Phone assessment (10-15 minutes)This step allows us to confirm what's the urgency of the purchase. If purchase plans are between 3-6 months we move onto step 2.
Buyer Consultation (45-60 minutes)We meet with the buyer either at our office or a place that's easy to get to for the buyer (a café usually as it's more casual, never at their office). We run 3 levels of assessment in order to qualify the Buyer, but most importantly we LISTEN:
- Their current reality (where they live, what they like from where they live, current ownership situation, have they been pre-approved for a mortgage, Etc.)
- Where they want to be (what type/size of property are they looking for, what location, what they'd like to have, Etc.)
- Dig deeper with questions (why the size/type, why the location, what's important of each aspect, Etc.) and we explain how the process work (Market Tours, tools we use, documents involved in the process, the team involved in the process - lawyers, mortgage brokers, inspectors, Etc.)
Market Experience ToursAs most buyers are not knowledgeable of all areas that could be a fit, we offer to do 2 - 3 tours for them to sample what they can get for their budget in different locations. This helps them and us narrow down the search and focus on the characteristics and locations they're really comfortable with. It's like a "Reality Funnel". This step also allows the buyer to know how we work and it's a mutual way to realize if both them and we are a good fit for each other. We believe that chemistry is important to build trust in a relationship. Up to this point, there's no written commitment, we want the buyers to feel at ease knowing that they can decide to choose to work with us after experiencing what we have to offer.
Signing of retainer (Buyer Representation Agreement)This document is explained during our Buyer Consultation step. Once we've all realized that we're all a good fit, we sign the Buyer Representation Agreement and add our Letter of Guarantee. This letter expresses that in the event they feel we don't deliver the expected level of service, they can terminate the Agreement, and there's no penalty nor commitment for doing this. We don't want to keep someone tied to us "just because", we want to create and nurture the relationship, as our business is relationship based.
Real search beginsHaving gathered all the information and experience of the first 3 steps, we can now focus on what the client really wants.
- Collab: The client is subscribed to a real-time listing tool that will provide him/her access to listings as soon as they hit the market. The tool is interactive in the sense that they can like, dislike, comment on each property they receive based on their criteria, and we'll be able to see this type of activity on our end and reply to their comments/concerns as they browse the options.
- We run constant searches within our own brokerage and network of agents for properties that are not listed on MLS (Exclusive Listings), and, if possible, provide our clients with access to these properties before they even hit the market. In such an active market, priority access is key.
- Appointments are booked to visit the options until we find the right place.
Property is found, time to present an offer.- General Terms: As we have already explained all process and documents involved for the purchase in step 2, when the buyer finds his/her dream home, we discuss the terms of the purchase including price, deposit amount, conditions, possession, and additional clauses. As a reminder, we also discuss our negotiation technique and tactics, as well as possible outcomes in the event they decide to add or remove certain terms of conditions (Especially under multiple-offer scenarios)
- Comparative Market Analysis: In order to provide guidance to our buyers, we always complete a CMA. This document will reflect what the market value of the property is. It's not an appraisal but a guide of how the property stands in the market in terms of value. Having this at hand and analyzing the current conditions, allows the buyer to offer a realistic price and one that he/she's comfortable with, considering also his/her financial situation.
- Drafting of offer & Offer presentation: We draft the offer and review the terms with them and submit all documents for them to be signed electronically. 95% of our business is paperless (The other 5% is there because we send handwritten notes and cards to our clients). Offer presentation can either be in person or by email. This depends on what the listing agent and the seller have agreed.
Offer acceptedOnce the offer is accepted we send all documents to the parties involved for closing to take place (the reason why we want to make sure we have the name and contact of the team of specialists involved in the process: mortgage broker, lawyers, inspectors, Etc). If conditions need to be met (financing condition, inspection condition, status certificate condition and any other), we follow up with each specialist so conditions are removed in a timely manner and the Buyer doesn't have to build any extra anxiety to have these steps completed.
Conditions removed, offer is firm.Once the offer is firm, the next important aspect is closing. We help our clients to prepare for the closing date and provide them with a moving kit to start packing and a list of items they have to complete before closing, for example:
- Book the movers
- Transfer utilities
- Book the cleaners for their current and the new place
Closing dateThey can decide to pick up the keys at their lawyer's or we can pick them up for them and meet at their new place. Most times buyers want to pick up the keys themselves on this exciting day. We send a welcome home basket and make sure to book a date to have lunch or dinner with them and celebrate their new home.
After closingWe continue to be in contact and provide them with information, tools, assistance, and access to contacts to address any issues that might arise (plumbing, electrical, legal, Etc.)
Contact us by clicking above or call +1-416-465-7850 and ask us anything!