Buyers agents didn’t always exist! That’s hard to imagine if you’ve only been in the business over the last few decades. Since then, some agencies have built their entire model around attracting or only using buyers agents. Whole marketing campaigns and presentations espouse the benefit of working with a buyers agents. But, is this coming to an end? It’s a whole new world than it was when buyer agency first came about. Today we’ll continue our talk about the reality of buyer agency becoming a thing of the past in real estate. We’ll also tell you how you can ultimately save yourself from becoming extinct in the ever-changing real estate world!
In Part 1 of this series, we discussed the history of buyer agency and the fact that we’re the only country in the world selling real estate like this! We told you about the different ways countries like England and Australia sell real estate without a buyers agent in sight (gasp!). We touched on the fact that in a changing market, the first thing sellers will look to cut is your commission and with buyers having full access to the market and controlling what they see (for the most part), if they don’t want to pay a buyers agent, who will they go to? The listing agent!
If buyer agency disappears and all we’re left with is being a sellers agent, what will this look like? What options will buyers have? We answer those questions today on the podcast.
More importantly, there are questions you have to ask yourself:
What happens if the buyers agents commission paradigm is in flux? What happens to agents who just work buyers? What happens to companies that seller buyer leads to agents? What happens to brokerages that are build around giving buyer leads that they bought for their agents as a way to recruiting?
We touch on all this and tell you what you need to do to avoid becoming a part of the demise!
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