After you have met and presented your Buyer Presentation to your buyer prospect, you’ll be closing for the signature on the Exclusive Buyer Representation Agreement, your State Agency form, and the Buyer’s Net Sheet.
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The following are potential objections a buyer may still have. Ideally, you will hear none of these objections because your presentation will have handled everything already, making the close effortless and logical.
Remember: A ‘close’ is the logical conclusion of a great presentation.
But just in case you hear any objections:
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Client:
“Why must I sign an exclusive agreement to work with just you?”
Agent:
“I’m glad you asked. An exclusive agreement ensures that I can fully dedicate my time and expertise to representing you effectively in achieving your real estate goals.
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Like other professionals you use, such as your attorney, accountant, or even your dentist, a signed agreement allows us to establish clear expectations and commitments from both sides before we commence our partnership.
This ensures that you receive the highest level of service and dedication from me throughout our collaboration. Additionally, it’s important to note that I am not compensated until we successfully close a deal, further aligning our interests and ensuring that my focus remains on achieving the best outcome for you. What other questions do you have before you’re comfortable moving forward with our commitment to each other?
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Client:
“What if I want to work with another Realtor at the same time?”
Agent:
“Good question! While that might seem like a good idea, working with multiple Realtors simultaneously is like trying to drive two cars at once – it’s not practical, creates confusion, and won’t get you to your destination.
Countrywide, buyer agreements are now standard practice among brokers. Any other buyer’s agent you consider working with will also require the exclusive agreement, so it’s not just to work with me. The agreement ensures clarity and accountability in our relationship, allowing me to fully commit my time and expertise to serving your needs effectively. An agent or broker who doesn’t ask for your signature is practicing unethically and is out of compliance with what’s required. It just makes sense to solidify our commitment to each other.”
Client:
“What if the seller does not pay any commission? Am I obliged to pay the commission?
Agent:
“As a real estate professional, I have a specific fee structure in place. If you’re interested in viewing a home where the compensation offered is lower than my fee, I’ll inform you beforehand. I’ll explain your options and ask how you’d like to proceed.
“Firstly, if you decide to make an offer, I’ll work diligently to negotiate with the seller to cover my fee entirely.
“If the seller refuses to negotiate, I’ll consult with you on the next steps. If you still want to purchase the home, you’ll be responsible for paying my fee.
“In the event that the seller’s compensation falls short of my fee, and you still wish to proceed with the purchase, you’ll pay me the difference.”
(There is an Option here of waiving the fee or reverting to a flat fee, discussed later in this podcast).
Client:
“I really don’t feel comfortable signing an agreement like this.”
Agent:
“I understand, and I appreciate your honesty. When someone feels hesitant about signing, it often means there are unanswered questions or concerns lingering. Have I missed addressing something important to you, or is there anything specific you’d like more clarity on?”
(Handle their questions)
Client:
“I’m just unable to (or don’t want to) commit to covering your fee.”
Agent:
“EASY EXIT / Risk Reversal
“Although the potential of covering my fee is in the agreement, I want to emphasize my personal guarantee to you. If the seller doesn’t agree upfront or through negotiations, I promise not to enforce your requirement to pay me. In other words, there’s no risk to you. You’re not obligated to pay anything if things don’t proceed as expected.”
(Or you could instead charge a simple, flat fee instead).
Client:
“What if I just want to work with the listing agent? (if your state allows dual agency)”
Agent:
“Sometimes people think that’s a good idea, but it’s important to realize that I have extensive training and experience specific to representing buyers. My job is to go on a safari to hunt down the special home you’re looking for, effectively negotiate on your behalf, provide information that will help you make the best decisions throughout the process, and ensure that you’re using the most professional mortgage, inspection and title professionals.
If you work with the listing agent, they’re primarily focused on representing the seller’s best interests. In fact, the listing agent and the seller have both already signed an agreement that states just that. This means that if issues arise during the process, they might not work in your favor. Our goal is to ensure that your needs are prioritized by preparing offers that align with your goals, negotiating favorable terms, handling legal documentation, and providing support throughout the transaction.
I’m sure you’ll agree that having dedicated representation solely focused on your specific goals is ideal. While some listing agents may offer to work with both the buyer and seller, it’s important to weigh the potential risks and benefits before making a decision. You do want me to exclusively represent what’s best for you, right?”
Here’s your big close….
“After our discussion today and considering my commitments to you, do you feel comfortable and confident in my ability to represent you as your agent? If so, let’s proceed by signing the agreement, allowing me to start working for you. And remember, if at any point you feel dissatisfied with our arrangement, you have the option to terminate our agreement, and we can part ways.
I have this Saturday morning available, or Monday afternoon to see the first several homes I have in mind for you. Which is best for you to schedule?”
And your final, powerful, risk-reversing close if they still hesitate:
“Mr. / Mrs. Buyer, I even have a Home Buyer’s Happiness Guarantee. Here’s how it works: If, after 12 months in your new home, you’re not completely happy there, I’ll sell it for you for $0 commission. There’s absolutely no risk to you, and that’s how confident I am that we can work together to achieve your goals.”
