Have you ever lost a buyer to another agent? It’s a frustrating experience and one you don’t want to repeat.
Keeping buyers loyal boils down to two things – education and service.
Here’s a five-step process you can use to educate and serve your buyers
so they never want to leave you.
Step #1: Explain How You’re Compensated
It’s surprising how many buyers don’t understand the compensation system
for Realtors. That’s why it’s vital you educate every buyer you work
Avoid industry jargon like “procuring cause” and explain in the simplest
possible terms how you will be compensated. Be sure to include how
you’d earn a commission if they bought through a builder or a FSBO.
Step #2: Tell Them Why They Should Work Only with You
This step has several parts. First, explain the concept of
representation and how working with a buyer’s agent is different than
working with a seller’s agent.
Next, show the benefits of working with just one buyer’s agent. These can include:
- A single point of contact during the process
- An agent who knows their preferences both from the interview and as a result of showings
- The trust and comfort that come from building a working relationship
Last, but not least, explain why the buyers should work with you instead
of another agent. This is where you sell your experience, area
knowledge, designations, and so on.
Step #3: Give Them the 3 Guidelines
Once the buyers have agreed to work only with you, there are three guidelines you’ll want to share with them:
- Call me FIRST if you see a sign, flyer, or ad for a listing that interests you
- Call me BEFORE you walk into any house (open house, builder model, FSBO, or otherwise)
- If you speak with another agent, tell them you are working ONLY with me
Let your clients know following the three guidelines will protect the
relationship and your ability to represent their interests.
Step #4: Ask What a Successful Relationship Looks Like
Tell your buyers to imagine they’ve just signed the closing paperwork on
their perfect home. As they look back at the successful transaction,
ask them how they would know you provided excellent service.
Write down the responses they give you. If the responses are generic
like, “you were helpful”, ask the buyers to be more specific. You want
to hear things like, “you showed us only homes that matched our
For each response the buyers give you, ask “And what else?” until they feel they’ve covered everything.
Step #5: Provide Excellent Service
After completing step four, you will know exactly what the
buyers want from you during the transaction. But knowing isn’t enough.
You must use the information to provide the buyers with the excellent
service they expect.
P.S. – It’s been said a person's success in life can usually be measured
by the number of uncomfortable conversations he or she is willing to
have. Discussing compensation can be uncomfortable, but it’s necessary
if you want to have loyal buyers.