Episode 40: Strategies for Securing Buyer Broker Agreements

Introduction:

• Welcome to Episode 40 of the If You List You Last podcast with Bob Mangold, the Listing Coach.
• Gratitude for the growing audience and engagement.
• Discussion focus: Conversations and strategies for getting your buyer broker agreements signed.

Key Takeaways:

1. Mindset Shift:
   • Approach the buyer broker agreement confidently; it’s business as usual for experienced agents.
   • Importance of improving your skills and presentations.
2. Four Essential Buyer Broker Conversations:
   • Tailor conversations to different personalities and value propositions.
   • Customize and practice scripts to sound natural and conversational.
3. Mortgage Market Update:
   • Interest rates are decreasing, which will influence the real estate market.
   • Impact of upcoming jobless numbers revision on mortgage rates.
4. Understanding Buyer Broker Agreements:
   • Clarification that the paperwork, disclosures, and conversations have changed, but the core remains the same.
   • The importance of explaining the benefits of these agreements to clients confidently.
5. Addressing Common Misconceptions:
   • Why sellers not offering buyer agent compensation is a bad idea.
   • How not offering compensation limits traffic, competition, and ultimately the sale price of a home.
   • Importance of explaining the risks of dual agency and the potential for legal issues.
6. Buyer Conversations:
   • Scripts for explaining buyer representation, including legal obligations and the benefits of having an agent.
   • Different ways to structure your commission, including percentage-based or flat fees.
   • Addressing concerns about the new legal requirements and how it protects buyers.
7. Value Proposition and Liability:
   • Emphasizing the liability agents take on and why this justifies their commission.
   • The importance of educating buyers on the value you bring to the table, including helping them save on long-term costs.
8. Innovative Compensation Strategies:
   • Introducing an hourly fee model as an alternative to traditional commission-based compensation.
   • How this model can make your work more efficient and respected by clients.

Conclusion:

• The real estate market will adapt, and it’s essential to stay informed and prepared.
• Encouragement to join the Real Estate Asset Advisor Facebook group for continued discussions.
• Reminder: “If you list, you last.”

Join our Facebook Group at: https://www.facebook.com/groups/realestateassetadvisors

Visit our website to watch replays of our Wednesday "Elevate Business Briefings" at: www.RealEstateAssetAdvisors.org

Download a copy of my book, "If you list, you last!" at www.IfYouListYouLast.com