101 ways we represent buyers

Counseling Session Activities

1. Prepare the buyer for executing a buyer representation agreement
2. Explain agency relationships to the buyer and get state-required legal consent to represent, if needed
3. Inform the buyer of the working relationship based on state law, the REALTORS® Code of Ethics, and the broker's business policies

Building a Relationship

4. Learn the buyer's wants and non-negotiable needs
5. Understand the buyer's budget and what will be needed financially
6. Help the buyer understand what property their chosen budget will buy
7. Consider having the buyer fill out a homebuyer's checklist
8. Assist the buyer in examining how much they can afford to spend
9. Provide quality lender resources
10. Partner with the buyer to locate suitable properties for consideration
11. Match the buyer's needs with available property
12. Constantly re-evaluate the buyer's needs and refocus property showings to fit those needs
13. After ensuring the buyer understands what is done for them, how it is done, and the benefit to them, obtain signatures on the buyer representation agreement
14. Explain how compensation is paid, who pays it, and what the buyer's options are for paying it

Educating the Buyer

15. Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker's business policies
16. Explain Federal and State Fair Housing laws
17. Explain what to look for in applicable property disclosures
18. Reassure the buyer that their personal information will remain confidential
19. Inform the buyer that we will always disclose all known material defects
20. Share information related to public transportation, where appropriate
21. Discuss available resources that the buyer can check to learn more about prospective neighborhoods

Preparing the Buyer

22. Explain the timeline for house hunting, mortgage approval, and closing
23. Explain the local market and how it impacts the buyer
24. Show statistics on what percentage of list price sellers in the area are currently receiving
25. Inform the buyer on what home features are popular
26. Identify current average days on market
27. Share the dangers of using the price per square foot to figure home values
28. Explain the concept of absorption rate and how it impacts the buying process
29. Indicate current listing months of market inventory
30. Share estimated potential out-of-pocket costs to complete the transaction
31. Assist the buyer in analyzing the loan estimates
32. Help the buyer account for the complete costs of homeownership
33. Prepare lender for listing agent calls
34. Assist in comparing different financing options
35. Help the buyer select for viewing only those homes that fit their needs
36. Proceed in showing homes that fit the buyer's must-haves
37. Caution the buyer on posting information to social media
38. Review the sample sales contract so the buyer is prepared when it comes time to make an offer

Showing Properties

39. Schedule showings and provide access to all listed properties as soon as they become available in the local MLS broker marketplaces
40. Educate the buyer on the immediacy of new listings appearing in the local MLS and the lag time before they appear on some websites
41. Collaborate with the buyer on properties they may have learned about through their own contacts
42. Research and assist on all unlisted properties the buyer wishes to see
43. Preview properties prior to showing if needed
44. Network with other agents to source properties not yet in the MLS
45. Contact homeowners in focus areas to see if they are considering selling
46. Set up an automated email alert system that immediately notifies the buyer of properties that fit their requirements
47. Arrange a tour of areas, schools, and key points of interest
48. Provide resources containing neighborhood information on municipal services, schools, etc.
49. Inform the buyer of negative aspects like nearby venues or operations that may impact value
50. Collect and share any other vital information on available homes, following all fair housing laws at all times
51. Check applicable zoning and building restrictions
52. Help the buyer decipher public property and tax information
53. Collect and share pertinent data on values, taxes, utility costs, etc.
54. Compare each property shown to the buyer's wants and needs list and remind them of what they were looking for
55. Help the buyer narrow the search until they identify their top choices

Negotiating Offers

56. Assist the buyer in getting the best property at the best price
57. Suggest that the buyer learn more about the neighborhood prior to making an offer
58. Prepare a comparative market analysis (CMA) in advance of making an offer
59. Prepare the buyer to have the most attractive offer in the current marketplace
60. Explain common contract contingencies and include approved protective clauses in the purchase offer
61. Ensure that the buyer receives and understands all state and federally required disclosure forms
62. Prioritize contract negotiation goals with the buyer
63. Help create a negotiating strategy
64. Use strategies such as an escalation clause to maintain a competitive offer
65. Prepare the buyer for a multiple-offer situation and develop negotiation strategies
66. Write an offer that has a reasonable chance of being accepted
67. Recommend optional contingencies and explain the pros and cons of using them
68. Provide information on purchasing incentives that may be available
69. Discuss financing alternatives
70. Negotiate the buyer's offers to arrive at the best price and terms
71. Utilize hyperlocal expertise and strong communication skills to help the buyer make the successful offer

Advocating for the Buyer & Facilitating the Close

72. Advocate for the buyer throughout the entire process
73. Encourage the buyer to fully investigate their options for a home inspector, title company, appraiser, mortgage lender, and other services
74. Present a list of the types of required and optional inspections such as environmental, roofing, and mold
75. Review and discuss home inspection concerns
76. Negotiate repair requests from the home inspection
77. Guide the buyer on meeting all contract deadlines
78. Assist in coordinating communications
79. Advise the buyer to review the settlement statement
80. Remind clients to transfer utilities to the new residence
81. Schedule the final walkthrough
82. Accompany the buyer on the walkthrough
83. Assist the buyer in questioning the appraisal report if it affects the financing
84. Confirm clear-to-close with the lender
85. Ensure all parties have all forms and information needed to close the sale
86. Remind the buyer of the location where the closing will be held
87. Confirm the closing date and time, and notify parties of any changes
88. Gather all required forms and documents for closing
89. Explain flood insurance to the buyer
90. Explain title insurance and refer to a qualified insurance broker
91. Confirm the status of the loan funding
92. Check addendums and alterations for agreed terms
93. Review the buyer's closing statement to ensure accuracy
94. Explain wire fraud risks and remind clients to verify all wiring instructions before transferring funds
95. Double-check all tax, homeowners' association dues, utility, and applicable prorations
96. Request final closing figures from the closing agent
97. Receive and carefully review closing figures to ensure accuracy
98. Receive and carefully review the title insurance commitment with the buyer
99. Advise the buyer to re-key their locks and consider a one-time cleaning service before moving day
100. Review documents with the closing agent (attorney)
101. Support the buyer in any final closing activities