What is YOUR Value as a Buyer's Agent?

Buyer-side commissions are no longer a guarante

Author

Tim and Julie Harris
August 07, 2024

HARRIS Real Estate Daily

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Top 5 Ways to Provide Overwhelming Value to Your Buyer Clients

It's a fact.  Buyer-side commissions are no longer a guarantee, no longer an entitlement.  August is HERE.  You can't just assume you'll be receiving X% on every transaction.  Though this seems like a whole new stress-inducing worry for many of you, the fact is that commissions have never been a set amount, just an expectation, a customary practice.

Builders don't all pay the same buyer-side commissions; some don't pay any. For-sale-by-owners are the same. It's time to prove your worth on the buyer side because now you may have to ask your buyers to pay all or some of your fees.

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Little-known fact: With these new rules in place, you may be able to charge more than you were accustomed to. Now that you can ask for your fee as a concession AND add it to the purchase price if necessary, why wouldn't you ask for a bit more? This is possible now, especially after you've delivered your Buyer Presentation and shown your Unique Selling Propositions and Guarantees.  

This brings us to your burning question:  How do you provide overwhelming VALUE to your buyer clients?  How can you become more comfortable asking for an exclusive buyer agreement and along with it an expectation to be paid for your hard work?  

Remember, getting your Exclusive Buyer Representation Agreement signed is no longer an option; it's a requirement.  It's time to get serious about your Buyer Presentation!

Top 5 Ways to Provide Overwhelming Value to Buyer Clients

Fact:  If you're not doing anything for them that they can't do on their own, why would they hire you in the first place, much less pay your fee?  Setting them up on a search isn't enough!  The press has a talking point that goes like this: 'You've got Zillow too.  What's the big deal about finding a house?'  

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Goal: Provide such overwhelming value that you're all they talk about to their friends. Provide such value that getting the agreement signed is no issue whatsoever.  Our coaching clients who have used this approach for years are wondering why everyone else is freaking out.  The definition of CLOSE (asking for the signature) is: The logical ending to a great presentation! 

5 Ways to Provide Overwhelming Value to your Buyer Clients

1.     PRESENT to your buyer clients in the same professional manner that you do a listing client.  Use our Buyer Presentation, where you outline exactly what the buying process is, what your role is, what the buyer's role is, and how you'll be working together to accomplish their goals.  More and more, you'll start to compete for buyer business in a similar way you do for listings.  

All professionals use a contract.  You can't even get a filling at the dentist without signing an agreement!

2.     Solve the Inventory Problem. FIND them their dream home.  Buyers are obsessed with finding their dream home, a home that meets as many of their needs as possible, in the area they desire, for the right price.  It's YOUR job, not theirs, to find the right home for their needs.   Stop waiting for them to send you a link to the house they want to see next.  Drill down on their needs and get out there and find it!

Be more creative in your MLS searches. Change the search area, change the type of home, or find an equally great school district with more or better inventory. Remove square footage as a requirement; look for a three-bedroom with a loft instead of only four bedrooms, for example.

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Refer to our podcast series about how to find inventory that is NOT in your MLS.  

Our Buyer Presentation contains a 'Beyond the MLS Search Guarantee' as one of your Unique Selling Propositions. This is just one way you'll provide value that a buyer can't do on their own.  

3.     KNOW and PRESENT solutions to get a better-than-average mortgage interest rate.  You don't have to know as much as your competent mortgage lender does, but you should be able to competently discuss: 2-1 Buy Downs, Adjustable Rates, and how to pay points to lock in a lower rate on a 30-year fixed mortgage.  Loop your lender in and have coffee with your buyer clients and lenders to discuss loan options that meet their goals.

The Buyer Presentation has a page called 'Your Home Buying Team' that talks about all of the people you have ready to help your buyer clients at the highest level.  From mortgage professionals to home inspectors, you've got them covered.

4.     Be a matchmaker.  You must be more proactive than your buyer is.  If they're dying to be in just one specific neighborhood, doorknock that neighborhood for them to uncover the next motivated seller.  If they are in a new construction price range but haven't considered it, go take a video of a home that could be a match for them and see what their thoughts are.  If there's a For Sale By Owner in their desired neighborhood and price range, talk to that seller, take a video, and set up a showing (before your buyer does that without you!)

Note: Some buyers are tempted to call the listing agent directly once they find a home they're interested in. Add to this the fact that they may be nervous about paying a buyer-side commission, and you risk losing your buyer prospects because they're more proactive than you are in finding the right home.

5.     Provide additional value by being one step ahead once they're pending.  Practice 'over-communication'.  Manage the inspection process so they don't freak out over small items, set up their utilities for them, recommend movers, homeowner's insurance, and anything else to alleviate stress.  Show your value by making the process smooth and pleasurable instead of stressful and confusing.

The Buyer Presentation includes your 'Communication Guarantee', where you pledge not just to regularly update and efficiently communicate, but in the way they want to be communicated with.  Text, What's App, face-to-face, email, or a call.  The #1 complaint about REaltors is NOT that they charge too much, it's that they're terrible communicating.