Communicating Value in Real Estate Buyer Brokerage Agreements

Introduction

• Importance of communicating value to get buyer brokerage agreements signed.
• Andrew Undem shares his process to improve business for real estate agents.

Key Concepts

• Showcasing Value: Essential on both the buyer and seller sides of real estate.
• Comfort and Preparation: Agents must be comfortable and prepared to make clients comfortable.
• Fluidity: Ability to adapt in different environments like open houses or casual settings.

The Process for Buyer Agency

Initial Meeting

• Explain the complexity and deliver simplicity.
• Create a logical, rational presentation of value.

Components of Value

1. Pre-approval

   • Importance of understanding loan options, grant money, and tax credits.
   • Guarantee the lowest interest rate by shopping loans.
   • Verify assets early to strengthen buyer’s position.

2. Home Search

   • Go beyond the MLS; explore coming soon and off-market listings.
   • Access to expired, canceled, new construction listings.
   • Understanding market dynamics: list-to-sale ratios, days on market.

3. Offer Research and Preparation

   • Gather information on market conditions to make compelling offers.
   • Understand the 5 components of an offer: purchase price, closing costs, contingencies, deposit, settlement date.

4. Offer Presentation

   • Present a clean, organized offer with a summary and pre-approval.
   • Coach listing agents on how to present the offer to sellers.

5. Contract Administration

   • Manage timelines and inspections effectively.
   • Maintain relationships with appraisers and inspectors.

6. Settlement and Post-Settlement

   • Utilize home services ecosystem for smooth settlement.
   • Offer continued support post-settlement with service guides.

Psychological and Communication Techniques

• Use of specific language and effective body language to build confidence.
• Emphasize the agent’s belief in the process and value.
• Subtle NLP techniques to influence and guide clients.

Training and Development

• Importance of role-playing and practice for agents to internalize the process.
• Continual development to articulate value clearly and confidently.

Conclusion

• Real estate agents need to clearly articulate their value proposition.
• Sharing this process can help agents differentiate themselves and improve client relationships.
• Encouragement to share the process with other agents to enhance the industry’s standard of service.

Contact Information

• Andrew Undem from Sure Group Real Estate, available for referrals in the Baltimore metro area.