10-STEP BUYER PROCESS
2. Meet – different location
3. Buyer Interview: Common Questions
2. “About how many homes have you owned in your lifetime?”
3. “When you purchased your current home, what was the process you used to find
“How did you start looking?”
“What did you do next?”
“How long did it take to find the home?”
4. “How did that process work for you?”
“Is there anything you would like to change on this purchase?”
“If you could wave a magic wand and have this purchase go just the way you want
it, what would that look like?”
5. “Are you familiar with how real estate works here in (place) ?”
If they are from the local area ask, “Are you familiar with the current market
4. Buyer packet and agency disclosure
Briefly review packet, point out contracts, and finish with agency disclosure.
5. Funnel process
“Our goal is to help you find the right home and, at the same time, make sure you don’t
miss anything or pay too much. We have a process called “The Funnel Process” that will
help us accomplish those goals. Would you like to see how it works for you? Great.”
“Let’s start with what you have so far. “Do you have a list of homes you have found that
you are interested in?”
Review what they have. “Have you gone inside any of these homes?”
“If it’s alright with you, let’s start by putting these homes into what we call the ‘funnel’.
(draw a funnel).
To make sure you don’t miss anything, let’s also put into the funnel any home you might
consider. Will that be okay? Discuss:
οο New Listings
οο New Construction
οο For Sale by Owner
“Once we have everything in the funnel, we’ll start a simple process of elimination to
remove those properties that don’t work for you. We’ll use the comfortable process of
elimination versus the often frustrating process of selection. This way we’ll make sure you
don’t miss anything.”
“We’ll go from 1,000’s of properties in the funnel to 100’s and then to dozens as we begin
to eliminate those that don’t work.” “Some we will look at on-line, some we will drive by,
and some we will decide to make an appointment and go in. You will be in control of the
“As we go through the process, our goal will be to find our top three favorites that could
work for you (and this can be a rolling top three).”
“Once you have identified your favorites, I’ll do a simple market analysis showing you
sold properties to help you get a feel for value. Our goal is to make sure you don’t pay too
“Does this look like a process that will work for you?”
Funnel Process Summary and Key Phrases:
οο Process of elimination versus process of selection
οο Make sure you don’t miss anything.
οο Some we will look at on line, some we will drive by, some we will go in. You will be
in control of the decisions.
οο Our goal: Identify your “Top Three Favorites” and I’ll do a market analysis on them.
οο We want to make sure you don’t pay too much.
οο Draw it! Showing is better than telling.
6. Scale of 1 to 10.
Drill down on each item – ask questions and listen
7. Pieces of paper exercise. (Give each person a piece of paper.)
“If it is alright with you, I would like each of you to make a list of the things you want in
a home. After you have made your list, put stars beside the three things you can’t live
8. What and why? Features and benefits.
Remember: People buy their “whys” (benefits) not their “whats” (features). Explain the
concept of “the 85% perfect home.”
9. Cash? Loan? House to sell?
“Will you be paying cash for this home or will you be getting a loan?” If getting a loan: “Do
you have a loan arranged? Do you have a lender?”
“While I’m doing the computer work for your MLS search, would you like to meet with
( name of lender ) for a second opinion?”
“There is absolutely no obligation to use ( name of lender ). However, it will give you a
Do the preliminary MLS search while they meet with the lender.
They return from the lender:
οο “How did it go?” Discuss their loan options
οο “Are you familiar with the 1% = 10% Rule?”
οο “Every 1% change in interest rate affects your buying power 10%.” (1% = 10% Rule)
4.5%, 30-year, $1,013/month = $200,000 mortgage
5.5%, 30-year, $1,013/month = $178,476 mortgage
6.5%, 30-year, $1,013/month = $160,326 mortgage
“What is your interest rate risk right now?
Review MLS results:
οο Under Contract
Discuss MLS Search
οο View on-line
οο Drive by
Refine MLS search and discuss
οο Print “Show” properties
οο Have “Actives” available
οο Have “Solds” available
οο Give them the “Greenlight!”
10. If we find it…What will you do? (story)