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
653,125
Kristal Kraft
The Berkshire Group Realtors - Denver, CO
Denver Real Estate - 303-589-2022

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!

Sep 16, 2006 09:04 PM #1
Rainmaker
1,375,891
Donna Harris
Donna Homes, PLR - Austin, TX
Realtor, CDPE & ASP - Hill Country Lakeway Austin

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...

Sep 16, 2006 09:50 PM #2
Rainer
48,330
Lisa Dunn
Edina Realty - Minneapolis, MN
www.TwinCitySeller.com
It's easier to start low and go up! 
Sep 16, 2006 11:17 PM #3
Rainmaker
1,511,917
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

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!'

Sep 17, 2006 12:54 AM #4
Rainer
69,818
Pam Hofmann
Third Tennessee Realty & Associates, LLC - Crossville, TN
Your Crossville, Lake Tansi & Fairfield Glade Specialist
Good thinking "Grasshopper"
Sep 17, 2006 01:04 AM #5
Rainmaker
605,794
Sharon Simms
Coastal Properties Group International - Saint Petersburg, FL
St. Pete FL - CRS CIPS CLHMS RSPS
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.
Sep 17, 2006 09:19 AM #6
Rainmaker
246,143
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

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!

Sep 17, 2006 11:06 AM #7
Rainmaker
335,022
Ann Cummings
RE/MAX By The Bay - NH and Maine - Portsmouth, NH
Portsmouth NH Homes - Service With a Smile!

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

Sep 17, 2006 11:58 AM #8
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Rainmaker
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Angus in Naperville IL

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