Change is here.
Soon, if it hasn't already occurred, you'll log onto the MLS and see offers of compensation to buyer agents of $1. Or $0. Or a figure lower than you may be accustomed to.
While this makes some agents fearful that they will no longer be able to earn a living, other licensees see opportunity. This is their chance to differentiate themselves from their competition. For years, too many agents' value proposition to the public was that they were "free," or a code word of no extra charge, or nothing out of pocket, or you won't pay extra for the house, or some other useless dog whistle that suggested they didn't add value proportionate to their fee.
Those days are coming to an end.
The opportunity now is to get real with the buying public, and educate them on the crucial importance of having professional representation for what for most people is the largest transaction of their life. Housing is something that costs so much that for many it will take 30 years to actually pay off. It should never be a do it yourself project.
How that looks is to have a buyer consultation that has the same shiny offering to buyers that we've been giving sellers for decades. A professional, informative slide deck or presentation that clearly spells out that not all agents are the same, and that who you choose to represent you makes a big difference. And once that proposition is clearly spelled out, an exclusive representation agreement should be executed that makes it official, just like when you list a property for sale.
The act of hiring an agent should be official, on paper, signed by all parties, and with clear terms on the service rendered and the compensation paid, either from the MLS offering, the buyer client, or both in some cases.
The smart agent who thrives in the new world we are stepping into will list their buyers the same way we list sellers. A professional consultation. A clearly spelled out service rendered. Compensation terms transparently disclosed. And a promise of performance that fosters confidence in the client where the buyer broker fee, whether rolled onto the purchase or paid additionally, is money well spent.
List your buyer clients.
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