If buyer agency agreements have not been common practice for you, it’s completely natural to feel uncertain and apprehensive. You’re likely making up scenarios in your brain about what will happen the first time you present an agreement to a potential new client. What if they refuse to sign it? What if they question why they’ve not seen this document in the past? What if they don’t have the funds to cover my compensation? These are all valid questions.
We sat down with Wendy Crane, Vice President of Learning for Century 21 Real Estate, who feels that before you can start working on anything else, you need to work on your beliefs. And she believes change is good. Wendy, who drives her CENTURY 21 University® team to meet the educational needs of today’s agents, shared three key areas they can focus on today to tackle the evolving real estate landscape.
1. Understand the change
Educating yourself is the first key to embracing these changes. Lean into your broker and your local MLS to ensure you are aware of updates to policies and forms. Attend training sessions and focus groups until you can confidently explain what changes are happening in your market and why those changes are beneficial to consumers. Be careful about the media you consume. It seems everyone has an opinion about what is happening in our industry today. Stop listening to people’s opinions. We need less followers and more leaders. This is your opportunity to display a new level of leadership.
2. Master your craft
Let’s pause talking about buyer agency for a moment and reflect on the process used to secure a new listing. How do you prepare for an appointment with a seller? You work to understand the sellers’ needs and desires. You create rapport. You provide a presentation that explains how your experience, knowledge and resources can help that seller achieve their goals. You explain compensation. You answer questions. You close for the business, and you manage objections.
Working with a buyer follows the same process. If you’ve been on listing presentations before, chances are you were nervous and a little scared the first time. The more you prepared, the less nervous you became. After a few times, the fear dissipated, and excitement took its place.
Mastering anything takes time, effort and practice. There are no shortcuts. Block time in your calendar to work on your buyer presentation. Research the most frequently asked questions agents are being asked by buyers today. Find the answers, write them down, and then practice answering them out loud. Get an accountability partner – another agent in your office, your broker or a mentor, so you can role-play. Record your presentation and watch it with a critical eye. Adjust as needed.
3. Lead through the change
Our industry is getting a lot of attention on a national level. Today’s consumer, along with many agents and brokers, is likely confused and misinformed. One of the most important jobs we hold as real estate professionals is educating the public when it comes to what is happening in our local markets and the industry. The best agents have already seen it and are leading the way by connecting with as many people as they can to ensure they control the narrative. Don’t let your opportunity slip away.
In real estate, one of the few things you can be certain of is that change will come. “Embrace the change,” advises Wendy. “Good things are happening. Seek educational opportunities to ensure you fully understand the changes and can clearly and concisely articulate how those changes benefit today’s consumer. Be a leader. You can make an incredibly powerful impact in your office, in your community and in this industry.”
