When you get a buyer lead, do you immediately schedule an appointment to take them out? If so, you need to stop doing that right now.

While it’s still somewhat unclear about how agents are supposed to handle the Buyer Brokerage Agreements, every buyer you work with should meet the four criteria outlined below before you ever put them in your car to look at property:

1. If your clients are already pre-approved (not just pre-qualified), ask them to immediately speak to a mortgage professional to obtain a pre-approval letter asap.
2. You have interviewed them about what they’re looking for in a property and are clear about the lifestyle and the features they want.
3. In addition to getting your Buyer Broker Agreement signed (touring agreement or whatever document you are using), every single buyer should sign the Agency Disclosure. The reason this is critical is if there is a dispute about the commission, the agent who has a signed Agency agreement will be the one who gets the commission.
4. They must also have the right “DNA”—the desire, need, and ability to purchase in the next 30-90 days.

If they don’t meet each of these criteria, there’s a good chance they’re not serious about buying. If they’re not ready to transact, don’t waste your time!