Do you have buyers interested in buying a home? Would you like to attract buyers? There is more to the home buying process than meets the eye. As you well know, it isn't as simple as finding a home, writing a contract, and moving in. With the constantly evolving changes in agency practice, the ever-more complex financing options available, and the disclosure requirements of various legislative bodies, your buyers deserve as much information about the home buying process as possible. One way to accomplish this with minimum of time invested is to put on a free home buying seminar.

Many folks who have purchased a home in the past might think that they don't need to attend a seminar of this type, but it is those purchasers who might indeed benefit most from attending a good home buying seminar. Things change, and in many states, laws governing the buyer's, seller's and the agent's role in the transaction are changing right now.

When you put on a seminar, there are a number of things you should offer your buyers:

Lots of Free Information to take home

No requirement to sign any agreements with any of the presenters

Clear, concise expert advice from presenters

When I give a home buying seminars, I typically have four presenters:

Realtor

Home Inspector

Real Estate Lawyer

Mortgage Broker

The speakers give their presentations in this sequence, because we know that the financial aspect is typically of the most interest to all homebuyers, and we want to make sure that people stay for all of the speakers. The comments we receive from the seminars have proven time and again that people had no idea of the choices they face when buying a home, and the different things they should be aware of in each of the areas represented by the speakers.

Realtor

I begin my presentation with an outline of the historical agency relationships in real estate, and move very quickly into the differences between a seller's agent and a buyer agent. I explain the pro's and con's of working in either type of agency relationship, and what the buyer should reasonably expect from the Realtor in that relationship.

As a buyer's agent, I naturally explain that I prefer to work as a buyer agent, and then outline the vast resources I bring to the purchaser as their buyer agent. I also explain the sorts of questions that people should ask when they are interviewing a prospective agent, the various designations and what they mean, and how people can locate a buyer agent. Finally, I explain the basics of my Buyers Needs Analysis - that it is a very in-depth interview that really helps both the buyer and myself determine what the buyer wants and needs in a home, and whether those things are realistic in the segment of the market in which they are qualified to invest. My total speaking time is about 20 minutes.

Home Inspector

This is the shortest part of the program, lasting about 10 minutes. The inspector always starts out using humor to explain why people should get a home inspection, and then goes on to explain what things people should look for when they are hiring a home inspector. Typically, we have folks attending who are buying a new home, and they always ask if they should get an inspection done. We answer with one of our recent experiences doing inspection on a new home. The most important part of this segment of the evening is the inspectors' explaining to people what the purpose of the inspection is: to reveal deficiencies that the untrained eye would not see, and to give predicted life expectancies on the major components of the house.

Real Estate Lawyer

As people have a general distrust of lawyers, ours always starts out giving people a chance to laugh at him, and it seems to really get their attention. The presentation covers the sorts of things that people should be concerned about with an offer to purchase, what to expect from the Realtor in a legal aspect, and the importance of getting all paperwork approved by the lawyer before the offer is binding. As Title Insurance is a relatively new phenom here in Ontario, he also goes into some detail on the benefits of Title Insurance. This segment lasts about 20 minutes, and seems to be the most interesting to folks who have already purchased a home before.

Mortgage Broker

The application and approval process take the majority of this 45 minute segment, although it seems more and more people are asking very in-depth questions about the different types of mortgage available, the use of retirement savings for downpayment, etc. Mortgage Brokers are not the typical avenue for financing in Ontario, so some time also is spent explaining the benefits of dealing with a Broker, VS the Big Banks.

All through the different presenters, people are asking questions, and each of the presenters will speak up with their own real-life experiences to illustrate a point. It is always a very well received and interesting evening.

The binder we give to the folks contains the following:

A 20-page description of the home buying process, from making the decision to buy, right through to the day you move into your new home

The role of a buyers agent

How to hire a buyers agent

What the lawyer does for all the money you pay

The role of Title Insurance in a home purchase

Why you need a home inspection

What you should look for in a home inspection company

A 40-page introduction to mortgages, covering everything from what a mortgage is, right through to an application form

Booklets on how to decide what you want and need in a home

As the host of these seminars, I always ask for written feedback on the presenters, and if the people would like me to follow-up with them. Naturally, this is a very important part of the seminar for me, as I do put them on in the hope of gaining business. I want the consumers to leave the seminar feeling that they have learned a lot more about the home buying process, and not feeling 'oblgated' to work with the presenters.

As a presenter, I know that, should they choose to work with another Realtor, they will be more informed and will demand a higher level of service from that Realtor. Buying a home is a huge decision, and consumers deserve the best information possible to help them in that decision.

Writer's Note: As Realtors, we should be comfortable speaking to the public, however, that wasn't the case with me. That is why I owe a debt of thanks to my friend, Al Napier (http://www.alnapier.com) in Newington CT, who helped me be successful in my seminars.

Published: April 22, 1999

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