By Lee K. Barrett, CRS, and Forrest Barbee
Changes in how brokers can represent buyers are coming as a result of litigation in several states. Basically, the structure of how commission will be paid to buyers’ agents may change from the current practice (i.e., paid by the seller). To get ahead of that possibility—even if there are no firm rule changes—it is best for buyers’ agents to take control of your present and future. We have created a class, The Buyer’s Advocate, that will instruct agents on the best practices for crafting signed agreements with buyers that will outline services provided and the fees expected.
Before any paperwork is signed, however, agents working with buyers should expect to have to make presentations of what they will be offering a potential client—just as listing agents currently do when approaching a seller. If you think about it, most buyers might feel they would do better working directly with the listing agent. So, buyers’ agents need to position themselves to help that buyer understand what they’re going to do for them that the listing agent couldn’t do, including verifying what the listing agent has entered in the MLS, among other things. Ultimately, you want the buyer to understand that you are not just their agent but their assistant buyer.
As the developers of this course, we believe that the top agents, which CRSs have historically been, will adapt to this new way of doing business. But, they need to have the training to overcome objections from the buyer. One of the most significant objections will be, “Why should we sign a buyer’s contract?” The course will provide participants with a list of more than 100 items a buyer’s agent will undertake on their behalf. This list will help agents in those early consultation sessions demonstrate exactly how an agent earns their commission. This and other walk-away tools will be valuable resources that one would not receive in a standard continuing education class.
Again, the top agents have amazing problem-solving and people skills, allowing them to work cooperatively with other agents. They understand the psychology of a transaction, and this course will help people understand some of the underlying psychology without making it a psychology class. In the end, you must take control of your own future and treat the other parties with respect. Never throw the other agent under the bus just because things aren’t working out. Some of us have been trained to be adversarial instead of cooperative in negotiations. Are you fighting the psychology of the situation? If you are, you’re probably going down the wrong road.
Look at this course as an opportunity. The survivors of the next couple of years are going to be people who take this career and the coming changes seriously.
Learn how to properly manage buyers with one of Lee Barrett’s courses at CRS.com/catalogsearch.
Photo: iStock.com/VioletaStoimenova
