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December 29, 2007

Working with Buyer’s on an Exclusive Basis…….

Filed under: Real Estate Agents,Working with Buyer's — susanlutz @ 8:50 am

As a Buyer’s Specialist, there is nothing more discouraging then receiving that Monday morning voicemail from a client you’ve been working with for the past few months, stating, “Oh my gosh, Bob and I found a home over the weekend from an open house that we drove by, and we placed an offer.The agent who was there, said that if we wrote the offer through him, he’d be able to get us a great deal.Isn’t that awesome?Aren’t you happy for us?”Am I happy for you??Not so much…..

This has happened to me one too many times, shortly after being burned, I began taking the advice of my manager and insisted on only representing buyer’s who would make a commitment in writing to working with me and only me.Our time as agents is too valuable to be considered a “weekend tour guide” who is tossed aside the second the buyer gets wrapped-up in finding a deal.I’ve been utilizing the Buyer Broker Agreement for the past 4 years now, and let me tell you, my peace of mind alone is worth every objection I get thrown when pitching the concept.

Here’s how it works, I prompt the buyer on the phone prior to them coming into the office for the initial consultation.I simply state, “I work with a selective group of no more then 5 buyers at a time.Last week, I opened escrow with one and so in turn I’m looking to fill that opening.Why don’t we schedule a time to come down to my office so we can talk about how the home buying process works as well as how I work.”Offer weekdays or weekends? Days or nights? And two specific days?Always give 2 options, this will eliminate the opportunity for the buyer to reply with a “No” response.

During your appointment, after reviewing the buyer’s wants and needs, before you go into the home buying process, it is time to pitch your interest in working together on a committed level. I’ll share the script I use, take what you like, and leave the rest…..

“I believe I mentioned to you on the phone that I limit myself to working with no more then 5 buyer’s at a time on a committed level so that I’m not spread to thin and can give each one of them my undivided attention.

Why don’t I tell you how I work, and then you can make a determination if that works for you.I’m a Buyer’s Specialist, meaning I only work with buyers.I don’t list homes for sale, I don’t do loans, and I never represent the seller.I’ve focused for years on toning my skills when searching and locating property of interest, negotiating the best possible price and terms, and lastly keeping continuous contact once the escrow has closed in hopes of referral business.With that said, there are two things I ask of the buyer’s I work with:

Number one, while we work together, we only work together, and make a commitment to that.Typically, we don’t like to make a commitment for more then 60-90 days.This gives us a chance to see if we both feel comfortable in working together.I’ll be more then happy to schedule a half-day of showings, prior to making a commitment, so we know we’re on the same page, if you’d like.

Number two, as we view homes, I need you to be as specific as possible regarding the things you like and dislike about the properties (For example….).This enables me to narrow down the properties that won’t work, and forward you the properties that will work based on the feedback you’ve given me.

Does that sound fair to you?

Based on the information I’ve provided you, would you feel comfortable working together on a trial basis for 60-90 days?”

That’s it.It’s as simple as internalizing the script, practicing over and over again, and then slowly but surely begin implementing it in your business….Trust me, once you have the option of taking a day off without worrying if it will not result in loosing a buyer to another agent, you’ll never leave the office with out it.Good luck.


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