Modern Kitchen

Life Cycle of a Buyer's Transaction

This Page will guide you through every step of a buyer transaction from claiming a lead all the way to when it closes

Clean Neighborhood

Contacting the Lead

Immediately following your conversation with the lead, send a video introduction to them. A video is key to creating a strong relationship with the lead!

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To the left is an example video

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Claiming a Lead

Agents choose which regions they want to be a part of (North, East, South, West, St. Paul & Mpls)

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Every day a post will be sent in slack (channel titled Zillow-Flex-opt-in)  asking if you want to opt in for leads the NEXT day (on Fridays for the whole weekend)

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Add (206)539-0456 to your contacts as "ZILLOW LEADS." This is the number that will ring when you are receiving a Zillow call

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Your phone will only ring for leads calling in your chosen regions. 

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Click the play button to listen to a sample call

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Scheduling the Showing

The easiest way to schedule a showing is directly through the MLS in “showingtime”. Sometimes you may run across a property that is not linked to showing time, in which case there should be specific instructions in agent remarks on how to schedule it.

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 To the right is a quick tutorial on navigating the MLS, Scheduling tours, and setting up searches.

Modern Neighborhood
Image by Kenny Eliason

What to do at the showing

Greet the buyer

Make small talk and be relatable

Focus on open-ended questions

What attracted you to the home, where do you currently live, etc.

Take the lead during the tour

Come prepared and knowledgeable

Do your research on the house before the showing

Ask for the sale every time. Even if they hate the house, be upfront and clear- “It’s safe to say we won’t need to write an offer on this one”

Set the next appointment, showings, buyer consult, etc.

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To the left is an example showing

Opening the Lock Box

To the right is a video on how to unlock a Supra Lockbox

Image by Douglas Sheppard
Image by 2H Media

Transaction Desk Templates

To the left is a video showing how to optimize the Transaction Desk Templates

Buyer Rep Documents

To exclusively represent a buyer, you need the following documents:

Agency Disclosure

Buyer R

epresentation Agreement

Agency Disclosures (both eXp and PHT)

Image by Cytonn Photography
Contract Signature

Writing the Offer

To the left is a step by step video showing how to write a purchase agreement

Once the offer is accepted 

Advise your clients that they will hear from TC Team & Title company but that you are still their main point of contact. TC Team will help navigate all your deadlines and steps, but it is still YOUR responsibility to ensure everything is done.

Send Trust Funds link for earnest money, advise your client its coming, give them the “secret word” and follow up to ensure it is done within 48 hours

Get inspection scheduled    

 

Attend inspection

Suburban Homes
Image by Naomi Hébert

What to expect at the Inspection

In MN, inspectors are not required to be licensed/certified by any particular governing body. We recommend using an inspector who is nationally licensed/certified.

Buyers or agent can schedule the inspection with the inspector. Make sure the inspector has access to schedule it in Showing Time.

Inform listing agent of day and time of inspection (If the inspector does not have access to do this themselves).

It is not necessary for buyer OR agent to be there the entire inspection. All parties join the inspector at the property for the walkthrough of the findings for the last hour of the inspection window. 

Prepare your buyers that if you go earlier to stay out of the way of the inspector and to let them do their job.

It is recommended new agents to attend as many inspections as you can initially. You will learn so much!

Appraisals

Appraisals are ordered by the lender. We do not have involvement in this. Let your buyers know this is a “quiet time” for the agent as they (the buyer) work closely with the loan officer to finalize the loan documents, get in all their final paperwork, etc.

Once the appraisal is completed, you will be informed if it is at value, low, or if any repairs are needed (for VA or FHA buyers). If the appraisal is low, now is the time to re-negotiate the purchase price (hopefully seller is willing) or, cancel the contract.

 

Sometimes buyers have cash reserves to cover any Gap between appraised value and purchase price. 

If the timeline is tight, ask your lender to order the appraisal early.

Image by Spacejoy
Image by Spacejoy

The Final Walk Through

The final walkthrough should happen the same day as the closing (when possible.)

The purpose of the final walk through is to confirm the property is in the same condition as it was at when you went under contract.

 

If you have previously been provided with repair receipts from any negotiated repairs, now is the time to confirm those are completed. If you did not receive receipts, or are unsure the work is done, I would do another walk through about a week prior to closing. 

 

During walk through: Turn on all faucets, appliances, flush toilets, etc. This is the time to confirm everything is working as it should!

Closing Time

Closing day you are mainly there for moral support for your buyers (and for your payday!) as hopefully any issues have been worked out prior to closing day. 

 

The closer will present and explain the documents to the buyer. 

 

At the end of the closing, the closer will email copies of the Alta, commission checks, etc. to eXp who will begin processing your commission upon receipt. The closer then overnights all the documents to headquarters as well.

Image by Douglas Sheppard