RISMedia's Real Estate Magazine

MAR 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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22 March 2019 RISMedia's REAL ESTATE {REBAC Report} Rapport is significant, but it's not enough. In your next sales meeting, consider discussing these seven es - sentials, which lay the groundwork for successful transactions. 1. ESTABLISH EXPECTATIONS. Re- mind your agents that client relation- ships are a two-way street in terms of each party having expectations and obligations. Buyer's agents should be able to explain their services in a clear and compelling manner so that buyers understand what to expect. Similarly, agents should clarify what they expect from their buyers. 2. USE BUYER AGREEMENTS. A writ- ten and signed buyer representa- tion agreement is a powerful tool for reinforcing expectations, reducing misunderstandings, demonstrating the scope of services provided and encouraging loyalty. Each state's real estate license laws set specific guid - ance. Consider using one, even if it's not required. 3. INSIST ON PRE-APPROVALS. If a buyer isn't ready, willing and able to purchase a home, they'll be at a significant disadvantage when nego - tiating with sellers. Encourage your agents to require pre-approvals be - fore they invest substantial time in a buyer's house-hunting efforts. 4. REVIEW NEEDS AND WANTS. Ask useful questions and listen carefully to buyer preferences. It's the only way your agents can successfully support a buyer's goals. Also, re - mind your agents that Fair Housing laws require a neutral approach. Let buyers direct all decisions concern - ing desirable properties. 5. DISCUSS MARKET CONDITIONS. Agents who do a good job discuss- ing and explaining current inventory, pricing dynamics and other sig - nificant market factors accomplish multiple goals. First, it's a great way to showcase an agent's knowledge and build credibility with buyers. Ad - ditionally, it can empower buyers to make smarter, realistic purchasing and negotiating decisions. 6. REVIEW DATA SECURITY. Make sure your brokerage has taken ad - equate steps to safeguard clients' personal information, and be ready to address any related concerns cli - ents may raise. If a buyer goes un- der contract, be sure your agents are alerting them to the risk of real es - tate wire fraud and how to prevent it. 7. TAKE PRECAUTIONARY MEA- SURES. Safety isn't limited to data security; it also includes protecting your agents. First and foremost, en - courage them to arrange all initial meetings with buyers at your office or in a public location. Of course, there are also many other ways to promote agent safety beyond first- time meetings with buyer-clients. HABITS WORTH DEVELOPING These steps, followed consistently, can lay the groundwork for success - ful buyer-client relationships that drive future real estate opportuni - ties. Likewise, when your agents adhere to these steps, you're also reducing your brokerage's exposure to complaints, formal grievances or more substantial problems. These topics, and many more, are covered extensively in the Accred - ited Buyer's Representative (ABR®) Designation course. Learn more at REBAC.net/ABR. RE Marc D. Gould is senior vice president of Member De- velopment for NAR, overseeing a wide range of profes- sional development programs for REALTORS®, including the Real Estate Buyer's Agent Council (REBAC). REBAC is the world's largest association of real estate profes- sionals focusing specifically on representing the real estate buyer. With more than 30,000 active members, REBAC awards the Accredited Buyer's Representative (ABR®) designation to REALTORS® who have completed the special- ized education and documented experience in working with consumers purchasing a home. To learn more, visit REBAC.net. 7 Ways to Set the Stage for Successful Buyer-Client Relationships by Marc D. Gould H ow do your agents approach their first meeting with buyers? Do they primarily focus on establishing friendly rapport , or do they work from a set of ground rules that can substantially impact the client relationship beyond the initial buyer consultation?

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