Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we spoke with John Seidel, a Realtor with Coldwell Banker in Coral Gables.
11. Sit down and carefully go through the value of their home before you go out and start showing them more expensive properties to buy.
10. Set the stage by going to their home and learn about their lifestyle and why they bought their current property and what they want that’s different then what they currently own.
9. Give them a range of low to high. A worst case scenario on their own home always helps so they are comfortable with the price range of homes they are looking to upgrade to. It will make you feel more comfortable and confident when you are showing them homes, knowing that they are fully aware of the expectations of their current residence.
8. As with any purchase, ensure your buyer knows to calculate their new property taxes on the higher end purchase. Don’t assume they have already figured out what their new tax base will be, not to mention insurance costs – wind, homeowners and flood, if it’s required.
7. Determine if they need to sell their home first before they can buy or if they are depending on the equity in their home to purchase a more expensive one. This is why I like to go over a worst case scenario when selling their home; you may negotiate a good price on the sale of their home, but there is a chance that price can go down some after an inspection or an appraisal, if there is a financing contingency.
6. Be patient. It can take a while. Buyers today are very particular with what they want in a home, especially if they are upgrading. Make sure they are on the MLS alerts. I have found this to be an incredibly useful tool, as they are alerted to new listings or price reductions instantly.
5. Make sure you know who all the decision makers are. Sometimes a family member/parent is involved. Understand if that family member – who may be assisting in the purchase – needs to also be included in the search and previews of the homes.
4. Listen closely to the amenities your client is looking for, as with any buyer. If there is a couple involved, I always make a list for each one and try to come up with a compromise if they are not exactly looking for the same things. Then, I review it with them to ensure we are all on the same page.
3. Find out the real reason for moving. Do a lot of listening and watch body language.
2. Show a variety of houses.
1. And again, as with any buyer you work with, always Get a pre-approval right away before you start showing any properties. They need to be realistic in expectations, or you will waste your time.
John Seidel is a Miami native who, in his 14 years as a licensed Realtor, has achieved numerous successes, including the top 2 percent of all Coldwell Banker sales associates worldwide, a membership with the Master Brokers Forum and the board of directors for the 200 Club, Member of the Florida Association of Realtors, National Association of Realtors and Realtor Association of Greater Miami and the Beaches.