Helping Your Clients Narrow Down Search Criteria

BUYING a new home is exciting – but also rather overwhelming.

After all, the buyers have so many choices and options to consider when looking for their next dream home it can become a bit of a needle in a haystack affair.

In fact, many prospective buyers – especially first-time buyers – are often not even aware of what they really are looking for.

This is where a good REALTOR® is worth their commission – by taking the time to probe a bit deeper than most you can help the buyers develop a much clearer idea of what they are looking for, which in turn gives you a much better idea of what to find and present to them. Win-win.

The better the picture you can help them paint of the property they want, the quicker and more effective you will be as their REALTOR®. Most agents stop after asking the same few standard questions of how many bedrooms and baths, what style, and what price range.

There is nothing wrong with these questions – they are a vital part of the mix – but if that is all there is to go on, the shortlist will still be rather long, and the buyers still will not really understand what they need. First-timers often have a narrow view of what they want and may not even understand the options available to them in the market today.

The first item to help your client with is ensuring they have pre-approval for a mortgage. This helps the buyer be in a position to move quickly when the right house is found, but will also form an important part of managing client expectations and help you help them. Many buyers may find their budget for purchase is not what they perhaps thought prior to pre-approval, whether the result is larger or smaller.

Even then, your professional guidance may help the buyers be more realistic in their expectations - if they borrow up to the absolute maximum they can, they may run into significant problems down the line if income changes or mortgage rates go up or a major repair is suddenly needed.

Buyers often fixate on the house itself – fairly naturally as they will be living in it – but this is where local knowledge is a great tool. Ask some lifestyle questions – what are they looking for in their neighborhood? Good schools and parks for future children? Easy access to highways for commuting? Quiet residential streets for the retired? Bars, restaurants, and clubs for the super social?

Your knowledge will help narrow the list down, especially if you can demonstrate you know what the area is like 24 hours, not just in the middle of a business day. Does its character change in the evenings or weekends? Social media is a great tool for this – join a few community discussion forums and ask a few questions, people will soon share the good, bad and ugly about where they live.

Help your clients understand the ongoing costs of their dream home – it is not just the mortgage they will be paying. Ask them about their monthly budget – what can they afford in taxes and utilities? Their dream house may well become a little smaller.