Justify Your Commission By Going the Extra Mile | Star Session
During last week’s Mobility Title-sponsored Star Session, “Handling Buyer and Seller Objections”, attendees got treated to the wisdom and opinions of three high producing agents; Seema Rodriguez, Sheila Carney and Donna Henshaw. What was so unique about this particular Star Session was that we held it in form of a panel, which gave us the ability to approach each topic from with three sets of experiences.
Know Your Business
This was a subject that garnered a lot of discussion. The seller can tell who really knows their business and who doesn’t. And if you don’t fully know your business, either you won’t get hired or you’ll be begging for the business with a lower gross commission rate. Remember, a seller pays for results, so make sure to take the time to learn the business and take the time prior to each listing appointment to learn the house and the neighborhood.
Know What You’re Worth
We all have to decide what we’re worth. Once an agent starts reducing their fees to win business, they’ll be reducing the fees of all of their business. And if you’re forced to discount down from 3.5% or 3%, use your creativity. Cuts don’t have to be in ½% increments. How about 2.8%? How about 2.65%? And so on. Furthermore, just because a seller asks if you will take less, doesn’t mean that will be the deciding factor in who they list with.
Do Your Research: Go The Extra Mile
To add value to your business, become more competitive to get that listing! The bottom line is, the more valuable you are, the more you get paid. Scope out the competition by driving by all of the “Sold” real estate signs in your desired neighborhood. This will make you better able to discern the reasons why some houses are not selling. There’s nothing like a stinky basement to make the days on market go up and the price go down. Or how about a bunch of commercial vehicles in the driveway of the house next door? How do you think that factor’s into a home’s desirability? And that’s my point. You can’t tell all of these things from an MRIS printout. You’ll have to do the research yourself. While you’re at it, go the extra mile and call the agents on those “Sold” and “Under Contract” signs and ask them about the property — agents can get pretty chatty about their old conquests. When you finally get back around to talking to the seller, you’ll have superior knowledge over the competition. You can bet that you’ll be one of the few agents to take these extra steps. And, by going above and beyond, the weight of value tips in your favor, you’ll get the business, and you’ll receive a better price for your services.
For those who are saying, “You don’t have to do all of that stuff to get a listing, get it sold, and get a commission.” You’re absolutely right. You don’t. Making a commission can be done sometimes with minimum effort. In my 37 years in the business, I’ve seen many agents get away with minimal effort on a deal. However, I’ve also seen many agents come and many agents go. And what I’ve found is that the ones who last and make good money are the ones who go the extra mile. It’s the extra stuff that gets you the personal referrals for additional business.
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