Here’s how to have the commission conversation now: The Download

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No one can predict the future, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital, and more will be center stage. Bet big on the roaring future, and join us at Connect.

Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: With buyer commissions up in the air, here’s how to talk to your clients about your value.

As we talked about on last week’s Download, now that Anywhere has settled its part of the bombshell commission lawsuit, we anticipate big changes for the way that buyer commissions are paid moving forward. We don’t know exactly what Anywhere has agreed to yet, and we don’t know what alternative scenarios will come along for paying buyer agents, but we know the commission conversation won’t be as straightforward as it has been in the past.

If you want to be a viable buyer’s agent a year from now, writes Bernice Ross this week, you must take immediate steps to make dramatic changes in your buyer value proposition — including how you will negotiate your commission.

Ross argues that it’s not enough to come up with a framework for how you’ll get paid as a buyer’s agent. You need to create a compelling argument for why you’ll get paid. That means that you’ll have to, in a sense, justify your commission to buyers at the beginning of their search so that they’ll find a way to compensate you.

You’ll also need to give them a compelling reason to use your services and not just “call the listing agent.” That means communicating the value you offer and the importance of having a dedicated fiduciary on their side of the negotiating table.

This week, we want to lay out some of the important services you’re providing as a buyer’s agent and provide tools for improving your communication with new buyer clients.

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EXTRA: Don’t let these 9 hurdles halt your buyer deals

‘How’s the neighborhood?’ 5 buyer queries ChatGPT gets really wrong

There’s simply no substitute for the expertise you bring to your buyer. Neither the listing agent, a blogger or even the latest AI can provide the real-world, rock-solid advice they need to make the important financial decisions that lie on their road to homeownership. To prove it, here are five common questions buyer clients ask agents, incorrect responses from ChatGPT, plus the correct response agents should use to avoid litigation.

EXTRA: Everything agents should know about fiduciary duties

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