Secret Strategies to Open Doors & Close Deals
Here are strategies you can use to help buyers view the agent commission as a worthwhile investment in their homebuying experience.
When David and Anne-Marie Miller, team leads of The Miller Group at Keller Williams Heritage Realty in Altamonte Springs, entered the real estate business 18 years ago, they dove in headfirst without a strategy for working with buyers. “We followed what everyone else was doing: the ‘show and go’ method,” says David Miller. “That’s when someone calls and says, ‘I want to see a house,’ and you respond, ‘OK, I’ll meet you there.’ Sometimes we’d get buyers, and sometimes we didn’t,” says Anne-Marie Miller.
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After a solid year of chasing iffy outcomes, the Millers knew there had to be a better way and adjusted their approach to working with buyers. “We duplicated how we work with sellers,” David Miller explains. “First, potential buyers had to agree to a consultation; second, at the end of that consultation, they’d need to sign a buyer representation agreement with us, which was mostly unheard of at the time.” When the Millers first implemented their strategy, they didn’t have any precedents to follow. “We had nobody to lean on or any idea what we should talk about in the consultations; you could say we ‘failed forward,’” Anne-Marie Miller reflects.
Fast forward to today, and the Millers have held more than 600 buyer consultations. “Here’s the amazing thing: 95% of the time people readily signed the buyer agency agreement with us,” David Miller says.
With the National Association of Realtors® (NAR) settlement mandating that buyers whose agents use the MLS must now sign a written agreement before touring a home—either in person or virtually—a methodology similar to the Millers’ will become standard operating procedure for all buyer’s agents. “For Anne-Marie and me, it’s not a big deal because we’ve been doing it this way for 17 years,” he says, adding that they ensure buyers are fully aware of the services they’re receiving as well as the costs. Here’s a look at how other agents are getting buyers to pay their full commission.
Commission or professional fee?
Stewart-based Debra Duvall, who is a Florida Realtors® Board Certified Professional, specializes in working with high-net-worth clients interested in luxury and waterfront properties. She also helps sellers who are navigating probate and estate matters, and she assists homeowners desiring to renovate, expand or update their properties. “I grew up in Port St. Lucie—my family was among the first to settle there, back when playing at construction sites was the only fun thing for kids to do,” says the partner at Water Pointe Realty Group.
Duvall believes Realtors® have made their job look too easy. “We are dedicated professionals committed to delivering exceptional service,” she says. “So, let’s stop calling it a commission and call it a professional fee instead.” Through a single-agent disclosure notice, like her approach with listings, Duvall pledges her service. While real estate agents in Florida are presumed transaction brokers, by having buyers sign the specific single-agent disclosure notice, this marks the beginning of her fiduciary responsibility. “I ensure my buyers receive all relevant info about the property and transaction that could influence their decision. I’m also committed to confidentiality, maintaining their privacy and safeguarding their financial assets with diligent record-keeping. This extends to protecting my clients from foreseeable risks and recommending expert referrals to assist throughout the homebuying process.”
Offer hyperlocal expertise
To get ahead of the game, Ken Pozek, who leads Ken Pozek Group at Keller Williams Realty in Winter Garden, started implementing written buyer agreements back in April. His team includes 40 people: 28 agents, a mix of inside sales, marketing and creative staff, and a videographer. “We set a goal of 100 buyer agreements signed in April, and we had 108 signed,” he says, adding that only a few buyers mentioned the lawsuit.
Before working with a buyer, his team takes the time to understand their motivation. “We explain how we are different in that we seek off-market opportunities and also work closely with builders—and we highlight the experience we have as a team and why we charge what we charge.” He says his team’s wealth of knowledge about local amenities, attractions and other factors that influence property values, saves buyers time in their home search.
Pozek also hosts the YouTube channel called Ken Pozek—Orlando’s Favorite Real Estate Resource, which currently has over 49,000 subscribers, and he operates a website called The Orlando Real (theorlandoreal.com) with a focus on hyperlocal content, including local trends and what it’s like to live in Orlando. Pozek says his deep understanding of the market and unique access to local opportunities, combined with his team’s commitment to customizing the property search to match the buyer’s specific needs, set them apart and substantiates the commission they charge.
Make it a teaching moment
Benjamin Gilbert, broker-associate with Keller Williams Realty at the Parks in Orlando, views the new rules around real estate compensation as a learning opportunity for agents, buyers and sellers. “It allows for upfront, intelligent conversations with consumers and provides them with as many options as available for their specific situation,” he says. “It’s true that buyers can easily search for real estate themselves, but it’s even more crucial for buyers to have a trusted professional with experience and knowledge to sift through the overwhelming amount of information and narrow it down to a handful of homes that meet their criteria.”
