmann
Your Crossville, Lake Tansi & Fairfield Glade Specialist
Third Tennessee Realty & Associates, LLC
Good thinking "Grasshopper"
September 17, 2006 01:04 AM
Rainmaker
605,739
Sharon Simms
St. Pete FL - CRS CIPS CLHMS RSPS
Coastal Properties Group International
First you have to show them that you do LISTEN. Once you've shown them that, ask which parameters they'd like to change - price, commuting time, must haves, and then regroup. We generally keep them all with this approach, unless they're here considering whether to accept a job offer and find what they can get for a certain price just isn't worth the job.
September 17, 2006 09:19 AM
Rainmaker
246,143
Gena Riede
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
Riede Real Estate, Lic. 01310792

Smiley FaceThat is a sign of a "good realtor" and not a sales person. You listened and followed through. It is that type of professionalism that makes a realtor stand out and breaks the stereo type. Good job!

September 21, 2006 06:45 AM
Rainmaker
334,601
Ann Cummings
Portsmouth NH Homes - Service With a Smile!
RE/MAX By The Bay - NH and Maine

Oh Wise One....you spent a morning having fun and earning yourself a new set of clients!!  You showed them you listened to them and that you cared, and they showed you just that as well.  They are now your clients and trust you, AND they know they'll have fun as well!  What more could any clients ask for???

Ann, www.AnnCummings.com

September 17, 2006 11:59 AM
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Rainmaker
166,292

Angus in Naperville IL

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