By Real Estate Coach and Speaker Darryl Davis, CSP and Real Estate Expert
As we approach July, when the NAR settlement terms take effect, one significant change that is coming to the industry is that buyers are required to sign a Buyer Agency Agreement before you can take them home-hunting. Some markets may resist this change, fearing client loss, however, the root cause in this resistance lies in these agents undervaluing themselves. They haven't grasped their own worth, which is why they are reluctant to implement the Buyer Agency Agreement.
This agreement ensures you get paid, protects the buyer, and ensures they have much-needed representation at the negotiating table.
What's Your Value?
What are you worth? What value do you bring when assisting buyers? Is it 1%? 2%? Only you can determine this number. Consider, "What is my time worth? What figure reflects my expertise?" Once you establish your value, convey it professionally. If clients fail to recognize your worth, then it's simple: redirect your focus to those who appreciate your contributions.
Is this leaving "money on the table"? Not quite. If clients aren't committed, spending weeks and resources without commitment isn't profitable. Asking them to sign this Buyer Agency Agreement only feels awkward if you don't see your own value. Whether it's demanding a higher commission or setting boundaries, it begins with recognizing your value.
Reclaiming Your Value
Amidst negative narratives labeling our industry, it's easy to lose sight of our purpose. Reframe the narrative. Remember why you entered real estate: to make a difference. Let's refocus on helping people, not succumbing to false perceptions.
Understanding and communicating your worth is essential in real estate. Believe in your value, and others will too. For more tips and strategies for communicating your value to clients, read our article, "What's Your Worth? Why Clients Won't See It If You Don't Believe It!"
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