How to Get the Exclusive Buyer Agent Contract Signed in 5 Steps

welcome to real estate coaching radio starring award-winning real estate coaches a number one international bestselling authors Tim and Julie Harris this is the number one daily radio show for realtors looking for a no BS authentic realtime coaching experience what's really working in today's market how to generate more leads make more money and have more time for what you love in your life and now your hosts Tim and Julie Harris welcome back so I want to thank all of you for the great feedback Julie and I've been getting on all of our podcasts lately and I know you really loved the podcast we did yesterday with Mr Kevin Yoder the interview so if you've not yet listened to that make sure you go back and listen to it all right so what we're going to be focusing on today is how to get the exclusive buyer agent contract signed in five easy steps Julie and I have been on the phone pretty much constantly with coaching clients with folks from our exp family from a lot of uh podcast listeners and say most of my time has been spent talking with brokers who are seemingly caught with their pants down not knowing what the heck to do with their agents because of all these changes and I want to start out by letting all of you know if you're in that situation Brokers office managers uh team leaders it's um you know I don't want to give you an excuse for not really knowing what to tell your agents but I'm here to tell you it's not uh frankly it's easy to understand why it's confusing because there's so much misinformation out there there's so much confusing conflicting information because guess what there is no real answer the way this guideline was written or legislation or whatever you want to call it there really was no clear defining path forward and what the industry was supposed to do with these new changes right it was just supposed to you know the idea was like I remember listening and and you and I talked in the podcast jie where people didn't even know what the heck the purpose of the legislation was like what was the whole point of it was it to stop steering sure was it to get the sellers to no longer have to pay the buyer agent commission I mean it's very confusing right well the very fact that n has a 100 point FAQ or Q&A tells you that it was a bit of an entangled thing to work through and even to interpret in the first place then when you figure out what they were trying to accomplish it was a you have to do this without the how you should do that and then you factor in the fact that all the different mls's well some of them still don't have forms out yet amazingly and and exactly and some of the major brokerages there's some major brokerages that are just coming out their forms and suggested you know action steps for their agents like yesterday so look the industry is definitely has its hands up in the air not knowing really what direction to go so what we're going to be doing today is we're going to talking about what matters because no matter you know and look this is important we got to stop debating whether or not I mean essentially what the politics are around this legislation we have to stop thinking about the fact that it's unfair or we have to stop you know essentially H hand ringing around the fact that it doesn't make any sense and how's this good for the industry how's this good for Buyer Agents how's this good for you know home buyers all these things none of them matter what what we do know is there are a new set of rules and then we have to follow them okay so what let's know what the rules are and let's follow the damn rules and it turns out it's not that difficult it turns out when you actually cut through all the you know stuff you guys knew I was about to swear there by out myself when you go when you cut through all the stuff and you actually look it to see how it's all sort of you know evolving it kind of makes sense as long as you have the sales skills to know how to present uh you know essentially to the buyer to have them sign the buyer agency agreement list agents know how to explain it to their sellers all this stuff is really where you know we need to be pushing through so what we're going to be doing today and what we've been doing a lot in the last few weeks of podcast so make sure you go back and listen to them is telling you guys exactly how to get the exclusive buyer agency contract signed that's right now this is a podcast this is not coaching so we're giving you the 30,000 foot five things to get your exclusive buyer agent contract signed because what you said it the time for speculating and bantering about and back and forth and being out red about it is all over you now have to deal with it and we're here to help you actually get the signature the problem is is if you're not going to move towards uh a solution immediately you're going to maybe essentially run yourself out of business and that's the unfortunate truth because for most of the country and most markets we're entering into what's the slower time of year so we've got all these headwinds and yet we have the Tailwinds are even stronger but are you all paying attention to them the headwinds are what the slower time of year someone could argue the election I'm not sure if that really matters but there you go you're going to now say well the confusion about these new buyer agency commission sharing laws and all the other stuff there's tons and tons of things lack of inventory you know just the usual end of year things with people being um you know spending time with the on the holidays and you know all that stuff and then the Tailwinds and I'm here to tell you are so much stronger than the headwinds but how many are paying attention to it let's talk about the tail or the head or Tailwinds yeah so number one guess what in is increasing that's huge which by the