We wanted to share this important post with you from The National Association of REALTORS® (NAR). It originally appeared in RETechnology. In addition to re-blogging the article, as you know, we love providing our “real estate contact management perspective” as well. So enjoy the article with our commentary below each point in the numbered list.
Here it is:
Polishing your buyer-representation skills builds your reputation as a trustworthy, knowledgeable real estate professional who adds value at every stage in the home buying process. Here are five ways to grow your buyer-representation business.
1. Become a community expert
Recognition as a community expert wins referrals and repeat business. You could create a blog to showcase both your business expertise and community knowledge. A blog builds credibility and keeps potential buyers coming back for news and information. Home-buyer seminars provide another opportunity to demonstrate your real estate expertise and community knowledge. Prospects can check you out before making a commitment and when they are ready to buy, your name will be at top of mind.
Note from IXACT Contact: Use the e-Newsletter in your real estate contact management system to position yourself as the “real estate authority.” IXACT Contact’s CRM comes with a professionally designed and written one (created by real estate marketing experts) that can be set to go out automatically. In addition, if home-buyer seminars are something you’d like to do, you can plan out and schedule all the key steps right within your contact management system (and then send out invitations). How cool is that!
2. Build a team of experts
Access to a team of experts is a double win for buyer agents. You and your buyers can tap into valuable knowledge and services and other professionals may refer business to you. Invest the time to learn what your community has to offer and research your team of experts.
Note from IXACT Contact: Make sure your real estate contact management system has a built-in Business Directory. This way, with the drop of a hat you can recommend a reputable home professional and get clients coming to you to seek information and advice. Another big benefit of recommending other professionals: they’ll likely reciprocate and recommend others back to you!
3. Ramp up your buyer consultation
The buyer consultation lays the groundwork for a productive buyer-client relationship. Buyers want to know what you can do for them, so describe your services in terms of benefits for the buyer. Assemble an information kit that showcases your services and answers buyer’s frequently asked questions.
Note from IXACT Contact: In addition to providing a great buyer consultation, you’ll want to use the drip email or letter campaigns in your CRM to stay in touch with them over time and maximize the likelihood that they convert into clients.
4. Get a signed buyer representation agreement
Discuss the buyer representation agreement during the buyer consultation session. Explain that it enables you to provide the full range of services buyers want. Describe how a representation agreement clarifies expectations and underscores mutual loyalty.
Note from IXACT Contact: Did you know that you can store transaction-related documents (such as agreements, contracts, and appraisals) right from within some real estate contact management solutions like IXACT Contact? You can! Make sure you do so for better organization and for easy access.
5. Educate yourself about buyer representation
The two-day ABR® Designation course—updated in 2012—provides the skills, tools, and techniques to succeed as a buyer’s representative and instills the confidence to work toward a signed buyer representation agreement. Plus, for an added competitive edge, ABR® Designees can tap into REBAC members-only marketing tools and resources.
The Accredited Buyer’s Representative (ABR®) designation distinguishes you in the marketplace and adds to your bottom line. NAR research shows that REALTORS® that achieve a designation earn nearly twice as much as those who don’t. Learn more about the ABR® Designation at REBAC.net.
The original article in RETechnology can be found here.