We received a message through a popular ranking site the other day asking about a buyer incentive…
“WHAT BUYER INCENTIVE DO YOU OFFER ?”
With the advent of sellers occasionally not offering any commission to a buyer’s agent, or agents that offer up a percentage of their earned income, this might sound like a reasonable question. However, it’s a little irksome when it’s the first question out of the gate.
There were also telltale signs in the message that indicated it was very likely spam. But it got us thinking and gave us the chance to talk about this.
Everyone is interested in how much money they can either keep or put in their own pocket.
But here’s another perspective to think about, and we mean seriously think about beyond just a buyer incentive.
First of all, if you’re not open to considering value beyond immediate cash rewards, instant gratification, and having a fair discussion about real value, or if your first question is ‘what is your buyer incentive?’ you may feel like moving along.
If you are open to thinking critically and having a discussion, then read on.
Let us ask you –
If you’re planning to buy a property, arguably the largest financial decision for most people, why would you not want:
- Exclusive, absolute representation? Someone looking out for you that has the real estate knowledge you need to make better decisions?
- Your interests protected?
- Value placed on your future in home-ownership?
Full knowledge of the process you are about to go through?
And –
- What about avoiding the ‘3-home shuffle’?
- Or having only the best features pointed out to you to quicken a sale?
What does a buyer’s agent do for you?
As in almost anything, there is more iceberg below the surface or paddling below the water, but in a nutshell – this list should catch your interest and be part of your expectations in a fulfilling transaction that serves and benefits you.
1/ Provide access to current market and past sold data – AND – provide an interpretation of that data that is relevant to you and to what is happening in the current market you are hoping to buy in.
2/ Provide a buyer’s package for you that includes: who the agent is, their credentials, their success rate, the contract pieces.
3/ Provide discussion and direction through all contract pieces so you fully understand what you are signing and committing to as well as connection to other related, trusted professionals as needed.
4/ A step-by-step process for you to follow to successfully find your dream home. This includes market education so you aren’t in a panic and unable to make a decision at any critical point in time, especially in a seller’s market.
5/ An informed transaction that enables you and ultimately offers less surprises and less stress.
6/ Empower you to make the right decisions for yourself, based on solid evidence and confidence you’ve developed.
7/ Encourage you to consider things you may have overlooked (even if it means delaying writing an offer).
8/ Provide honest communication and availability to match your schedule.
9/ Market research on the areas and homes you are looking for so that you can make informed decisions based on sales patterns.
10/ Consideration about your client experience with the outcome of your purchase.
Why all of this?
Because any reasonable agent that is worth their weight will want to provide a service that is reputable and remarkable.
That’s how we make a living doing what we do. Bill has invested time and resources into additional education as an Accredited Buyer’s Representative (as well as other areas in real estate).
If you are considering working with an agent that is unconcerned about reviewing the process with you and developing a positive interaction for you, and who only wants to complete a transaction and get a pay cheque – you may want to ask yourself just how valuable their buyer incentive will actually be in the long run. The lack of concern and direction provided to you could end up costing you more in the long run. Through missed contract pieces or being rushed through a purchase that doesn’t let you consider all of the points that are important to you.
They are likely in the business of creating numbers to churn out a pay cheque.
They are unconcerned with your outcome vs their outcome.
Consider this: If a person is so willing to give up a portion of their income just to get any pay cheque, how much value do you think they place on their skills and how willing do you think they will be to fight for you and your goals in a negotiation?
Buying a home is not just a transaction with a buyer incentive.
It is a combination of investment, commitment, and goal achievement. It often represents a milestone in life. Even as an investor!
Don’t you want a representative to put the time and energy into you and your success? Isn’t that worth more value than the cheapest on the block?
So to answer the original question posed, this is our incentive – we will provide a remarkable service to you, putting your interests above our own, empowering you to make solid decisions and represent you fully by advising and advocating for you – all at a fair price.
Learn more about how we work with our buyer clients and see what our clients have said!