Just like Anita Hall presented, “time are a changin’” and in order to navigate this shifting real estate market, we need to change our approach to the conversations we are having with our clients, but also fellow real estate agents.
"Staying informed and being involved with leadership & RIAR will only strengthen the bond of brokerages cooperating with one another." says Josh Cullion.
On Friday December 15th, 2023, agents across Rhode Island joined together for the ‘Embracing The Winds of Change” Conference, a mastermind on our industries evolution. Conversations were led by industry professionals including Jennifer Bove, Greg Dantas, Dean Detonnancourt, Joseph Fitzpatrick, Sally Hersey, Josh Cullion, Lisa Russo, Eric Kirton, Nick Slocum and Anita Hall.
In order to graciously recap the 3 hour conference, this article will discuss 5 things buyer agents should do to prepare their business for 2024.
Measure your current buyer business
As the year closes, determine how much of your real estate business is related to servicing buyer clients. This will be a big motivating factor in deciding how much effort to put into updating buyer agent practices. If this percentage is significant, you should be putting ample energy into updating your buyer side marketing and services.
It’s time to finally USE buyer agreements
We are all guilty of it, but in 2024, it’s time to review buyer agent compensation with your clients and use your buyer agreements. Determine if they allow for specification of compensation paid to the brokerage for buyer's agent work with a client. Consult with your real estate attorney for updated language.
Reinforce Your Value in Your Buyer Consultation
It's 100% time to revisit your buyer consultation and make sure to reinforce the value you bring as a buyer’s agent with the goal of securing a buyer representation agreement. You need to explain the value of your position and all the different ways you serve your client.
Sally Hersey states, “Have an organized buyer consultation prepared that clearly states your value and expectation of the market and what you will do for them. Review the buyer representation and explain how you get paid. Have them sign once questions are answered. Have fun helping them find their new home!”
Review your website and social media for buyer services language
Any marketing you have related to buyer services must be reviewed, and make sure that it does not indicate that buyer agent's services are free. This was a huge misconception in the past. It no longer holds any weight.
Prepare & collaborate with the listing agents
Listing agents will likely be asked by sellers whether they should offer buyer agent compensation. They should be prepared for this question and be able to discuss the real pros and cons of offering buyer agent compensation. Explain how agents are compensated on both sides of a transaction. Explain to sellers that offering compensation to agents who produce buyers makes the purchase of their property more achievable for more buyers, including first-time homebuyers, veterans, etc.
RE/MAX Results agent Tyler Meegan states, “Make it a priority on the listing side to stress the importance and benefit of offering commission to co-brokers.”
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