You’re comfortable in the knowledge that as a real estate agent you’re a pro’s pro. Until recently, you didn’t have to discuss with hopeful homebuyers precisely what your compensation would be. Now you do. What’s important is to communicate your value and what you will do for them, but what’s even more vital is to get them to sign a buyer agreement spelling out precise terms and commission to be paid. Here are four surefire ways to accomplish that goal.
Have value talk before money talk
Before presenting buyer agency documents spelling out agreement terms to a potential client, understand what they want via a detailed conversation. You’ll then be able to explain precisely how you will guide them through the process, and once that’s accomplished, it will be easier to dovetail into your compensation requirements.
Explain the buyer agent court cases
The Burnett trial result, along with the many settlements, have forever changed the residential real estate landscape for buyer agents. Since your new clients may or may not be in the know, it makes sense to go over what happened so they understand why the contract and precise terms must be spelled out before you begin working together.
Reinforce your value proposition
Review the home-buying process from beginning to end, and how you will guide them through the intricacies, potential issues and legalities. Explain every step of it…home visits, inspections, how structural issues are handled, a basic timeline, who handles what, who is who and what their jobs are. Make them feel comfortable coming to you for any and all questions.
Provide an extensive Q&A
First-time homebuyers will likely do their research and know about many aspects of the real estate process, but not all of them. Have a lengthy Q&A they can refer to that includes all kinds of information, including local facts, figures and recent sales. Include names and emails for mortgage professionals you’ve worked with, inspection companies and others.