way Julie and I don't think there was ever really an interest rate problem the here you want proof well look at the fact that home sale and what price values have increased the most in like a long time we set a new record again last month right even though interest rates were relatively High we have an inventory problem we don't have an interest rate problem people are going to figure out the payment once they find a house to buy but that's an aside so we have inventory increasing in most major markets in markets like Austin and all these other major markets and lot of Florida where we have literally thousands of coaching clients and thousands of people on our exp family we are seeing an inventory increase that is a good thing because that will absolutely you know spur a lot of uh positive momentum in the market and we have interest rates that are definitely going to fall and probably fall fairly significantly we're hearing up to one point not a quarter basis point but like one whole mortgage you know one whole percent in a percent in the Fed rate going down probably will translate to at least an equal drop in the mortgage interest rates it's very conceivable I was reading Wells Fargo was doing projections and what they thought mortgage 30-year mortgage rates were going to be in um two at the end of maybe it's middle or end of next year and they were basically in the low fives that's awesome all right so we have inventory increasing we have obviously a tremendous amount of pent up demand and we have interest rates dropping you don't think that's going to create one of the biggest boom markets in the history of roate it's obvious that it's going to for every one house for sale even in one of these markets where there's an increase in inventory where o boo his sellers are having to do price reductions you're still seeing three to five offers for every one uh hel for sale well you're going to start seeing a lot of buyers enter back into the market that have taken themselves out because there just wasn't enough for sale you're going to see a spring market like we've never seen before in some markets the look and feel of the spring Market will actually start at you know frankly fourth quarter of this year but for the most part we are building up to 2025 being as we have predicted listen to our past podcast going to be an absolutely huge Market I think actually if anything Julian I've been under uh estimating or our expectations and predictions have been a little bit too uh miserly if you will as to what we're actually going to be experiencing in the marketplace so if you are running around like a chick on its head cut off remember we lived in Ohio so we can say stuff like that you're going to miss the market your head is going to be well and let me move away from head your your mindset is going to not be where it needs to be which is making the most of this new Fantastic returning boom Market that's right how I would translate that is don't let your buyers and uh you know future buyers be more motivated than you are yeah exactly okay and I know that that it's easy we joke about that but I see that from different things that agents post and conversations what I'm seeing as the biggest mistake post August 17th is this and then we're going to talk about what the solution is the biggest mistake mistake is many of you are waiting to have the conversation I.E presentation with who you would call quote your buyers right the buyers who are in your pipeline you probably have new buyers that came into your pipeline today especially if you're a listing agent you have openhouse leads you have previous leads what happens is if you wait too long and they see something and I've already seen many cases of this and that that buyer we go into the weekend and they see a house that is in the exact neighborhood that they want to move to and they call you they want to see it and now you have to get that signature don't you so what are agents doing they're texting over the buyer agreement and asking for the signature without any explanation and they're not getting it so that would be the buyer being more motivated than you are because they want to buy that house they're going to do something about it they're going to call the listing agent they're going to go to the open house yeah they might know love and trust you but guess what they want the house more than they're worried about your feelings 100% and that's what's going to happen but I'll tell you what else is going to happen for the agents who have basically their heads in the sand and this goes for Brokers office managers everyone else too and you're not actually following the guidelines you're not going to get paid that's just that's what's going to be this is going to be a very expensive educational process for most of the industry and I suspect that's what's going to happen Jill scenario you now put the buyer in contract this weekend you don't have an uh there is no entitlement of a buyer agent commission on this transaction matter of fact there was no buyer agent commission at all in the transaction you then basically decide you're going to try to get the buyer after everybody's agreed to the terms to agree to you know basically go back and pay your buyer agent commission they're not going to do it yeah good luck with that yeah you're not going to get paid so you just sold a house for free congratulations go you you won't do that twice will you what' you just learn on that learning experience so Brockers office managers everyone else you got to realize that you just got to flip the switch and just essentially just start following the rules and the rules are very simple you have to get the exclusive buyer agency contract signed so what we're going to do is we're going to spend the rest of our time today talking about that and by the way of course Julie and I have a solution for all