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Home » Seller Corner » How to identify between serious and non-serious buyers?
At times, it so happens that throughout the month we spend time with around 50 potential buyers, only to find that they were not serious buyers. I do not really know how to assess who is a serious buyer and who is not.
In many mature property markets of the world, where the broker can represent either the buyer or the seller, it is easier to differentiate between a serious buyer and a non-serious buyer. The reason is that a serious buyer comes after hiring an agent for the purpose of buying a house.
This broker would shortlist the properties in that given market, negotiate on behalf of the buyer and serious buyers only all the necessary paperwork. However, in India, where the same broker serves both, the buyers and the sellers, it is all the more challenging to ascertain who is a serious buyer. Most of the property seekers come through online le, advertisement queries or walk-ins and the payment to the agent comes only when the deal is closed.
The question, hence, is: Can there be a mechanism to spot the serious buyers, which could save time and effort for property agents? Moreover, most of the home buyers do not come to the housing market with a pre-approved home loanfor the seller to assess his fiscal capacity. Furthermore, many buyers may also wish to make payments in cash. A serious home buyer, however demanding or inquisitive, is an asset for a property agent.
This is the kind of the buyer that takes a longer time but does not waste the time of the agent in the final cost and benefit analysis. Dealing with a potential buyer who asks many questions, could be exhausting for the property agent. Getting into the details like ventilation in the property and for how much time one will get the sunlight in winters, might be time-consuming and taxing for the agent but is a clear indicator that the buyer has a genuine interest in the given property.
See also: How brokers can address queries about competing projects. Genuine buyers are not just bothered about the given housing unit and the project but would also enquire about logistical challenges that define their livability in the property. A serious home buyer would definitely spend a good amount of time at the project site. It is often inconvenient for the agents, who have to serve multiple clients on that given day but it is advisable to spend an entire day with a potential buyer who has serious interest, rather than spending time with many others who may only be interested in taking a casual look at the property.
In India, a home purchase is, more often than not, a family decision. Serious home buyers, if not on the very first visit, generally come to the site with their families. A non-serious buyer may only inquire about the base selling price BSP and the overall amount being quoted for the given apartment. However, a serious client would get into the detailed break-up of the price quoted.
He would also insist on asking serious buyers only there are any hidden charges or add-on financial liabilities with the house. He will go to the extent of calculating the monthly maintenance chargesclub charges and other financial liabilities.
See also: 7 hidden costs you should not ignore when buying a house. Family discussions at the site, over where they could place television set or the sofa set, could indicate that the interest has reached the final level of negotiation. Asking for additions like an air-conditioner AC or TV, might sound greedy on the part of the buyers. In the final analysis, a broker must remember that the extra effort towards a client that rewards him in the end, is far more prudent than casual meetings with potential buyers who do not intend to proceed with the purchase.
The best indicator that a home seeker intends to make a purchase, is when they have arranged for financing the property. In India, a property agent may represent both, the seller and the buyer and serves as a mediator between the two parties. It is generally difficult for a buyer to pull out of a purchase, serious buyers only the agreement has been ed. By Ravi Sinha December 3, Table of Contents How to tell whether a buyer is serious 7 s to identify a serious home buyer FAQ. How do you know a buyer is serious?
Does a property agent represent the buyer or seller? At what point can a buyer not pull out?
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How to identify between serious and non-serious buyers?