Top 10 Takeaways: Mastering Buyer’s Agency
Instructor: Darryl Davis, CSP, Real Estate Coach, Power Agent® Program Founder
1. Agents cannot say their services are free, they must explain to buyers how they are getting paid. Agents also cannot tell homeowners they must pay the buyer’s agent.
2. Buyer’s agents should not count on listing agents to pay them. Listing agents and their sellers are allowed to offer $0 commission, in the MLS, to buyer’s agents.
3. To ensure compensation, buyer’s agents must ask buyers to cover their fees, in writing.
4. It is essential to meet with potential clients to:
- Establish agent value and explain their fees
- Educate on the real estate process
- Ask to be hired
- Obtain signed agency agreements
5. Agents operating without buyer agency agreements are vulnerable to lawsuits from buyers. The Code of Ethics states that buyer agency agreements (and other contracts) should be used. (Article 9)
6. Buyers who refuse to sign agency agreements communicate two things; They are not serious buyers and/or they aren’t exclusively working with you.
7. There is a difference between a customer and a client. Agents need to communicate all the benefits a client receives vs. a customer.
8. No other industry works for “free.” Agents must take back that perception and talk about what they do to earn their commission.
9. One strategy for showing value is listing all the things agents do and how they can do it better than the homeowner.
10. Real estate professionals can use buyer representation agreements to ensure consumer protection and build strong relationships with buyers, as well as how to articulate the many benefits of these agreements when meeting with buyers
February 2024 Greater Lansing Association of REALTORS® Industry Update
February 15, 2024
Thank you to presenters:
-Doug Petroff: 2024 President, Greater Lansing Association of REALTORS®
-Darryl Davis, CSP, Real Estate Coach, Power Agent® Program Founder