How to identify Toronto real estate buyers’ needs and motivations
Tags: Toronto real estate, real estate agent training, buyer representation
Estimate reading time: 2 minutes
Understanding Toronto real estate buyers’ needs and motivations will greatly help real estate agent to have a smooth transaction. You may ask the following six important questions to identify their needs and motivations.
1. What is your motivation for buying a new home?
This is the very basic and first thing that agents should understand. Often, there is an important reason driving the home search—a first-time Toronto home buyer, an real estate investor, a job transfer, someone who wants his/her kids to go to a better ranking school, someone who wants to move to bigger city for more job opportunities, someone looking to upgrade, an elderly couple downsizing, et al.. Buyers with a real need will get things going.
2. How soon do you need to move into your new home?
Timing is another important factor that agents should know. The sooner the more motivated.
3. How much time and efforts have you made in searching your new home?
The more efforts and time the buyers have made indicate that the buyers are more motivated.
4. Are you renting a home or living in your own home?
If a buyer is renting a home now, he/she maybe more motivated than the one who is living in his/her own home. For home renters, they may be lack of experience of owning a home, and more looking forward to having his/her own home to live. In addition, if they are ready with down payment and mortgage approval, they would rather to pay mortgage instead of paying the rent every month.
5. Have you spoken with a mortgage advisor?
If a buyer has talked to a mortgage advisor and know how much she/he can borrow from the bank, that is another good sign of a more truly motivated buyer to understand how much value home she/he can afford to buy.
6. Is your down payment or deposit ready?
It is clear that the buyers who have down payment or deposit ready are more motivated.
You, as a Toronto real estate agent, will know and understand the buyer leads’ needs and motivations through the answers to those six questions. It is applicable to any buyer leads from social media or referrals.