People who have been in the industry for any length of time can easily remember a time when the level of respect and camaraderie among agents wasn't rare, it was expected.
Real Estate is a cut throat industry. When given the chance, many sales representatives will stop at nothing to get a listing; even if that means making very little money by slashing commissions from reasonable rates to a point where it seems impossible to make any money.
In the September 2008 issue, Consumer Reports took a close look at the commissions earned by Real Estate Agents. They polled 3753 readers who sold or tried to sell a home, 4029 readers who bought a home and 7368 readers who did both. The results were interesting.
You can find the complete results here:
Consumer Reports found that "higher commission didn't always translate into more service or better results." According to their findings, there are marginal differences between the value of an agent who charges less than 3% and one that charges over 6%.
The way to maintain your commission in the face of low rate agents is to offer your clients more. It sounds simple, doesn't it? Give them more and they'll pay you more.
Here are some ideas that I've come up with that can show current and potential clients that you're worth the extra money:
1) Don't use the same tired Real Estate websites that everyone else does. Use the Internet to show your clients that you're different and that you'll use every tool (including the Internet) to sell their property.
2) Give each property you represent its own home on the Internet. Preparing a unique page dedicated specifically to the property you're representing gives you an excellent way to convey the benefits of the property 24 hours a day, 7 days a week to an almost unlimited audience. Unique property websites also give something tangible to your clients. Real Estate sales is filled with things that can't be touched our seen, but a website is something that a lot of clients not only appreciate, but highly value.
Here's an example of what I'm talking about: http://www.85clairfields.com/
3) Go the extra mile for your property descriptions. It's common place to write a small blurb of text and list "EXTRAS!!!". However, by carefully considering the details of the property and writing about them online and in print, not only will you show that you've invested your time but you'll convey a rich description of the property rather then simply bloated sales text.
What do you do differently to seperate yourself from the pack and earn top commission?