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Episode 40 - How to get 90% of your Buyer Broker Agreements signed!
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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:
- Mindset Shift:
- Approach the buyer broker agreement confidently; it’s business as usual for experienced agents.
- Importance of improving your skills and presentations.
- Four Essential Buyer Broker Conversations:
- Tailor conversations to different personalities and value propositions.
- Customize and practice scripts to sound natural and conversational.
- Mortgage Market Update:
- Interest rates are decreasing, which will influence the real estate market.
- Impact of upcoming jobless numbers revision on mortgage rates.
- 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.
- 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.
- 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.
- 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.
- 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
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