that ails you with regards to um you know all of this we have a new designation that we're going to be releasing very soon called ethical real estate professional uh buyers and ethical real estate professional buyers is going to be your silent salesperson I want you to imagine a presentation it's going to start out by being a folder that you're going to give them that has all the information in about home buying it's not just going to be stuff full of just you know miscellaneous forums it's going to literally be a organized present presentation which is going to explain your value as a buyer's agent it's going to explain why that buyer wants to work exclusively with you it's going to have six different unique selling propositions these are your guarantees and your pledges and things like that and these are going to be the things that are going to make it so the buyer is going to immediately see the benefit of working exclusively with you while all your competitors are just basically hoping and praying that the buyer's going to sign the form you're giving them the form and then you're giving the explanation of exactly what you do you won't have to actually worry about what the buy you know the buyer not going to be confused about why you're asking them to sign the exclusive after they um realize that you're an ethical real estate professional agent we have organized all of this it's taken an enormous amount of time I have to say I've somewhat enjoyed it though and um Julie and I did this ourselves it's going to be uh released very shortly it's TurnKey you're going to have a proper designation it's going to be something that you're going to be able to proudly share with the marketplace you're an ethical real estate professional agent um you specialize in Buyer Agents and we're going to be coming out with similar designations under other subcategories and it's TurnKey it's going to be scripts subjection handlers lead generation ideas everything this is not a coaching program though there is a coaching element to it in addition to the actual designation Julie and I are going to be providing four semi-private coaching calls they're going to uh you know essentially be for the first 100 agents that join So the plan that we have now and this is something that uh we're very excited about but this is a Monumental task for all for us to have had created it kept all of our staff very very busy so if you our customer service is a little bit slow it's cuz it was all Hands-On deck to get this done because the marketplace needs it so desperately um but if you want to be on the wait list for this program we what we're going to do is we're going to release it to 100 agents you guys are going to be a little bit of our beta testers frankly but also it's going to be uh the challenge that we have with selling it to more than a 100 agents or having more than 100 agents become members is we can't serve all those folks that's really the issue of it because remember this is a semi-private coaching program so for the first 100 agents that join you're going be able to start using the ethical real estate uh professional designation starting we're thinking within the next couple weeks we're hoping we're waiting for our web team to get down at the websites but in the meantime here's what you need to do to get on the list you need to text the word buyers I'm sorry buyer bu y r singular buyer buer to 47 372 that's the only way you're going to be on the list text the word buyer buer to 47 372 there's no other way no other form no other website you just have to text the word buyer Buy ER to 47 372 and when you do what I'm going to do is I'm going to send or our staff will send out a text it's going to be to the list it's going to say the program is now available you're going to then click the link in the text that we send you and then you're going to join uh the program that's how it's going to work in the first 100 that uh you know walk through the Rope line are the ones that are actually going to get in the program and then we're going to close the doors in the program for probably 30 maybe 60 days because we're going to be updating the program and doing more um enhancements to it we're going to make this so that the agents who are ethical real estate professional agents are not just excited like we are about the changes in the marketplace but they're incredibly motivated and then you can build momentum into the new year that is our goal for all of you so text the word buyer buer to 4737 2 all right so how to get that exclusive buyer agent contract signed in five steps here's the fact if you are not offering something your clients can't do on their own why would they hire you let alone pay for your fee here's your goal provide such overwhelming value that your clients can't stop talking about you to their friends aim for repeat business referrals in a continuous cycle of success the talking points the headlines have all been articulate your value if you expect to be paid on the buyer's side do you guys notice how every time you read one of those articles says articulate the value there's no suggestions on how the hell you go about articulating your value telling you to do it because what happened is basically all these you know supposed experts in real estate don't know what the hell to do either we do that's the reason we created the ethical real estate profession designation we are articulating your value for you in the presentation quite literally okay Point number one present professionally to buyer clients we're not talking about text voicemail email or any of that treat your buyer clients with the same professionalism you offer your listing clients use our ethical real estate professional buyer presentation to clearly outline it does more than this but the top three bullet points are the buying process your role and the buyer's role how you'll