Here is an email from an agent about this subject. “It is frustrating when buyers don’t understand that our pay depends on their loyalty to us.”
Buyers especially are fickle and move from agent to agent. So, you have to be available 24 hours a day 7 days a week.
And you can’t count on them to ever buy. This makes it almost impossible to budget funds, expenses and time.
You can work with someone for months or even years and then you hear, “We just bought a great deal from xyz agent down the road!!” So , a good question may be, “ How do I get buyers to commit to buying exclusively with me?”
I know this is a huge problem for many agents. I did some research for a solution to the problem. After reaching out to an agent I know that is an expert at working with buyers, here is the solution.
(Keep in mind, this agent sold 66 buyers in 12 months and average between 60 and 65 buyer sales a year.)
This agent does not work with a buyer unless they commit to working exclusively with the agent. The buyers must commit and sign an exclusive buyer agency agreement. Only then will the agent show them homes.
Sounds good, but how do you convince them to do that?
Here in her own words is how they do it: “It’s actually really simple.
“You must show them the benefits of working with you. If they can see the benefits, then they are glad to committing to working exclusively with you. If they do not, they will struggle with signing the exclusive buyer’s agency agreement.
After I explain the benefits to them, I tell them that I will be committing a lot of my time and money to help them.
I explain the costs on my end and ask them that since I am making a big commitment to helping them, then I want them to commit to working exclusively with me.
It works 98-99% of the time. Once or twice a year I would run into a buyer who wouldn’t commit. But, I have learned from past experience that these type of people aren’t worth my time.
Trust me, it is OK to ask them to work with someone else.”
Wow, isn’t that interesting?! Here is an highly successful agent that doesn’t work with a buyer unless they sign an exclusive agency agreement!
What can we learn from this? Let’s say that we don’t require our buyers sign a buyer agency before we work with them. If that is the case, there is still a lot to learn from this.
The bottom line is that buyers will stick with you if you show them the benefits that you offer.
Those benefits don’t have to be fancy or complicated. You can simply explain the difference between a buyer’s agent and the agent who represents the seller.
Tell them, “I’m on your side. When I help you buy a house, I don’t represent the seller in any way. I’ll represent you to help you get the best deal and terms.”
This is the most important reason for a buyer to work exclusively with you. Unfortunately, buyers don’t understand this until someone explains it to them.
Sit down and write down a quick list of the reasons a buyer should work with you. Below are a few examples that might apply to you.
* I’ve negotiated for the purchase of X number of homes and have lots of negotiating experience (provide testimonials of past clients if you can).
* I can find you more homes to choose from – even the ones that ARE NOT ON THE MARKET.
* I know all about the neighborhood and the schools. I can help you find the right home in the area you want to live.
* I will make sure you are protected throughout the process. Inexperienced agents can potentially cost you tens of thousands of dollars in damages.
* Last but not least, I OFFER ALL MY SERVICES TO YOU AT NO COST TO YOU!
Thanks for reading this,
Linda handles career development at Reynolds Realty of Manatee, Inc.
Phone: 941-737-6562. firstname.lastname@example.org