Buyer Brokerage Agreements
This week's Zebra Report is an important one. With all the laws changing around buyer-brokerage agreements, it is so important to know that soon, before a buyer can even go look at a house with you, that you will need to get them to sign a buyer-brokerage agreement. Even today, I recommend that when you begin providing your buyer with real estate services that you have a buyer services agreement in place.
Now, the challenge with that is that they may not know you very well. Maybe they are calling you because they saw your sign in their neighborhood and are thinking, "Hey, I'll just give this agent a call and maybe they can show me a home." That means that you need to be able to have these kinds of discussions. It also means that many buyers are going to go online, they are going to go to your website, and they are going to want to check you out.
Just this morning, as I was preparing for today's Zebra Report, I looked at twenty-six real estate agent websites. Just random ones that I found in search results for various areas. Some here in Washington, others in California, Florida, Arizona, Texas, and elsewhere. As I visited these websites, I was imagining that I was a potential buyer that was going to buy a house. So as I visited these websites, I looked for a buyer services page for more information.
And you know what? Not a single one of the agent websites I visited today - a big fat ZERO - actually explained anything about what the process really looks like when you go to buy a house.
Now here, in Washington State, it is even more important because of the law regarding buyer brokerage agreements that went into effect at the beginning of the year. Agents here need to be able to explain:
- What is the law?
- How does it benefit buyers?
- Why should buyers want to be committed to an agent?
While you are working on how to answer these questions you need to consider the very first place that buyers are going to find you - at your website. Back in March 2021, NAR's Home Buyer and Seller Generational Trends stated that 97% of home buyers search online first. Today it's likely more and that means that your online presence matters. Your website matters. You need to update your website.
The biggest thing I'm seeing this year is that this incredible, essential piece of information is missing or just not detailed enough on too many agents' websites. Now, more than ever before, you need to get your website evaluated, address these issues, and get a website makeover!
Be objective. Look at your website. Don't do what I did and look at 26 of them, maybe look at five others. Then take the time to ask yourself, "Ok, if I was a buyer what kind of information would I need to find here." Or, "If I was going to meet with a buyer at their home, what kind of information do I need to have prepared to have a discussion about buyer-brokerage agreements." If you are going to discuss it in person, you need to be able to discuss it online, you need to be able to discuss it on social media. Maybe that means posting a short video that explains this to your potential buyers.
If you need help with websites, reach out to us, I'll include a link below. Our Director of Technology, Randy, is our resident expert on real estate websites, online marketing, and anything tech-related - and he understands how the real estate business works and is easy to talk to. He can do an in-depth analysis of your website and propose options to you to get it on track. Be at the front of that line to get the help you need.
Don't wait until a buyer calls you one day and you discover that you aren't ready to have those discussions and you're not ready for them to look at your website.
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