exist Inman Connect Las Vegas, July 30-August. On January 1, 2024, the noise and misinformation will be cut away, all your big questions will be answered, and new business opportunities will be revealed. join us.
As agents try to navigate ongoing changes in the industry—buyer broker agreements, difficult discussions about commissions, and other brand-new challenges—they may continue to feel uncertain about venturing into new territory.
Coaches told Inman it’s unclear what the impact will be on the industry six months or a year from now, but that doesn’t mean agents should panic. The vast majority of coaches say the key to benefiting from the present moment is exploring new ways to demonstrate value.
Fortunately, there are many ways agents can prove their worth and why someone would sign a buyer’s agent agreement and pay a commission.
Five real estate coaches shared with Inman how agents can show off their talents to benefit from changes in the industry rather than cower in the face of them.
Use Dr. Li’s TAP method
Lee Davenport
Dr. Lee Davenport of Learn with Dr. Lee tells Inman that she recommends agents use her tried and true “TAP” method to compile a binder that contains all the tasks they will complete in the process of helping their buyer clients purchase a home . (Same goes for showing value to sellers.)
“T” stands for “task.” Agents can list every activity they perform for a client and attach supporting documentation.
“A” stands for “Agenda.” Next to each task, the agent should specify how long each task will take to complete, and how much time will be spent in total.
“P” stands for “price.” Next to each task, also list the going rate for what it will cost to complete that task, then add up all those costs.
Dr. Lee said top agents could easily come up with more than 100 tasks to fill a binder.
“One task might be to find out what the legal description is,” Dr. Lee said. “Because there is no legal description, you probably won’t buy the property you want. To get a legal description, you may have to go to a lawyer or some type of settlement office, and they charge by the hour – a lawyer’s fee can be 200 to 600 Dollar.
“We bring more content than just what HGTV shows in a 22-minute segment,” she added.
Dr. Lee points out that binders have other uses besides displaying value. It can be a helpful organizational tool for all agents, and for new agents it can help boost their confidence and help them believe they are indeed worthy of the commission they receive.
provide guarantee
Tim Harris
Tim Harris of Tim and Julie Harris Real Estate Coaching told Inman that one of the biggest frustrations clients have with agents is their lack of communication. If agents are willing to go the extra mile to establish communication assurance with their clients, then they are worthy of the commission in another way.
Establish guidelines for the timing, frequency, and format (text, phone, email) of customer communications; formally write the agreement; and stick to it.
If at closing, for whatever reason, the client is unhappy with their home purchase, agents can also add a risk reversal offer to the deal, Harris said.
“If you buy your house through me as a buyer’s agent, if you’re not happy with the house, I’ll sell it for you for free within the first six to 12 months,” Harris advises. “We essentially charge no listing commission.” (Individual agents should check with their broker before offering this deal.)
Enhance your off-site game
Ashley Harwood
While most buyers today may think they can easily find their new home through any number of listing portals, savvy agents know there are plenty of other places to find listings.
This is another place where smart agents can show their value.
“Agents need to deliver rock-solid buyer inquiries with confidence, become experts at every step of the buying process (and be able to quickly convey expertise to their prospects), and up their game when it comes to Move Over Extroverts Ashley Harwood of, told Inman, “Finding off-market properties for buyers. “
“This is a great opportunity for agents to stand out from the competition,” she added. “Those who choose not to upskill may not stick around for long.”
Harris walks buyers through the steps behind taking advantage of off-market opportunities in detail by explaining how he guides them.
“Let’s say a buyer wants to live in a resale subdivision and there’s a new construction subdivision nearby and a lot of people are moving there from the existing subdivision,” Harris said. “You explain to them, one of the things you’re going to do is Just go to those new construction reps and ask them who are the people from the neighborhood that have had to sell their homes to buy new ones – these may be your listing leads.
become more obvious
Quianna Watson
Quiana Watson of Agent Tools for Success said homebuyers are less likely to feel connected to their agent if they tend to interact more through Zoom virtual meetings or phone calls. She told Inman that in order to truly demonstrate their value to their buyer clients, agents need to spend time with them face-to-face.
“I feel like when the pandemic happened, a lot of us were very comfortable with Zoom meetings,” Watson said, “not having to meet our clients in person in advance … and giving them the ultimate experience.”
Watson said agents should conduct formal buyer inquiries with clients to demonstrate their value and, most importantly, update their marketing materials. But at the same time, make sure to act primarily as a consultant, not a salesperson.
“That means you’re consulting with them, you’re taking the time, you’re explaining the process, you’re making sure the issue is resolved.”
Demonstrate adaptability
Ken Goodfellow
The time when agents could bury their heads in the sand in response to changes in the industry is long gone.
Coach Ken Goodfellow Ken Goodfellow of Coaching and Consulting tells Inman to demonstrate your value to your clients by adopting an adaptable mindset, keeping your clients aware of changes in the market and industry, and making overall adjustments to your business model so that it Able to adapt to changes.
“You have to be open to change,” Goodfellow said. “This is going to happen.”
As the lawsuit progresses through the court system, many of the attorneys Goodfellow encounters are focused on trying to circumvent industry changes, he said. But the reality is that there is no getting around the new buyer’s broker agreement and MLS policy changes that will take effect on August 17.
“The reality is you have to learn to work within it,” Goodfellow continued. “That’s why a good, strong mentality is important.”
Make sure buyers also understand what they’re getting when they sign a buyer’s agent agreement, Goodfellow adds. And show them that you’re ready to meet the challenges as these new changes take effect and the industry continues to shift.
“Your business model has to adapt to the changes that are coming,” Goodfellow said. “Because no one really knows 100 percent what’s going to happen. I’ve been in this business a long time – I believe people will get used to it and get on with it. Those who are strong and do what they need to do will be fine. Others may have difficulty surviving.
Email Lillian Dixon
