Chapter 14
CLOSE THE OPEN ON BUYERS: THE ALTMAN 12

We roll out the red carpet when we’re repping buyers. We please. We impress. We gain their confidence. We show them a good time. This is when Matt and I go beyond being real estate agents. This is the Altman Brothers all-exclusive concierge service. For a buyer, this is fun. I’d work with us if I were buying. This part’s for us, too. Let it be fun for you as well.

What do we offer? Everything and anything as long as it’s legal. Most importantly, we offer our clients luxury and privacy while touring listings. We provide access to the most exclusive events and impossible-to-book restaurant tables in the city. After all these years, Matt and I have massive reach within the real estate industry worldwide. Trust me.

If you’re looking to buy with us as your agents, you’re going to have a good time, no cameras in your face. LA becomes yours and if you let us do our job, sit back, and simply pick what you want, you’ll be happily paying taxes in no time. You’ll be a resident. You’ll have a baller home. And you’ll always have the Altman Brothers to call.

For buyers, I’ve cut the number of questions almost in half of the amount as sellers. Why? Endless data tells me buyers fall in love with a house in an instant; Kahneman’s System 1 thinking takes hold first: You like what you like on the surface without the need for deliberation. My first objective is to figure out what makes a buyer smile. For some it’s an entryway, for others a kitchen, for some a master suite or city view at night. Find “must haves” and walk directly toward those when touring a house.

But, as I tell my buyers, no matter what the house, act cool. Even if we’ve been back three times to look, a friendly, detached attitude works best. Believe me, if a seller’s agent sees a buyer in love, then that becomes a huge weakness when trying to save that buyer money at the final negotiation table.

If I’m showing the house to my buyer and I see the look, I begin working on their System 2 thinking. I fill in the facts. I build the story. I focus on concerns about risk and error. Are they buying the right house? Will it appreciate? Will their family be happy here? Facts are the money, square footage, comps, taxes, and the neighborhood. The “story” of how they’ll live in the house. Pay attention to this. Listen. You’ll need a story to write for your client. Once the facts and the story come together, you make your move. You close.

Questions for the buyer are where all the dreams come into play. It’s one thing for a person to leave a home, but to start something new gets exciting. This is the awesome journey of how a buyer wants to live. This is the new house. This is the new life. This is the upgrade, the vision within reach. This is the family castle. This is the buyer making the scene – Hollywood.

  1. Why do you want a new house?

    Know why and when your client needs to be in a new house. This will aim you right at your first showings.

  2. What’s your top price?

    Question #1 will help you get a true idea of a price cap. Many buyers won’t often be honest with this answer upfront. Challenge the budget if needed, being truthful about what that price will really get them. Be the reality check upfront. Back it up if need be. The client’s first reality check is you. The second reality check is finding out what their money buys. The third check is losing a house they’ve made an offer on. Don’t let them get there by not being straight up. Refine strategy if necessary.

  3. Cash versus financing?

    The majority of US real estate is financed. Research mortgages. Know all rates. In a seller’s market, your client must be ready with money to offer at any time. Cash is speedier. No paperwork. To win, sometimes cash needs to be spent, prices need to be matched and beaten. Cash is king.

    But either way, lock up houses with an offer if the buyer’s in love. Don’t be afraid to offer and counteroffer on multiple houses. In California, once in escrow on an average deal, the buyer has 10 to 20 days to figure it out. Order the inspections. If minds change, cancel the offer before contingencies expire. No explanation necessary. The buyers get their money back, except for inspection fees. I advise my clients to do this every time. It beats the alternative of losing out.

  4. Tell me about your family. What does your house need?

    How many rooms? Beds? Baths? Kitchen? Dining? Family room? Basement? Storage? You’ll weed out most of the market listings here. And involve the kids. It’s a fun time for all. Be part of the family. Get the details. Find what they need. Have fun.

  5. What do you want? What do your kids want? Dream scenario?

    Wants are different than needs. As I said in the 20 Questions for Sellers, kids have pull. Ask everybody what he or she wants. Consider this as the “what’s your dream house” question. I hear “pool,” “outdoor space,” and “chef’s kitchen” every time. This will direct your original search even more. Remember the clock. Remember the options. Remember your Dream Team can help get you there even if a little work needs to be done.

  6. What neighborhood? Why?

    It’s often all about location. Find out why. If you know why they love a certain area, but can’t find the right house, you can recommend similar neighborhoods. Never assume your buyer knows everything about the city you sell. They’re the coach, but you’re driving.

  7. Is commuting a factor?

    Be aware of commute times, highway proximity, and public transportation. Put them in the car and take the drive. Let them feel it. Commuting can be a serious issue. The staffing and management firm Robert Half did a survey of 1,800 workers nationwide and found that 23% had left their jobs because of a tortuous commute. It matters. A lot.

  8. Private or public schools?

    Know the schools. Know the school zones. Hell, know the curriculum. This will play into commutes, neighborhoods, needs, and wants.

  9. Do you entertain? How?

    Big family? Work functions? Barbeques and football Sundays? Holidays? Like to host? Like to party? Formal? Casual? How do you like to unwind? How and with whom do you celebrate? How a person entertains can outweigh location and other factors, open floor plan and flow, parking. It’s often about the party. People like to entertain in their homes. It’s about pride.

  10. Specific requests? Privacy? Gated? Guest rooms? Home offices? Recording studio? Smart houses? Energy-efficient houses? Huge garage? Infinity pool? Screening room? Ocean view?

    Listen, you’ve seen our website by now and you know our clientele. Everything is desired and anything is possible. People want their home customized to them and their lives. Finding homes that accommodate the client’s dream will target your search and please more than anything. Get creative.

    I’ve had an arms dealer in need of an underground bunker. I had requests for home surgery centers (plastic), hair salons, gyms, indoor basketball courts, bowling alleys, shooting ranges (underground in LA), growing facilities (pre–Proposition 64 vote), secret passages for a guy to sneak women out as others came in, hidden rooms for adult play, helicopter pads, and eight-car garages. Be ready for any type of request and if you can’t find it, find the people who can build it.

  11. How do you want us to work with you? Do you like phone, text, or email?

    Because of the Altman Brother’s concierge services, we have protocols for every client. We’ve had buyer meetings on film sets and in offices, grocery stores, pools, children’s birthday parties, airplanes, boats, doctor’s waiting rooms, and beaches. It’s the buyer’s call and we go where they want us.

  12. And here’s the pitch:

    Break out your stats. Have a rough plan to find the house of their dreams with multiple options. Be present. Be professional. Be prepared. Be realistic. Get pumped, get them pumped, and you get the gig.

Most realtors these days don’t officially open a buyer by signing an agreement. You need to show them houses immediately. Get in their face. Stay in their face. The more options, the better. Don’t stop coming at them until they need a break or they fall in love. That’s it. Nothing binds them to you except your performance, so you need to kill it. Options. Options. Options. Get creative. Know your hood. Know the next hood over. Assess value to ideas such as new construction, converted loft space, ocean front bluffs they never considered. Engage with maximum energy. Break out all the stops. Get them pumped!

I love repping the buyer. Before the meeting, research as much as possible based on them. Know their money. Know their hobbies. Know their Instagram photos, what they like, what they don’t, what they want, and what they never thought possible. Your job is to sell them a new life. Do it. Sell. Close. They’ll call you for this life and the next one when they’re ready.

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