Here’s How To Talk To Buyers Now: The Download

Key Takeaways:

– The old way of doing business is over and it’s time to embrace new strategies.
– Inman Connect New York is an event where professionals can learn and prepare for market challenges and opportunities.
– Broker-owner Teresa Boardman suggests using buyer representation agreements to define and communicate with buyers about commission.
– Buyer representation contracts outline the services the agent will provide, the buyer’s obligations, and how the agent will be paid.
– The buyer agreement and commission conversation are important aspects of building a buyer-client relationship.
– It’s important to shift the mindset to “listing” buyers and use buyer agency agreements for expectation management.
– Cara Ameer teaches how to ask for the right compensation and have tough buyer commission conversations.
– There are 18 ways to show buyers the value of your services.
– There are four key realities to expect in the emerging market as lawsuits on commissions increase.
– Client trust is crucial in the real estate industry.
– Mark McLaughlin shares insights on the future of the industry and client representation.
– Coaches Melanie Klein and Emily Bossert share ways to cultivate an attitude of gratitude in the real estate business.

inman:

The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.

Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: We get into the nitty-gritty of how to talk to buyers post-Sitzer and ensure you’re communicating your value.

St. Paul, Minnesota, broker-owner Teresa Boardman recently wrote about a perfectly simple solution to defining and communicating with buyers about your commission — the buyer representation agreement.

I have been using buyer representation contracts for more than 20 years. They are similar to listing contracts in that they outline the services the agent will provide and the buyer’s obligations. They also specify how the agent will be paid.

In the aftermath of Sitzer | Burnett, and as the copycat lawsuits ramp up, this little piece of paper has become more popular — and more important — than ever before. This week, you were all about the nuts and bolts of that buyer agreement and the commission conversation in general, reading as much as possible from expert agents and brokers on this important upfront aspect of building your buyer-client relationship.

It’s high time that we shift our mindset to “listing” buyers, just like we do a seller’s home, through the use of buyer agency agreements. The upside of using these agreements is expectation management for both buyers and agents. Although conversations about implementing these agreements with buyers might seem awkward, they don’t have to be.

Don’t be a shrinking violet when it comes to your compensation. Broker Cara Ameer teaches you how to ask for what you’re worth and have that tough buyer commission talk.

EXTRA: Inman Intel Index: Anxiety among rank and file up in wake of Sitzer

This week, Ameer had not one but two stories in Inman’s Top 5, evidence of how much it means for you to hear from boots-on-the-ground experts right now. The reality is that you’re the one who has to get out there, answer questions and educate your buyers, so there’s no better time than now to create an actionable gameplan.

18 ways to show buyers you’re worth every commission dollar

Trying to articulate all that buyer agents do is never a finite list; each buyer and transaction is uniquely different between numerous factors involved regarding the property, seller(s) and financing. Working with buyers involves advocacy, education, information, guidance, encouragement, patience, protection and accountability.

Here are 18 things you do to create value for those you represent. Use them to guide your communication and your unique value proposition as you talk to buyers in the days ahead.

The verdict is in: 4 key realities in the emerging market

With the coming appeal in Sitzer | Burnett, writes team leader Carl Medford, and a host of other lawsuits on deck, it will be some time before any final verdict is reached. However, there are four key realities that you can expect as you navigate the market (and the future of your business) in the days ahead.

EXTRA: Commission lawsuits are piling up. Keep track of them all right here

Client trust is all that matters — all else is ‘noise’

Mark McLaughlin, Compass’ chief real estate strategist, speaks this week at the Compass RETREAT on “The Future of the Industry and Client Representation.” In this recent conversation with Inman’s Lillian Dickerson, he shares his insights gleaned from three decades in the real estate industry.

EXTRA: Robert Reffkin: What we have now is a ‘connection issue’

3 new ways to cultivate an attitude of gratitude in your business

One of the most important things to do to keep your mind right in the face of challenges is to embrace a positive attitude that emphasizes focus on what’s right instead of what’s wrong. As we move into the Thanksgiving holiday, coaches Melanie Klein and Emily Bossert share an actionable plan to help you get in touch with a spirit of gratitude and cultivate it in your everyday life and in your real estate business.


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Property Chomp's Take:

The old way of doing business is officially over. In today's ever-changing market, it's essential to stay ahead of the curve and prepare for tomorrow's opportunities. That's why you should join us at Inman Connect New York from January 23-25. Together, we'll conquer the challenges of today's market and bet big on our future.

One of the key aspects of navigating the real estate market is effectively communicating with buyers, especially in the aftermath of the Sitzer | Burnett case and the increase in copycat lawsuits. That's where the buyer representation agreement comes in. This little piece of paper has become more important than ever before in defining and communicating with buyers about your commission.

Buyer representation agreements are similar to listing contracts and outline the services the agent will provide and the buyer's obligations. They also specify how the agent will be paid. By implementing these agreements, you can manage expectations for both buyers and agents.

Although conversations about implementing buyer representation agreements may seem awkward, they don't have to be. It's important not to shy away from discussing your compensation. Broker Cara Ameer teaches you how to ask for what you're worth and have that tough buyer commission talk.

In addition to buyer representation agreements, there are several other ways to show buyers that you're worth every commission dollar. Each buyer and transaction is unique, but here are 18 things you can do to create value for those you represent:

1. Advocacy
2. Education
3. Information
4. Guidance
5. Encouragement
6. Patience
7. Protection
8. Accountability
9. Market expertise
10. Negotiation skills
11. Access to listings
12. Networking opportunities
13. Assistance with financing
14. Inspections and due diligence
15. Coordination of closing process
16. Post-sale support
17. Ongoing communication
18. Personalized service

Furthermore, it's important to understand the key realities of the emerging market as we navigate through the aftermath of Sitzer | Burnett and other lawsuits. Team leader Carl Medford identifies four key realities to expect:

1. Continuation of legal battles
2. Increased scrutiny of commission structures
3. Demand for transparency in the real estate industry
4. Adaptation to changing market conditions

Client trust is paramount in the real estate industry. All else is just noise. Mark McLaughlin, Compass' chief real estate strategist, emphasizes the importance of client representation and shares his insights from three decades in the industry. Building client trust should be a top priority for every agent.

Finally, to keep your mind right in the face of challenges, it's crucial to cultivate an attitude of gratitude. Coaches Melanie Klein and Emily Bossert provide an actionable plan to help you embrace a positive attitude and cultivate gratitude in your everyday life and real estate business.

In summary, the verdict is in — the old way of doing business is over. It's time to adapt to the changing market and bet big on your future. Join us at Inman Connect New York from January 23-25 to conquer today's challenges and prepare for tomorrow's opportunities. And remember, effective communication with buyers, implementing buyer representation agreements, and demonstrating your value are key to success in the real estate industry.

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