work together to achieve their goals note to self as competition for buyer business increases this approach will also set you apart and remember when we talk about uh competition for a buyer business now you're competing with the buyer themselves to go unrepresented you're also competing with the listing agent so you're going to have to you're basically going to have to compete against other Buyer Agents though frankly I think that's going to be uh fairly simple because most Buyer Agents aren't knowing what to do so you're going to have Easy Pickins there but you're going to have to compete against the listing agent because buyer's natural inclination is going to go to the listing agent I had an email yesterday from someone remember Mike akerly yes he listens to the podcast yes so he and i' been talking very like probably one of the smartest coaching clients I've ever had anyway so he and I were talking and um we are kind of going back and forth on what's going to happen as a result and one of his conclusions was agents are just going to go directly to listing agents buy mean yeah yeah buyer going to go directly to listing agents and to which I said well what makes you think that's going to save the buyer any money why would a listing agent now having to do both sides of the transaction even if they're only representing the seller they're still having to do the work on behalf of the Buyer Agents why would the listing agent work for Less because that's not really how it works right and if you go up to parts of Canada where we have like one of we have one of the top well the top coaching client or the top agent with exp royalty and uh John walkinshaw and he is not when you are you know he's a great listing agent and if you're a buyer and you call him up I want to buy that house um he'll represent you he won't dual agent it he'll just basically represent the seller so you're representing yourself effectively but the seller is having to pay more uh of a fee to John because there's not a buyer's agent involved that removes the incentive for the seller to basically want to go directly uh you know essentially to cut out a buyer's agent you guys get it that's how the Market's going to evolve if you want to know what's going to happen and as far as basically marketing incentives publicly marketing incentives in commission is an incentive remember I'm telling you this please do not forget so we can stop the online about how to go about doing this and the trickery because that's where you guys are going to run a foul of the mls's and all these other legal things just put in the public facing portion of the MLS seller will consider all concessions seller will consider all concessions right so then maybe call the listing agent and ask what types of concessions the seller is considering you're then going to be on your road to knowing exactly how to write the contract so that your buyer offer can get accepted so there the market is going to quickly evolve to make it so that buyers will have representation you will get paid sellers will have rep representation sellers will get paid and everything is going to be similar but not the same to the way it worked before and ultimately why because buyers want representation this is what I was telling Mike buyers want to be represented sellers want to be represented if there's no Financial incentive not to involve buyers agents and guess what buyers agents are going to still be involved yes but all of that absolutely is true and will evolve I think when the dust settles to go that direction but one thing will remain true which is you still have to have your buyer representation signed yeah you do you have to have that signed you're supposed to have it signed before you actually you know start formally working with them and showing them properties and don't worry I know that's a big hairy gnarly thing for some of you because you're not really understanding how are you're going to get the buyer to understand your value as a buyer's agent well we have the solution with ethical real estate uh professional so remember to text the word buyer to 473 72 okay and inside that ethical real estate professional presentation you have something called your above and beyond search guarantee which I'll talk about in a second it relates to point number two remember your job is to do something that they can't do on their own what are they trying to do find their dream home and even though we have more inventory most estimates show that we're still negative inventory by between a million and a million and a half homes whether that's to be built new construction or coming on the market so all buyers basically one of the things you read in the snarky very media is that well what does a buyer's agent do they just do what you a consumer can do they just go into Zillow realter.com well with your this is a little element this is one of the unique selling propositions of an ethical real estate professional agent is that you're going to give the buyer an above and beyond this is what it's called above and beyond search guarantee and you're giving them a list a list of all the places you're going to search for homes and guess only one of them is going to be the MLS AKA realor.com or Zillow so you're going to be showing them all the different places you're going to be searching for homes for them and by the way we tell you how to search for homes in all these different areas it's pretty straightforward and that's going to be something that sets you apart from the competition this is just one of the many reasons why buyers are going to want to work exclusively with you that's called articulating your value give them something they can't do on their own okay and by the way we have uh several podcasts or a podcast series about finding inventory that's not in list in the MLS so if you're going to have that guarantee you're