Buyer agents are leaving money on the table by skipping formal buyer consultations and signed agreements. Since the NAR settlement in spring 2024, agents must explicitly disclose commissions and services and get written buyer agency agreements. Top producers treat buyer appointments like listings: send pre-meeting packets, qualify with specific questions, and pitch for signed agreements before showing homes.
It's like less than 1% of agents that sell 25 homes or more per year. And that's where the money in real estate actually gets interesting. You're bringing home 20 to $25,000 a month of income. That's really fun. You can put 10, 12, 15 grand away for savings, but to get there, you have to be really stingy about your time. And what I mean by this is that you can't spend a whole bunch of time with an unqualified buyer. The cool thing around the NAR settlement back in the spring of 2024 and is that now we're required to sit down with a buyer, explain how we work with buyers and get them to either say yes or no to have a relationship with us and we have to tell them what our commissions are, how we get paid, the different ways that we get paid and what the process will look like. Gone are really the days of where you're like hoping and hauling is the expression. You're just hoping that this buyer that's sitting in your car, taking your Saturday afternoons, your evenings looking at homes, you're just hoping that they transact on a property and you can sort of befriend them over time versus now. The buyer side of the business is more actually like the listing side of the business where you sit a buyer down, you present your services, and here's why you should sign me as your buyer agent. Because I present these services and I'm going to represent you in the best way possible. And here's my track record and here's what I've done for these three clients and how I negotiated this dollar amount off the home. I got the these terms. We had a difficult repair negotiation and I worked through it. So you legit have to sit down with buyers now at a pro level and present your services. It used to be entirely the opposite where you could meet someone at a random open house, call them the next week and say, hey, let's go out and look at some properties and never discuss. Even though most states require you explain buyer agency. Nobody really, like most of the industry, just tried to work with them long enough. Well surely they're not going to go and do a one off deal with a for sale by owner or surely they're not gonna buy new construction without using me as their agent. But half of the time that happens where there is no loyalty, there is no business agreement. So as you consider the buyer side of your business, make sure your buyer presentations and your buyer processes your buyer packets. When you set a consultation, the video message you send after you set that consultation, how you qualify that appointment, and the questions you ask before you meet with them, and even the materials you send to them. We have a pre buyer appointment packet similar to a pre listing packet, where you will actually be able to send them marketing collateral ahead of time about how you work with buyers, your resume, your buyer guide in a package sent to them at their home or at their business where they now have a decision to make. When they sit down with you now, they know it's on, you're going to present your services and they can sign you as their agent.
