Matt Lahood 00:00
And I’ve got a cracking statistic for yourselves today which I think could change your next run home to Christmas. I’ve shared it with our team the other day and they looked at me like I was a g . Who can tell me, say, somebody’s got a pre-approved loan right now in the marketplace? Say, Tom’s a buyer, he’s got a pre-approved loan good for 90 days. Right, what’s the statistic of the pre-approved buyers that are gonna buy in that 90 days? Who can tell me what percentage of buyers buy in that pre-approved period? Anyone wanna have a guess? Give me a percentage 70? 80? 80? 40? 40, okay, it’s 90%, so 90% of people. So if you don’t do anything today, after you just walk out of here and you meet buyers tomorrow, I want you to ask every single buyer you’re talking to do you have a pre-approved loan? Because if they do have a guess, what I’ve just told you now is gonna help. What are they gonna do? They’re gonna be, buying.
They’re gonna be buying. So I would only work with buyers that have got a pre-approved loan and why? I asked the person that told me, who is a very senior person in one of the major banks, like literally two off the top to CEO. I asked them why and they said well, what’s cause of the interest rate rises, tommy, that have been coming? Everyone’s scared they’re gonna have to go back and get re-rated. Everyone knows what that is. So if they’re so, they’ve had in 90 days. We’ve had five re-radings in the last 12 months. So if you had approval for 600,000 and you don’t buy in that period, you’re going down to 550 or you’re going down and if you’ve waited 12 months, you’ve probably lost 100 grand to buy a pound.
Tom Panos 01:40
So with rates have just gone up and with rates might go up again. Correct? This is good dialogue to be using to buyers when you’re trying to get them to do a deal, increase their offer.
Matt Lahood 01:51
Do you realize you’re gonna get re-rated potentially cause the interest rates are going up and you’ve got pre-approval and I know I’ve got a stat there in the market that says 90% of people buy in the pre-approved period. Now, when I the person asked me the question, I thought it’d be like 30 or 40%. I think people want to wait. You know they’re gonna hang on. No, because the behaviors change See first question. You want to be asked in the bias.
Do you have pre-approval? Cause you and I know they don’t know why you’re asking it, but the reason is I would be super gluing myself to their back if they have a pre-approval right now, cause you know they’re gonna buy in 90 days. How good’s that? And you should be telling your vendors listen, part of my strategy. The reason I’m number one in my market is I got the data. I asked the buyers a question and I’m gonna work with them, cause if there’s no point not, there’s probably not a lot of point dealing with someone that’s not pre-approved right now, would you agree? I’m not saying like, flick them, but they’re a buyer. They’re a buyer B or C, right, and we need them to be pre-approved cause we don’t know what’s gonna happen in January, there could be another interest rate rise.
Tom Panos 02:55
Team. This is your agenda for December and we’re gonna finish off. Maddie, I’ll go through it. End of year summary calls to your database. This is what the market did. This is what we think’s gonna happen. That’s first half. End of video, maybe now, and a video as well. Pocket book listings right, convince an owner to give you the listing now, cause you’ll be coming across buyers because RIA’s got the most eyeballs during the holiday period. That way you sign it up. The reason why, if you don’t sign it up, they talk to someone in the new year. You find out they’re going with another agent. Get control of the listing SPR right now. Significant. That’s given you a test ride of the real estate gym. In the real estate gym, we’ve got all the information you need to succeed, whether it’s prospecting, listing, presentations, scripts, dialogues, how to actually have the best templates and have a process driven business. You can join the real estate gym. The doors are open now and it is less than one coffee a day as an investment.