When I meet with Sellers, there is a heavy conversation of how their property is going to be marketed, how I will communicate with them, and what the applicable fees are. It is all about the Sellers and selling the property. Now this isn’t a bad thing, ultimately the success of the Seller is the closed transaction. Through a recent discussion, a great point was brought up: What exactly is the buying process for a listing?
For most, the process goes like this:
- Lead comes in (phone/email).
- Agent follows up, asks questions.
- Showing is setup
- Property is shown
- Offer or No Offer
It is a pretty straight forward process. The agent and Seller are getting leads, people are looking at the property and maybe one of those Buyers will decide to make an offer. Why NONE of this actually matters, at first…
The majority of agents and Sellers don’t ask themselves or Buyers an important question: Can this Buyer even buy? What is meant by this is, do they have the necessary funding to proceed with an offer and close? Most Buyers will use financing, some will use cash, ultimately it doesn’t matter if they don’t have either.
In my opinion and experience, it is best to have this conversation upfront with a Buyer before even considering a showing. This is a hard question to ask. You are getting deep with someone you have never met, but the hard questions are the ones you need to ask.
We are talking about thousands, if not millions, of dollars and an asset that may fund a retirement, leave a legacy, or build a portfolio. It is in everyone’s best interest to start with the funding of the purchase. If a Buyer is serious, they will go through this vital step. If they aren’t willing to take 5-10 minutes talking with a lender, are they that serious?
This isn’t a knock on Buyers, it is a note that all parties to a transaction should be considering before exploring a real estate acquisition. A worthy real estate agent will have a network of trusted lenders and advisers that can work with both Buyers and Sellers before, during, and after the transaction.
If you would like more information about the real estate process and marketing property, give me a call at 262-305-7494 or email at [email protected]
About Al Wisnefske: Al Wisnefske is the Broker/Owner of Land & Legacy Group LLC. He is a multi-million dollar producer specializing in land, home, and farm sales in Southern Wisconsin. His #1 philosophy is: “Relationships over Transactions.”