asking well I that's not familiar to me how do I do that we train you how to do that in coaching we've got a podcast on it it's included in the training for ethical real estate professional what we're talking about that's just one of them so don't get stuck on that one we have so many others Communications guarantee all uh you know all these different things about fees all this good stuff all right go ahead sorry yes okay now number three no and present Mortgage Solutions why while you don't need to be a mortgage expert although some of you listening are you should be able to discuss key options while we're waiting and while we're writing rates down 21 buy Downs still can be useful adjustable rate mortgages paying points to secure a lower rate on a 30-year fixed mortgage your action step here is to involve your lender or lenders and arrange meetings with your buyer clients to discuss loan options that align with their goals all right so in the ethical real estate professional designation we're showing you exactly how to ask for concessions we're telling you what to say and how to say it and one of the concessions that obviously you will I would say so in our opinion probably 75 to maybe 90% of the time the seller is pay going to pay the buyer's agents concessions just right out of the gates it's just going to be something that the listing agent already spoke to the buyer about or theist seller about and it's already basically baked into the cake sometimes you you may you will still have to ask for it in the purchase contract but the seller is not going to probably give you much push back because they're already preparing to have to pay it in the first place in the we feel very rare instances where the seller is not willing to pay it which frankly it doesn't even make sense that they wouldn't be willing to pay it as long as their net made sense but again let's just say they're very rare cases there are very clearly defined ways that you can get the buyer's agent to or the buyer to finance it your buyer agent commission into the loan what do you mean by that okay so for example there is up to 9% but let's just use 6% because that's most of the loans I have to remember which one's 9% which of the government loans but almost all mortgages nowadays are basically Fanny Freddy VA they're all like that it's funny too when Julie and I sold real estate it was like a minority of them and now it's basically all of them because in most markets I think like you if you guys aren't aware of this in most markets the max loan amount for a government back loan loan is uh like 6 700,000 that's right in some markets it's over a million I I think like in San Francisco it's like 1.1 million or something I don't have it memorized but it's extraordinary that you can by the way this this also came up on uh some continuing ed I did the other day you can look up for your own ZIP code where you sell houses what your the limits are where you are you just do do that on hud.gov that've got a button to push and you just type in your your zip code and they'll tell you so let's pick a normal sale price of like $500,000 so what what's going to happen remember this is the very rare case in our opinion where the seller for whatever reason just won't pay the buyer's agents commission you simply right so the house is listed for 500 the seller is willing to sell it for 500 they may even have other offers for 500 you write the offer for 515 uh seller still Nets the same that includes whatever you want your buyer's agent commission to be and the seller is going to agree because the Nets the same that's it no no that's not a big deal the house has to appraise to cover the extra 15 grand but let's you know be very clear in a market where prices are continuing to be on the increase it's very realistic to assume and appr appraiser is not going to have a problem with an extra 15 grand now the concessions that the sellers will or that the lender will approve is like I said 6% and up to 9% depending on the loan product I got to be careful on the 9% but I did read that yesterday so we're just going to stick with 6% which means your buyer agent commission could actually more than whatever the market rate commission is or has you have a signature that says you're allowed to exactly and we have coaching clients and we are know of people that are doing just that their buyer agent commissions are actually increasing that decreasing and uh but you could also roll in other concessions for example points let's say for example the buyer wants the seller to uh you know cover some points and all these things as long as it appraises up to 6% for sure can be rolled into the loan and that's it and how many of we did research that quite extensively you and I both have the exact documentation now I saw you sent that to me yesterday yeah I did well it's because yeah exactly I went to a major lender and I asked them for all the you know essentially the chapter and verse from you know are we going to include that in yeah yeah for I I mean that wouldn't that be a boring topic to talk about in the podcast but I just I just summarized it for you you can read the Thousand pages of documents about this but the moral of the story is is you know the buyer agent commissions are still going to get paid you just need to know how to ask for them you need to know how to essentially explain it to the buyer and listing agents you're going to need to know how to explain it to your sellers again all of this is going to be included in the ethical real estate professional um designation so text the word fire to 47 372 hopefully as you're hearing us talk you're getting more excited and motivated you're realizing the sky is not falling you need to plug your head back on stop running around in a circle and get back to work see how I tied that in that was very good I like how you landed that plane okay