It's Never Been Easier to Get the Buyer Agreement Signed
While so many real estate agents and brokers cry over the discount listings, MLS only listings and Internet FSBOs, the sharp buyer broker can be smiling all the way to the bank.
All of those seemingly negative trends are huge positives when you sit down with a buyer prospect. Here are the reasons that your buyer prospect will happily sign your buyer representation agreement:
- They'll see FSBOs – You'll be happy to show them homes that the sellers aren't marketing well, and thus may not even come to their attention any other way.
- They'll see discount listings – While other agents aren't showing some homes to penalize discount brokers offering lower-than-desired coop commissions, you'll have an agreement for your compensation and be happy to show them the home that might be the perfect one for them.
- They'll see MLS Only listings – Again, other agents aren't showing these for fear of liability or implied agency, or just to penalize the lister. Don't penalize your buyer. Just take precautions, and then show them more homes than anybody else will.
- You'll do better than Zillow – You'll offer to pull the Zillow and any other online estimates for them, do a comprehensive market analysis, and explain the errors and accuracies of all estimate sources. You'll bring your expertise to the "dumb databases."
Have them sign to decline – An old sales tool comes in handy here, plus it is good for the liability file. If your buyer prospect is unsure or resisting signing the buyer representation agreement, have a form ready for signature that says they declined. Politely explain that, if they later see a FSBO home they wished you'd shown them, you would need this to indicate they'd declined the option. Human nature is such that they may want to blame you for their lack of foresight when it came to seeing ALL homes that met their requirements. Being clear upfront will protect you, and it will also get them to think twice about declining to sign the agreement.
If you are set up and willing to show FSBOs, MLS only and discount coop commission listings, just letting the buyer know what they're not getting from the other guys/gals will get you a signed buyer representation agreement, and a guaranteed compensation limit.