The one constant in life is that things are ever-evolving…ever-changing…and the only way to survive and thrive is to roll with the punches. As real estate agents get used to the “new norm” regarding agent compensation (now also known as the “cooperation fee”), we argue that now, more than ever, you should be communicating your value as a real estate professional. In this blog, we’ll dive into several ways you can demonstrate the experience and expertise you bring to the table.
1. Spiffy Up Your Home Buyer’s Guide
With overt changes in how you work with buyers, make the most of every opportunity to have your marketing materials do some “silent selling” for you. This means you need pieces that “lengthen your shelf life” with prospects, particularly buyers. You should have a Home Buyer’s Guide in a digital and print-ready format that clearly describes the home buying process and what you bring to the table. Make sure it’s up-to-date with your most recent professional bio, testimonials, designations, areas of expertise and specialty, and clearly adds value to the journey of your buyer prospects.
2. Create A One-Pager That Clearly Defines What A Buyer Client Can Expect You To Do
Think about every line item that you do as a Buyer’s Agent in a transaction…every task, every nitty-gritty detail you perform. Divide the plethora of tasks that result into sections or groups so prospects can see how the transaction flows when you’re working for them. The titles of these groups should also solidify action verbs that relate to the process–and demonstrate the kinetic action of doing. For example:
Phase 1: Relational Consulting and Home Buyer Education
Phase 2: Information Gathering, Searching, and Showing
Phase 3: Negotiating Offers
Phase 4: Advocating and Facilitating the Closing
3. Create A Cooperation Fee Page On Your Website
Agents aren’t the only ones seeking the cooperation fee for a listing…buyers are actively searching for these figures because many want to understand what they will be responsible for in a transaction. Your cooperation fee page should have a front photo of the property, the address, and the cooperation fee. It may not be linked to an IDX or MLS listing for the property, however.
4. Brush Up On Your Buyer Presentation And Consultation Skills
One of the best ways to solidify loyalty with potential buyers is to meet them face-to-face. This is the best opportunity to build trust and rapport, and you do it by asking questions and listening to their needs. While this may sound elemental, don’t discount the excellence you bring to the table when you meet potential clients for the first time in person.
5. Get Comfortable On Video, With Video, And With Sending Videos To Potential Buyers
Bring a deeply personal touch to working with potential clients. Rather than sending a welcome email to a new buyer, create a heartfelt video filmed on the fly and shoot it over in a text. Authenticity is way more important than perfection here, so let your personality shine and offer nuggets of valuable information for their spot in the home-buying process. This will differentiate you from the competition, and it’ll leave a lasting impression on the prospect.
Final Thoughts
Navigating a season of change feels foreign at first, but you’ll find your footing. One of the benefits of change is rediscovering some of the fundamentals, and while these fundamentals aren’t complicated, they are important for adaptation. At Agent Operations®, we’re here to help, so if we can serve, we’re here for you. Reach out or schedule a 30-minute call with us.
Summary Of MLS Policy Changes
This summary was excerpted from the National Association of REALTORS®’ “Summary of MLS Policy Changes” document. For more information, go to https://www.nar.realtor/the-facts.
- Eliminate and prohibit any requirement of offers of compensation in the MLS between listing brokers or sellers to buyer brokers or other buyer representatives.
- Retain, and define, “cooperation” for MLS Participation.
- Eliminate and prohibit MLS Participants, Subscribers, and sellers from making any offers of compensation in the MLS to buyer brokers or other buyer representatives.
- Require the MLS to eliminate all broker compensation fields and compensation information in the MLS.
- Require the MLS to not create, facilitate, or support any non-MLS mechanism (including by providing listing information to an internet aggregator’s website for such purpose) for Participants, Subscribers, or sellers to make offers of compensation to buyer brokers or other buyer representatives.
- Prohibit the use of MLS data or data feeds to directly or indirectly establish or maintain a platform of offers of compensation from multiple brokers or other buyer representatives. Such use must result with the MLS terminating the Participant’s access to any MLS data and data feeds.
- Reinforce that MLS Participants and Subscribers must not, and MLSs must not enable the ability to, filter out or restrict MLS listings that are communicated to customers or clients based on the existence or level of compensation offered to the cooperating broker or the name of a brokerage or agent.
- Require compensation disclosures to sellers, and prospective sellers and buyers.
- Require MLS Participants working with a buyer to enter into a written agreement with the buyer prior to touring a home.