so Point number four again how are you articulating your value how are you doing things that your buyer can't do you have to be more proactive than they are for example if they're focused on a specific neighborhood door knock that neighborhood to find the next motivated seller and by the way that is going to have to move somewhere as well there's another transaction for you talk to your buyers this is part of the presentation where you'll be talking to them about how to do these types of things well we give you 20 different ways to go about finding the business but you know let's say door knocking is the most laborious you're also going to have things like um obviously all the new the normal search routes you can look for homes that are maybe expired six months ago you're going to be able to call the uh properties that are uh um what I always forget the term probate listings there's so many different sources of homes for sale that you're going to need to know how to actually pursue and at the very least you're going to be able to show to the buyer what you're going to do to go above and beyond thus the name of the guarantee and they're going to feel comfortable and confident wanting to sign exclusively with you but if your solution now is just to hope and pray that they're going to sign it and they're not going to read it you're not going to be successful in this business I want you to imagine you're competing against an ethical real estate professional agent and that ethical real estate professional agent has this actual package of information showing you know showing the value showing all the guarantees and the rest of it and you're just the you know normal going about business the way you have been here's the agency Forum here's the buyer agency Forum here's the exclusive buyer agency Forum you're going to lose because the buyer's going to absolutely recoil well so here's the thing here's the script that that less educated or shall we say not using presentation agents are using here's what here's their script I can't show it until you sign this yeah exactly and that's not working so don't wait and don't lose another buyer that it it's non-stop online agents complaining about how they lost their buyer because they wouldn't sign it's because you're you know that's not a great script sign it or I can't show you something we're including agreements in this in the designation exclusive buyer agency agreements onetime showing agreements all the forms and all the paperwork buyer net sheet everything is completely done for you like I said it was a crap tunnel work so all of this is going to be done but I just for example if you have when we had Julie and I had a team we sold real estate we sold thousands of homes so when we had a team uh of seven buyers agents and they would do this exact process and we've been coaching all of our agents to do the exact process we're coaching all of you guys to do at a high level um for the last 20 years okay really the last 25 years so the rule was the Buyer Agents would meet with a buyer and the buyer agents are you know Buyer Agents work for us would have to have the exclusive signed the buyer net sheet signed and of course the state agency signed on the first meeting now sometimes the buyer uh was a little bit sketch about signing the exclusive so what we would do is the script was basically you let's I understand so let's do this I'll show you a few homes and after you're comfortable with me and I'm comfortable with you then after that basically we'll you'll sign an exclusive with me and then we'll be working exclusively for the duration of that contract which typically was six months that always worked now if you have a buyer now that's sketch about signing it just have them sign the onetime showing agreement use the same script I just gave you after I show you this property after you feel more comfortable with me I'm more comfortable with you and then let's look towards a a longer term agreement they're going to agree to that uh some people another level of this is going to be here's the deal let's sign this onetime showing agreement if they're still nervous about it personally if someone still nervous after you've explained it especially as an ethical real estate professional agent I probably be nervous about them in other words I would be worried that those aren't real buyers and I'm wasting my time I and let's say you pre-qualified them let's say you've used our script to fully pre-qualify the buyer which by the way is guess what included in the ethical real estate professional uh designation a complete pre-qualification there approved financially they're approved motivationally they're approved they have realistic expectations these are buyers you want to work with but they still won't sign it okay here's but you're confident they're not working with another real estate agent but these are real buyers right here's what here's what I'd like to do Mr seller I know you want to see or Mr buyer I'll show you this property sign the onetime showing agreement I have to take a picture of it just so I can prove I did it but after we return to you know after we're done it you I'm going to give you the actual form that you signed and you can rip it up okay so one time showing agreement you decide you don't want to work with me here's the for and back I just need to save a copy of it and I can even put a line through it and say void in the front of it you can see me do it and then I'll give it back to you and you can rip it up that way if someone asked me if I had the paperwork signed as I'm legally required to do I had it signed I give it back to you because we're decided not to move forward together you see what I'm doing those are constant risk reversals you we've been teaching agents how to do that on the listing side of things forever now we're teaching Buyer Agents to also learn