What’s your plan? What will you do when the next buyer calls to view your listing or wants to see the house at 123 Main Street? Traditionally, we have always hurried to show them the house because if the buyer loved it and wanted to buy, we were almost assured of compensation.
However, things have evolved. Now, there’s no guaranteed payment. Are you willing to work for free? Are you ready to use your car’s gas and sacrifice time with your family with the high possibility of not earning any money for your time and effort?
If you’re just taking a buyer for a ride without proper planning, you’re risking a lot. Yes, you may not see many 0% buyer side house listings currently, but come July, they will be the norm.
So what’s your game plan when a buyer calls or clicks a request button? You must have a system in place to ensure the buyer understands the fee structure and that they are the ones paying it. You also need to disclose how much they are paying.
You need to do this with EVERY buyer. The buyer may decide to call another agent, and if the other agent jumps at the chance to show the house without discussing the process, I can assure you that the buyer will not be willing to pay you in the end. Let the other agent learn the hard lesson.
So, what’s your next move? First, you need to determine your worth. If you are a part-time agent, do you value your time and efforts the same as a seasoned agent with 20 years of experience? This is a tough internal question, but now that the buyer is paying, it’s a question they will be considering.
After you’ve determined your worth and the charges you’ll be imposing, you need to work on your buyer’s presentation. You need to practice your scripts and your ability to close the buyer and get them to agree to a buyer agency agreement.
In the end, each buyer must be in a buyer agency agreement, even if it’s just a one-time agreement for one house showing. This is already the norm in the rental market, where a rental agent must provide the consumer with a Fee Disclosure for the property before showing it.
So, what will you do when that buyer calls? It should be scheduling a meeting with them to discuss the buying process and go over your fee works and ways they can pay it. If you don’t, you’ll be working for free and might be out of business by the end of the year.
The market is already challenging, but it’s getting more competitive. If you’re looking for a way to improve your game and become more competitive, it would be great to talk to you about REAL Broker. REAL offers agents more than traditional brokers while charging less. At REAL, it’s a 15% split with a cap up to $12,000. The additional savings will be more important than ever as the fee structure changes and many people’s actual fee decreases.
If you’re interested in learning more, please reach out – confidentially, of course. My number is 617-775-7687 and you can find all of my other contact information below. Until next time.
What Are You Going to Do?
So what are you going to do? The next buyer that calls to take a look at your listing or the next buyer that wants to see the house at 123 Main Street.
So what are you going to do? We’ve been trained… For pretty much forever to go jump in our car and show them that house! Made sense because we were always pretty much guaranteed compensation if that buyer was to love that house and want to buy it.
But things changed. Now you are not guaranteed anything. Are you willing to work for free? Are you willing to use the gas in your car and take time away from your family for the very big chance that you won’t make any money for your time and effort?
If you are just throwing a buyer in a car or just jumping to immediately show that buyer a house, then that’s what you are risking doing.
Yes, you don’t see a ton of 0% buyer side house listings today. But come July… They all will be.
So I ask the question, the next time a buyer calls or the next time a buyer clicks a little showing request button… What are you going to do?
It CAN’T be jumping in the car and rushing to show them the house. You need to create a system that ensures that the buyer understands how the fee structure works and that they are paying it. And you need to let them know how much they are paying.
And this needs to be done with EVERY buyer. Yes, the buyer may go call another agent to show that house… And the other agent may jump at the chance to show that house… But If they aren’t willing to sit down and go over the process, then I can assure you that the buyer will not be willing to pay you in the end. So let the other agent learn the hard lesson.
So what are you going to do? Well, the first thing I would do is you need to figure out how much you are worth. Ya, how much are you worth? If you are a part time agent, then is your time and efforts worth the same as the seasoned agent with 20 years under their belt? It’s a tough internal question, but most likely now that the buyer is paying… It’s one that they will be looking at.
Once you have figured out how much you are worth and how much you will be charging, then that’s when you need to start working on your buyer’s presentation. You need to start practicing your scripts and your ability to close the buyer and get them to agree to a buyer agency agreement.
Because in the end, there can’t be a single buyer that isn’t in a buyer agency agreement. Even if it’s just a one time agreement for one house showing. Think of it this way. They kind of already do this in the rental market. A rental agent is required to give the consumer a Fee Disclosure for the property before the showing.
So again, what are you going to do when that buyer calls? It better be, I will be scheduling a zoom or an in office meeting with them to talk about the buying process and to also go over how your fee works and ways that they can pay that fee.
Because if you don’t… Then you will be working for free and out of the business by the end of the year.
This market is already challenging, but it just got cut throat. If you are looking for a way to up your game and make yourself more competitive, then it would be great to talk to you about REAL Broker. REAL offers us agents more than one of those traditional brokers while charging us less. At REAL, it’s a 15% split with a cap up to $12,000. The additional savings is going to be more important than ever as the fee structure changes and many people’s actual fee decreases.
If you are interested in learning more, then reach out… My number is 617-775-7687 and all of my other contact information is below.
Until next time.
#Real #Estate #Agents #Home #Buyer #Showing
Jeffrey Chubb
2024-04-03 18:39:22