Post NAR Ruling: Why you Must Clearly Explain your Value to Buyer Clients
After you’ve finished counseling your potential real estate clients on what the whole NAR settlement thing means for them, it’s time to get busy convincing buyers that, yes, they do need an agent.
The best way to do this is to clearly communicate your value in every newsletter, on every postcard, social media share, and email.
Yes, it may require an overhaul of your entire business marketing plan, but you’ll reap the rewards when potential and new clients understand what you bring to the table.
Start with the initial buyer consultation
The buyer consultation is critical. It’s during this process that the buyer gets to know you and, hopefully, likes and trusts you as well. It’s a critical component of a successful relationship.
If you’re new to the world of real estate sales, here are some ideas:
- Explain the changes brought about by the NAR settlement and how this may impact them as buyers.
- Explain the mortgage process, in clear terms that consumers can understand.
- Impress upon them the importance of obtaining mortgage pre-approval.
- Learn what they’re looking for in a new home, size, age, location, and which aspects of the wish list they’re willing to compromise on.
- Walk them through the post-accepted offer process. This includes inspections, appraisal, and how you will negotiate on their behalf if the need arises. Don’t forget to explain the loan estimate form and the closing disclosure from the lender. New agents can find information about both at consumerfinance.gov.
- Explain the final walkthrough.
- Closing: What it is and how it works.
- Find out how often they expect to hear from you from the time escrow opens until closing. How do they prefer that you communicate with them? Email? Text? Telephone?
Create a buyers’ version of a listing presentation packet
You’ve most likely seen agent advice that extolls the “necessity” of coming up with a “unique value proposition (UVP).”
“Your value proposition is the unique benefit that you offer to your clients that sets you apart from other agents. It should answer the question: why should someone work with you instead of someone else?”
The only problem with this advice is that by and large, the American consumer is skeptical of self-promotion. This is reflected in the fact that, according to Global News Wire, “… 95% of customers read online reviews before buying a product.”
Instead of the overtly self-promoting UVP, why not use a glowing testimonial? In fact, create an entire page of them, or sprinkle them throughout your buyers’ packets.
What else to put in your buyers’ packets?
- Your bio
- A text version of all of the things you counseled them on during the oral consultation.
- Remember, buyers are going to need negotiators in their corner when it comes to them having to pay a commission. If you have testimonials that highlight your negotiating skills, do include them.
- Copies of some of the more important forms they will be asked to sign.
Yes, your industry is in a bit of turmoil right now, but if you get ahead of other agents in proving to homebuyers why they should hire you, you’ll be glad you didn’t get caught up in the whirlwind.
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