how to be competitive that's right and if you want to talk to a very calm cool and collected crowd of Agents talk to any of our coaching clients and I you know I I've as you know I have a lot of one-on-one clients that are Elite coaching clients and doing my job as their coach I often will ask them how are you doing with the new forms and the new process and they're all they say the same thing they're like it is not a problem for me they don't even want to talk about they don't even want to talk about it they want to get down to business which is awesome and I'm super proud of them for that and you know uh Tammy Herby who's been in business even a few years longer than we have have pointed out that she has been doing this type of thing that we talk about on this podcast for decades so well it it doesn't honestly good practice it doesn't honestly make sense and it never has that you'd work with a buyer without having an exclusive signed with them because that buyer if you don't have an exclusive sign with them that buyer can walk into a new build and buy the new build and you won't get paid can go and go to an open house buy the open house and you won't get paid you could have spent hours and hours and hours working with them hell you even told them about the new construction you didn't go with them old threshold rules you didn't cross the threshold with them the new build reps a butthead decides not to basically give you Commission on that particular transaction even though you're the one that sent them over you're done you guys get the insanity of the way the business used to work exclusive buyer agency contracts have been out there since the late 90s we didn't even need a commission sharing lawsuit to be doing practice Yeah that's the way the business was done and what happened was there's this whole generation of agents that came in the industry starting about 2007 that did not ever have to learn the skill sets necessary to have exclusive sign well the pendulum swung to the other side this is the reason I think ultimately this litigation was uh is going to make the business even better because it's going to force everyone to be more professional um and it's also going to root out some of the confusion the consumers had about how agents actually worked them and it's going to you know it should rise All Ships that's what I anticipate but in the interim it's going to be chaos in the intervening months maybe year it's going to be a lot of people learning the hard way that they should have been following the rules that's the reason that we created the ethal eal real estate professional designation text the word buyer to 47 372 okay one of the other things that you have as part of your ethical real estate professional designation let's set this one up better what's the number one complaint that all consumers have about an agent after they close on the a transaction every survey ever done and you ask about your real estate agent for the most part they like the real estate agent and for the most part they you know they're happy with the process for the most part consumers like the services that agents provide except for one damn thing and it's not commissioned it's not commissioned it's not commissioned that's not the main concern from the buyer agent side or from the buyer side or the seller side the number one thing that all of them hate about agents is shitty communication absolutely is that a technical term yes okay so you're going to add value throughout the process and especially while they're pending you are going to have a Communications guarantee as part of your ethical real estate professional designation for the buyer side of course you're going to manage the inspection process to prevent unnecessary stress to your buyer you're going to help them set up utilities recommend movers suggest homeowners insurance using your Communications guarantee you will ensure frequent professional communication not just uh frequent and consistent but you're going to communicate with them in the way they want to be communicated with you're actually going to give them a Communications guaranteed this specifically going to say how you're going to communicate with them and then it's going to give them an option of how they want to be communicated with like some people just prefer text right that type of thing and you're then going to schedule a time when you're going to be communicating with them everything is going to be in writing they're going to sign it you're going to sign it you're actually committing to them how they're going to be serviced and that's going to force you to become more professional remember what I just said about the industry basically becoming more professional and it's going to set aside the number one concern the gripe that most consumers have about real estate agents if you're working with someone who's bought or sold real estate per for and you show them your Communications guarantee doesn't that immediately put you on a higher plane than any agents you might be competing with even like say for example their previous agent that they'd worked with who they by the way uh did a crappy job communicating with them now you're saying I acknowledge the problem here's my solution I'm so confident in my solution here's my guarantee you guys get the nature of what we've created for you with the ethical real estate professional designation that's the power and confidence we want all of you to have that's the reason that you need to seriously consider being a member of this new designation and you know what I'm about to say say it with me I bet most of you have it memorized text the word buyer to 47 372 bu R yes I'm super excited about this and everything in the I mean look at the name itself ethical real estate professional everything included in that is very very very buyer Centric you know that that whole headline