Checking The Pulse Of The Kansas City Real Estate Market
The majority of Kansas City home “buyers” who contact me requesting to see a home actually are unable to buy the home. They either can’t qualify for the price of the home, they have a home they must sell first before buying, they’re in a rental agreement that keeps them from closing within a time-frame acceptable to most sellers or they’re simply out looking with no intentions of buying — if the latter is the case, they’re simply tire kickers willing to waste the seller’s and agent’s time.
Maybe we should call them foundation kickers. It really is amazing that only a fourth or so of requested showings get past the most basic of qualifying questions. Preparing their home for a showing can be a daunting task and it’s not too much for a seller to ask that agents – listing agents and buyer’s agents – work to qualify buyers before they are shown the home. The real estate agents time is also valuable and there’s only so many hours in the day to show qualified buyers homes. It’s a minimum two-hour commitment as it takes that much time to schedule the showing, prepare for the showing, drive to the home, show the home, get back to the office, provide showing feedback to the listing agent and follow-up with the buyer to verify any further interest.
When a call comes in, the first question I always ask is, “if this ends up being the right home for you, are you capable of closing on the home within 60 days?” If the answer is no, then there’s going to be plenty of follow-up questions as I work to gain an understanding of the “buyers” motivation to see the home. If they ARE within 60 days of an ideal time frame for purchasing a home, then we move on to the following…
The next question is, “do you have a home that you must sell first, before another home?” If the answer is yes (and more often than not it is), I inform the “buyer” that the majority of Kansas City home sellers won’t accept a purchase that’s contingent upon the sale of the buyer’s current home. Of the sellers who would consider a contingency, the vast majority will expect the buyers current home to already be under contract – and possibly already past the inspection and appraisal processes. If they say they don’t have a home they must sell first, I verify they’re not in a lease that would keep them from closing on a home with 60 days.
The follow-up question is, “have you gotten Pre-Approved for a home loan with a local mortgage lender?” If the answer is no, I tell them I’ll show one home as a courtesy but we must have a Pre-Approval Letter on file prior to a second meeting/showing. Online lenders are usually out-of-state and the experience I’ve had with them has been a nightmare. So it’s important buyers are Pre-Approved with a local lender. If they need assistance, I have several lenders who can usually Pre-Approve a buyer the same day. So there’s really no excuse for not doing so – unless you’re a foundation kicker. A buyer is going to have to have that letter to submit with any offer to purchase a home anyhow.
The answers I sometimes get to the next question can be amazing… The question is, “if this is the right home for you, will I be writing up the offer to purchase the home?” I can’t count the number of times a buyer has said, “we have a buyer’s agent, he was just too busy to show us the home” or “my sister is an agent and will be representing us once we find the right home”. It’s unbelievable really. If it’s not my listing, I’d make nothing if they already have an agent assisting them. Even if it is my listing, if they already have an agent to assist them, that agent is responsible for showing them the home — that’s what buyer’s agent do.
If the buyer plans to go through the buying process without representation, then a listing agent is happy to show the buyer the home… Or if a buyer wants representation and doesn’t already have someone to assist them, any listing agent I know would be happy to refer them to an agent who could assist them. Once we’ve eliminated the foundation kickers out of the equation, we can quickly move on to showing the home to potential buyers who are ready, willing and able to purchase a home.
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