It’s a fact. Buyer-side commissions are no longer a guarantee, no longer an entitlement. You can’t just assume you’ll be receiving X% on every transaction. Though this seems like a whole new stress-inducing worry for many of you, the fact is that commissions have never been a set amount, just an expectation or a tradition in many markets.
Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206
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Builders don’t all pay the same buyer-side commissions, in fact, some don’t pay ANY buyer-side commission. For Sale By Owners are the same. It’s time to get better at proving your worth on the buyer side, because soon you may have to ask your buyers to pay all or some of your fee.
This brings us to your burning question: How do you provide overwhelming VALUE to your buyer clients? How can you become more comfortable asking for an exclusive buyer agreement and along with it an expectation to be paid for your hard work?
Top 5 Ways to Provide Overwhelming Value to Buyer Clients
Fact: If you’re not doing anything for them that they can’t do on their own, why would they hire you in the first place, much less pay your fee?
Goal: Provide such overwhelming value that you’re all they’re talking about to their friends! Repeat, referral, lather, rinse and repeat.
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1. PRESENT to your buyer clients in the same professional manner that you do a listing client. Use our Buyer Presentation where you outline exactly what the buying process is, what your role is, what the buyer’s role is, and how you’ll be working together to accomplish their goals. More and more, you’ll start to compete for buyer business in a similar way you do for listings now!
2. FIND them their dream home. One of the top concerns for buyers as well as agents right now is the historic lack of inventory. It’s YOUR job, not theirs to find the right home for their needs. Stop waiting for them to send you a link to the house they want to see next. Drill down on their needs and get out there and find it!
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–Be more creative in your MLS searches. Change the search area, change the TYPE of home, or find an equally great school district to look in that has more inventory. Remove square footage as a requirement, look for a 3 bedroom with a loft instead of only 4 bedrooms, for example.
-Refer to our podcast series about how to find inventory that is NOT in your MLS.
3. KNOW and PRESENT solutions to get a better-than-average mortgage interest rate. You don’t have to know as much as your competent mortgage lender does, but you should be able to competently discuss: 2-1 Buy Downs, Adjustable Rates, and how to pay points to lock in a lower rate on a 30-year fixed mortgage. Loop your lender in and have coffee with your buyer clients and lenders to discuss loan options that meet their goals.
4. Be a matchmaker. You must be more proactive than your buyer is. If they’re dying to be in just one specific neighborhood, doorknock that neighborhood for them to uncover the next motivated seller. If they are in a new construction price range but haven’t considered it, go take a video of a home that could be a match for them and see what their thoughts are. If there’s a For Sale By Owner in their desired neighborhood and price range, go talk to that seller, take a video, and set up a showing (before your buyer does that without you!)
5. Provide additional value by being one step ahead once they’re pending. Practice ‘over-communication’. Manage the inspection process so they don’t freak out over small items, set up their utilities for them, recommend movers, homeowner’s insurance, and anything else to alleviate stress. Show your value by making the process smooth and pleasurable instead of stressful and confusing.
Need more training on this? Join Premier Coaching today to get the Buyer’s Presentation, Buyer Prequalification Scripts, and the Buyer Mastery coaching you’ll need to thrive in this new market. Don’t wait until it’s too late to polish your buyer skills!
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