The value of buyer agency remains under a microscope, with each successive commission lawsuit asserting more explicitly that buyer representatives are underworked and overpaid. While most consumers are not closely following these developments, with another trial scheduled for later this year and the increased chance of a forced “decoupling” of compensation, buyer agents everywhere need to think now about how they will present their value to clients.
But most people are going to need more than a promise that your services are worth the money. What kind of harder evidence—data, testimonials, comparisons and documents—can you present that proves that someone should work with you in their home search?
Here are four metrics to use that can help demonstrate your value to a potential buyer client:
Time worked/committed
This might be an obvious one, but the specifics matter. Most people don’t really understand what a buyer agent’s job entails—your first task when meeting with a buyer client is to make sure they do. Track all the tasks you perform as part of the homebuying process with the amount of time they take to perform and the effort involved, to give the person an estimate of how hard you will be working with them. If you can take some standardized estimates (i.e. how long it takes to show a home or write an offer) and apply that to the client’s vision of their own buying process, that is even better. While you don’t want to lean too hard on your hours as a representation of value, ensuring that people know you are not some part-time property-hunter can go a long way toward making you stand out from other agents.
Beating the average
More and more entities in the real estate space (including RISMedia) are dedicating resources to unearthing important data about the transaction and process. If you can show your potential client that you have consistently, recently or easily vaulted the median, you are sure to win over at least a few skeptics. Look and see if your clients have found their dream home faster than most buyers, or demonstrate that you or your brokerage wins more concessions than others in your region. This kind of hard data is hard to argue with, and can help assuage clients’ specific concerns, or pitch to their specific needs in a home search.
Certifications/trainings
You might have more acronyms next to your name than most agents in your area—that’s great, but your potential client has no idea what they mean. You also almost certainly have other knowledge and training that cannot be replaced by watching a few YouTube videos over the weekend. Tell your potential buyer not just what these things are, but what they mean in the context of their home search. Don’t just say you have a certification for helping seniors, but also explain what you had to do to get that certification, how you have utilized it in the past and how it is going to help your buyers find their dream home.
Objective, personal testimonials
Most people understand that a lot of online reviews are less than reliable. If you want a buyer to really believe you have impressed previous clients, don’t just point them to reviews on your website. If you have something written on paper—a thank you letter from a previous client, or a testimonial mailed to your broker—have that on hand, and explain what it meant to you and why you were able to meet that person’s needs. If you are going to reference online reviews, point to a website or host that you clearly are not controlling or manipulating. If you have any local press coverage—maybe from being part of a historic or unique property transaction, or even from volunteer work—that can also help a client believe you are someone they can trust.
It might not be a brave new world for buyer agents just yet. But that day is likely coming. If you aren’t prepared not only to articulate your value, but back up your assertions with evidence, you are going to lose out on more and more business. On the other hand, even if nothing changes as far as “cooperative compensation,” having some solid evidence to prove you are the best agent to represent someone can only improve your business and win you more clients in the long run.