In his buyer consultations, Gilbert, who earned the Florida Realtors® Board Certified Professional endorsement, discusses his responsibilities. “I have a checklist of over 275 points to expertly guide buyers through each phase of the process, including a detailed home inspection,” he says. “By taking time to thoroughly explain each step and confidently [asserting] the value of our compensation, that’s where we win in this. We do more than just assist; we educate buyers about the market, finance and law. While we can’t practice in these areas, understanding them and their changes is crucial. If we don’t have all the answers, we refer our clients to the experts who do.”
Gilbert recalls a recent presentation wherein the buyer brought up the NAR settlement. “I was explaining my fiduciary duties and compensation when they asked what happens if a seller won’t cooperate,” he says. “I responded by emphasizing the many responsibilities I manage throughout the transaction and [countered with], ‘Would you work for free?’ The answer is always no. At that point, they need to decide if the house fits their budget.”
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Be a market insider
“In the past, buyers often chose their agent based on personal connections,” says Rob Thomson, a 37-year industry veteran and managing partner of Waterfront Properties and Club Communities in Jupiter. “They believed the commission was coming from the seller, so they’d bring in an agent as a favor. The agent could be their wife’s tennis partner, their son’s friend and so forth. [Sometimes], they weren’t qualified for the job. Now, there’s a focus on what the buyer’s agent brings to the table to earn that commission.”
Thomson, whose niche is the multimillion-dollar luxury market, foresees buyers assessing their buyer’s agent the same way sellers evaluate listing agents. “They’ll ask questions like, ‘Show me why I should hire you?’ and ‘What’s the advantage of using you versus someone else?’” he says. “They will flock to the most qualified agents with access to inventory, especially where listings are scarce.”
He cultivates relationships with homeowners to access off-market properties, especially in his own neighborhood of Admirals Cove, a high-end luxury golf course community in the heart of Jupiter. “From 2020 to 2022, we were in ‘Nothingville’ inventory,” he says. “Today, buyers read the news and assume inventory has doubled, but we still have only 10% of what we had 10 years ago. There’s an abundance of buyers and a lack of sellers. People are coming from states like New York, Illinois and California—primarily running from state income tax—and companies are moving their headquarters here, causing thousands of relocations.” However, there is no listing inventory for them, he says.
About 45% of Thomson’s sales appointments involve properties that are sold before they hit the market. “Owners have started saying, ‘You have to call Rob because he can sell it to you before it’s listed,’” he says. “One hedge fund guy came to town and couldn’t find what he wanted. He finally called me, and I suggested my neighbor might sell.” Thomson spoke with his neighbor, who agreed to sell for more than $6 million “as is” on the condition that he could stay in the home for a couple of extra months. “The buyer offered $6.2 million and the deal was done.,” he says, adding that he keeps a contact list in his phone’s Notes app of about 75 buyers looking for property. “Every time I find out about something, I start calling those people who have inquired about Admirals Cove. There are only 16 homes for sale in all of Admirals Cove today, and I have nine of those listings.”
Promote your skills as a negotiator
Cari Higgins, principal agent of Higgins Kalush Collective at Compass in Boulder, Colorado, was representing a seller when she received a call from an out-of-state couple who were determined to bypass the buyer’s agent. “Ironically, it was the same week the NAR settlement was announced,” she says. “I showed them the house, and we had a pleasant interaction but they were [adamant] about representing themselves. They spent another three hours at my open house asking questions and finally wanted to make an offer. Since it was in my seller’s best interest to get an offer, I sent them the [contract] to buy.”
When the couple requested Higgins’s help with filling it out, she explained that she could write down their dates and price but wasn’t allowed to advise them. Meanwhile, two other offers came in from buyers whose agents called to start negotiations. The couple who chose to be unrepresented had inadvertently mentioned personal information about their finances and why they were moving. “I kept reminding them that I’m representing the seller,” Higgins says. The buyers without an agent declined to negotiate on certain terms and lost out on the chance to buy the home.
“To this day, those buyers still choose not to use a Realtor® who could advantageously negotiate on their behalf,” Higgins says. “In their price point, they think the buyer’s agent compensation is too much. But they would’ve saved themselves months of searching—and they’d have a house by now. Instead, they continue renting at an astronomical price and spending every weekend trying to negotiate in an attempt to avoid paying the buyer’s agent commission. They just don’t get that it’s us agents who know the good, bad and ugly about the market.”
As a buyer’s agent, you play a role much like any other professional who charges a fee for their expertise and services. Clearly articulating this value will help buyers see your commission as a fair exchange for your dedicated support and guidance. #
Leslie C. Stone is a Vero Beach-based freelance writer.