August 17, 2024 will undoubtedly go down in residential real estate history as the date when buyer agency changed dramatically. Whether post-8/17/24 will eventually be considered for the better, worse or somewhere in between in comparison to pre-8/17/24 is a matter for industry historians, but that doesn’t matter in the here and now.
What does matter is how you as agents and brokers will conduct your business right now. How you will adapt to the legal consequences from the now legendary Burnett trial and tribulations. It’s time to take a fresh look at the overall industry in general and buyer agency in particular. ‘Same old, same old’ has become ‘different new, different new.’
In this exclusive RISMedia Premier Report, experienced real estate professionals from agent to brokerage owner delve into a variety of topics to provide a guide for understanding what’s needed to succeed. The overall consensus is that instead of being a time of apprehension, everyone should embrace the changes and be excited to be involved in a new and exciting next chapter.
Key takeaways include:
- How much money buyer agents receive for services rendered and who pays it may be changing, but not the longstanding importance they have played and will continue to play in the complicated process of purchasing a home.
- Principles for turning a buyer contract into a unique asset that can boost your business, build trust with clients, facilitate compensation conversations and differentiate you from the competition, all while avoiding thorny compliance issues.
- Asking important questions buyers might not have thought of should impress them that you indeed are the real estate expert. And you must be able to answer most of theirs, lest they think you are not who they would expect to be their guide going forward.
- An understanding of the industry’s history can give buyer agents a perspective that could be valuable when meeting new homeowner hopefuls and potentially give them a leg up on competing REALTORS® who cannot explain the new, major changes.
- With the Bureau of Labor Statistics showing that the real estate agent failure rate overall is between 43% and 54%, and that 87% of agents fail within five years, there are specific reasons beginners don’t succeed, and how to avoid them.
Section 1: First Steps: Articulating Value to Clients
Making an impression, developing a buyer presentation, and building and explaining your value proposition.
Section 2: On the Dotted Line
There are a few things that need to be in a buyer agent agreement—but what should be included, to ensure your business thrives? When can you be “creative,” and when do you need to lay it all out for a client?
Section 3: Questions & Answers: Being in the Know
What are you asked by homeowners, and how are you answering? Plus questions to anticipate and how to be ready to provide detailed responses.
Section 4: Competitive Differentiation
Surefire strategies to gain an advantage. Brokerage leaders and agents share ways and means to sign buyer clients and close sales in any market.
Section 5: Why Many Agents Fail, and How Not To
Brokers and agents nationwide discuss the exodus, and whether ‘culling the herd,’ so to speak, might actually bode well for pros in an ‘only the strong survive’ reality.
