When and how do you bring up Agency with your customers?

[coastal]

I realize we are supposed to bring up agency at our first substantive meeting. With so much business happening on the web and phones do you get into this before meeting them in person or do you wait till you have them in your office or the front seat of your car?

Another question is how do you bring up buyers agency and what are your usual terms?

I'm revamping my teams system and looking for any input from you.

[drewnick]

I asked the same question to some pro agents. They said they didn't do anything until they were face to face.

I just finished third in line meeting for a listing appointment. The other two agents had gone through their entire presentations without ever mentioning agency or giving them the required SC Disclosure brochure!

[Micheal Pannell Realtor]

i guess i am bad about this, i dont do it till we get a contract, I never get a buyer Rep filled out. Cause if i cant help them i dont want them to feel stuck. It has worked for the most part. I only lost a few.

Btw i sold a 205000 homes lat night with a 10% commission Yeha baby

[drewnick]

Our state is very specific to how this must be done...

[Micheal Pannell Realtor]

mine also, but we tell them on the phone that we dont work for the builder or the seller and we work for them. We just dont or i dont for the most part break out the form till we have a contract so it can be signed all at one time

[u2man]

Asap.....if they don't sign the baa then they don't see homes with me. When they sign the loyalty goes up tenfold. I can't tell you how often I close deals where other agents have already been working with a client without a written buyer agency agreement. I usually mention it to them on the first phone call and 98% sign when we meet. Same with pre-approval.....has to be done before we meet and see properties. We're in a very competitive market.....wouldn't it be a waste of both of our time if we found the perfect property and you couldn't pull the trigger ( make offer) and lost it due to you not taking care of your financing??

To many real estate agents work for free. I've been in this biz long enough to know you will lose alot of deals if you are driving buyers around without a written agreement. Most buyers who have bought homes before sometimes question why they need to sign exclusively with me? Once you learn to explain why you're services are better and overcome objections it's fairly easy. After all this is sales. Mike, you ask alot of great questions and I'm impressed with how well you're doing for a newbie!! Anybody else whose new to this biz make sure you treat it like the million dollar biz it is and don't let buyers waste your time. Ask all the questions upfront about their financing,expectations,agency agreement etc. Sorry I expanded on the topic some.

[Ryan Ward]

I actually got burned by this last week and I guess I still haven't learned my lesson. I went out with someone and met them at the house they wanted to see. I followed up with them later and they said that they later saw another house with another agent and bought it. I will be bringing the bba with me from now on. If they don't sign it, I will walk. It doesn't cost them anything and you can fill in the fee they owe you right in front of them.

I used to have them sign before I wrote an offer - no more. Better to lose one here and there and spend that time generating new leads that will sign.

[Micheal Pannell Realtor]

the problem is all the have to do is send you a letter or call and they can cancel it . It is really a worthless piece or paper. If you are doing your job they wont leave you. Now i might come off to my client as a down home person also, so what i do works for me. Of course i am not the normal realtor neither. i dont show up in a lexus and a suit. In the summer i wear shorts and a t-shirt with my advertisement all over it. I also dont spend more then 3 hours to one day without someone going under contract. I also dont push my listings to new client usless that is what they want to see. I am taking them to NEw omes if they can pay over 1200 a month. Ofcourse if any one here sold as many new homes as i do i am well protected by the builders in my area. They know not to screw me, it would cost them alot of business

[u2man]

I actually got burned by this last week and I guess I still haven't learned my lesson. I went out with someone and met them at the house they wanted to see. I followed up with them later and they said that they later saw another house with another agent and bought it. I will be bringing the bba with me from now on. If they don't sign it, I will walk. It doesn't cost them anything and you can fill in the fee they owe you right in front of them.

I used to have them sign before I wrote an offer - no more. Better to lose one here and there and spend that time generating new leads that will sign.

Don't feel bad Ryan.....just use it as a learning experience. Back in the day (rookie) I gave up a 600k lead to another agent because I was busy with this real "cool" couple. I took them out for three days and then started getting thier voicemail everytime I called......found out the following week that they bought a fsbo and used the lender I recommended to them! I didn't have them under baa. The 600k lead bought in one day. About a 15k learning experince.

How about the time (6 months in the biz) I met this guy who had this huge photography biz and a new Mercedes and land Rover etc and drove about 10,000 miles looking for a huge 500k farm. He said he was going to by it with cash.....found out a few weeks later he was in debt to the hilt and coudn't even buy a 150k home without selling his existing property. I have alot of stories how NOT to do this biz

[drewnick]

I'm so brand new - I hope I don't have TOO MANY bad stories - I'm trying to head them off at the pass.