about articulate your value well this it makes it so that you're very clearly showing that and you're making it all about them when you just send over the agreement and say I I can't show anything unless you sign this you're kind of making it all about you and it's kind of off-putting and it's to me it's kind of malpractice too and if that's what you're doing maybe they shouldn't be signing with you well the unfortunate truth is the Market's going to sort the people out that aren't operating highest level but it's not just Market forces that's not all we're talking about we're actually talking about the mlss are going to find you the mls's if they are and they're the mls's are totally Paralyzed by this lawsuit CU they don't want to get sued true so the MLS is now and I don't know how the hell this is going to work but are going to be in charge of essentially policing whether agents are having exclusive buyer agency contract sign on the first meeting yes and they're looking for examples to me made now EX in the fines that we've been hearing that these mls's are going to again somehow inflict upon their MLS agent membership it's like $2,500 $500 we 5,000 is pretty common yeah so no form signed is going to cost you five grand how crazy is that but what's going to happen is there are going to be some agents they are going to run a foul of this they're going to you guys get what we're dealing with now this is all yet to come you know um where are we in this whole process you know are we like as far as like on a scale 1 to 10 with 10 being the Market's completely adapted to the new normal everyone's expecting uh you know Buyer Agents to be exclusives to be signed and you know we're laughing at essentially the consternation that the industry had about this whole process right we're looking in our rearview mirror like we look at Co now and how everyone was chronically you know standing six feet apart and washing their hands and wearing masks out you know all that we look back at at those people like almost it a black and white like it's Antiquated like I can't believe people acted like that years ago so that's a 10 so a 10 is sometime in the future when we're going to be looking back at the industry and saying well I can't believe so many people struggled so you so hard to understand the importance okay but we're like at a two maybe just still a one well I I heard an analogy I can't remember which I think it was housing wire and they said what ining are we in right baseball analogy and the person being interviewed I think this is a mortgage guy he he said I'm pretty sure that baseball was just invented yeah exactly so you know we're going to go through this together and we're here to help you there's no reason for any of you listening to feel the stress of this except if you're not taking action well look let's just this is going to be a bit of a purge in the industry and I but I don't think this is something that's counterintuitive there will be a Purge of agents who are not willing to and able to adapt sure number one number two they're easily going to be replaced by new agents the number of Agents number of humans getting real estate licenses is just nuts and by the way those new licenses this isn't going to be different for them this is going to be normal standard practice that they were taught from the beginning right they're going to New Lies have the advantage over um people that have been in the business for even 12 months definely because they don't have to unlearn and they're not they don't have all these internal you know battles going on about this that and the other they're like okay tell me me what to do I want to help people make money so what's going to happen is this is going to weed out a fair number of Agents but I bet you for every agent that leaves the industry there'll be like five that join the younger generation of agents that are getting in this industry you know Julie and I a lot of you listening are that or you're watching us on YouTube or just you know coaching clients or part of our YouTube or our exp family is extraordinary and you know I think you and I have a tendency to attract let's just say higher information uh higher information higher information agents we attract people that are I think a little bit you know more operational more intellectual they're smarter they're more professional they're more serious they're not looking they're not looking transactional they're not looking for shortcuts they're not looking for easy buttons these are people that actually have the DNA to be you know really the best agents in their market place they take their business seriously they do they take their they take the opportunity seriously right and you know they realize listening to us we're just not about flashbang we're about actually helping them build long-term sustainable businesses because that's what we did that is what we did so listen your homework you know what I'm going to say so I won't even say it yeah I will I can't help myself text the word buyer buy eer to 4737 2 and uh you guys will be on the wait list and then when we release the uh open the doors for the program we will then send out a text and everyone who's interested in joining right away we'll allow a hundred of you to join right away um and then we're going to close the doors and it's going to be uh maybe another maybe 45 days until we open the doors again we're obviously really excited about this product because we know it's going to save the bacon of potenti potentially hundreds of thousands of Agents so don't wait text the word buyer bu R to 47 372 in the meantime have a fantastic day and remember we have over 5,000 P past podcasts you can go uh and binge to at this weekend or into the rest of the day have a fantastic day this podcast is a part of the seite radio network for more top business podcasts visit c-set radio.com