Give Buyers What They Want: More You!
Contracts aren't barriers but bonds to give people what they really want.
Why worry about buyers signing contracts when the right ones have been waiting to work with you all along?! All clients gladly sign “co-mission agreements” with the person who has been adding value to their lives since day one.
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Constantly adding value
Some people are (over)fretting about changes heading towards the housing industry. Broadly speaking, nothing proposed is very radical. Essentially, it’s time to treat all clients as clients. Like most professions.
You provide awesome service, and clients pay.
No big deal… Agents in a dozen+ states have used mandatory buyer contracts for decades. They’ll tell you all about it. Take a free class on buyer representation. Attend the sales and marketing programs your brokerage offers, which all say the same thing:
If you want to earn a fee from anybody, be adding value constantly.
I’m so optimistic about the future of brokerage
As I’ve written recently, developing a value proposition is your first step. But it doesn’t sit around waiting for a prospect. You must do your value proposition daily - for everyone - paying, past-paid, and not paying yet.
A value proposition is only valuable if someone experiences it.
Expand Your Market
For many professionals, the future changes herald a big opportunity: Time to share more value with more people. In some markets, turning everyone into clients effectively doubles your growth potential. If you’re committed to long-term relationships with your buyers for the right reasons.
Bye Bye, Random Internet Buyers
One positive outcome I expect will happen is the disappearance of nameless, faceless (and costly) buyer internet leads. You can’t build relationships through squeeze pages. Once buyers learn they’ll be asked to commit to an agent by contract, I don’t think they’ll fill out many internet forms. Why be randomly assigned to someone you’ve never heard of, asking for a contractual obligation before they can help?
More Buyers WILL Ask For Help
This doesn’t mean buyers won’t ask for help. It just means the right buyer - from your relationships and sphere of influence - will be the ones reaching out. Just like they do today:
Buyers are like any other client: They seek help from someone who has been adding value - we call it prospecting - directly, on social media, and in the neighborhood.
Signing an agreement with that person won’t be a difficult commitment —
Since it’s exactly what happens with sellers, 5 million+ times a year.
Are Buyers Ready For This?
Absolutely! I’d say they’re even waiting for it.
People sign contracts with professionals every day: attorneys, doctors, accountants, renovators, and even speakers! Especially in complex situations where stakes are high and emotions run deep.
Those are the buyers who want to work with you. They won’t sweat new rules. They already respect your time, expertise, training, investment and commitment. Just like they respect their own careers. Paying for great service is not a problem: First class is full on every plane, the best doctors are booking a year out, and the best entertainment venues are full.
The right buyers are nonplussed with contracts.
They use them in their own jobs.
What they are fussing about is whether the person asking for a contract has been proving their worth all along.
But, but, but — the price!
Won’t buyers look for someone who can do it for free? Some might.
Again, look at seller data: only 10% of sellers try to sell by themselves - 88% of whom ultimately hire a broker anyway. Buyers aren’t very different. Some might have to try.
On my weekly leadership call, I debunked the often-cited stat about buyer loyalty, which claims that while 80% of buyers are satisfied with their REALTOR, only 20% actually work with their agent again. Some claim that’s fickle consumerism; others say the agent did a poor job following up over the years.
I think the answer is simpler and suggests a great way to find more listings!
Here’s why…
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