If you love the cut and thrust of real estate sales, and you’re making the money you think you deserve, then congratulations. However, all too often I hear real estate sales agents are dissatisfied with their work environment and their commission levels. In my day-to-day interactions with real estate sales agents, I hear that many of you wish for a more stable work environment where you have more control over your income and want to behave ethically to protect the interests of your clients.
Consider switching to being a buyer’s agent and vendor advocate
While it’s essential that buyers’ agents understand the nuts and bolts of the selling world – and that can only be learned on the job – you’ll find a big difference working on the other side of the real estate fence.
Working with sellers
Most sellers are focused on one factor: the sale price. Yes, you have to help them prepare their home for sale but most sellers are reasonably confident – and less emotional – about their sales process. It’s not all beer and skittles, though. In cases where property is being sold due to divorce or a death in the family, emotions can run high. This is your opportunity to step in for some sound advice and hand-holding to help steer the property sellers to a decision, and to help them accept a price that is equitable for all concerned.
Working with buyers
Buyers are often super stressed by many factors including the mortgage process, down payment, building and pest inspections, etc. They are also more emotional because they are buying their next home, or have an investment dream. As a buyer’s agent, it’s our role to guide and smooth the process. This means listening to what they want, educating them as to what they really need, and sourcing the property that will fulfil their property goals. There will be times when you need to show your client some tough love. As long as you have their interests top of mind, and they trust you, you can bring them along with you and help them purchase the right property for their needs.
Consultative, not transactional
As a buyer’s agent, you will spend more time with your client to analyse their needs. The process is more time-consuming as not only do you need to focus on the actual transaction, but also, you need to delve deeply into the property fundamentals of each potential purchase to help them arrive at the right decision that will help them achieve their property and lifestyle goals. If you’re unhappy with the way the sales process works in many real estate agencies, you’ll find this journey more satisfying. With the confidence of some solid experience behind you, along with necessary training and mentoring, you’ll be delivering great outcomes for them and you can act fairly without trickery.
Due diligence for good
In the expression popularised by Mark Twain in his Chapters from My Autobiography, there are three kinds of lies: Lies, damned lies, and statistics. We know from long experience that statistics like median sale prices, auction clearance rates and other statistics can disguise a multitude of sins. As a buyer’s agent, it’s your job to investigate more deeply and complete your due diligence on each property so you aren’t recommending that clients buy a C-grade property that superficially looks like a great investment.
As long as protection of your clients’ interests is your primary motivation as a buyer’s agent, and you have good solid compliance procedures in place, you can’t go wrong. You’ll redeem your reputation and establish yourself as a trusted adviser. You’ll gain clients for life and enjoy long-term success in this exciting field.