I hope you like this week's video! What's one thing you currently do to communicate your value to buyer clients? PS: If you want to see Andrew's recorded video of his 8-step process, you can download it right here: jimmyburgessfreeresources.lpages.co/communicate-value-but-how-a-step-by-step-buyer-broker-presentation/
Great video! Tons of information. I would love to see Andrew's recorded video of his 8 step process. Did he share a picture of that paper he wrote out? Thanks for all you do Jimmy.
@@Delcorealtor1 Thanks for the kind words! I'm glad you found the video helpful. Please email me at jimmyburgessrealtor@gmail.com and I'll send it to you.
FANTASTIC content, Jimmy & Andrew. Thank you for sharing. 👍 I keep preaching to the agents I mentor, work on your "Buyer Consultation", just like you work on your Listing Presentation.
Fabulous value proposition. But unless I missed it, what about the buyers who are already tapped out paying the down pmt and closing costs and can't afford to pay a buyer's agent?
I can't speak for Andrew but I always had a group of current renters that we had working with lenders and credit repair companies, along with me to prepare them to buy in the future if they were unable to qualify or needed some savings to get to the point where they could stop renting and own a home.
If a buyer broker writes an offer asking for a concession responsibility to be paid by the seller to the buyer broker, and the offer ends in rejection, what prevents the listing agent from contacting The buyer directly ?
Great question. The Realtor code of ethics is one answer. Also, the buyer broker agreement is signed between the the buyer and the buyer's agent. These do not prevent it from happening but they are in place to protect the buyer agent's relationship with the buyer. I hope that helps.
Will the Buyer's bank finance a Buyer commission or does the Buyer have to come to the closing table with extra cash to pay the commission?........since in the past, the Seller pays the commissions so it's not an issue??
This is one of the details that is still being worked out and dependent upon the loan product the buyer is using. Sorry for murky answer, but there isn't a catch-all, clear answer yet.
I believe the Reissue rate for title insurance benefits the seller, not the buyer. Reduction in cost for new title insurance. And home would need to be purchased within five years of the resale. Is this the case that Andrew was talking about? I may be wrong.
First of all...great video with Andrew Undem! I am sharing the video with my team, but I also would like to ask for Andrew's recorded video of his 8-step process as well. I sent an email to you requesting the video, but haven't heard back and just want to make sure you got my email. Please let me know...thanks!
You might overpay for a home. Many times sellers ask too much. Agents also negotiate the price down sometimes 3 times more throughout escrow process. We’ve negotiated 300+ sales it takes time to learn these skills just as you’ve learned in your own career. I work 12 hours a day to learn my market.
Buyers have been able to represent themselves, especially on the seller side via FSBO, forever. There will always be a portion of the market that is experienced enough or believes they are that will choose to represent themselves. I will be interested to see how all of this shakes out over the next 3-6 months. Thanks for your thoughts.
Arturo, this is a great point. I think the pros have always provided value and the settlement effectively made it harder for the agents that don't provide value to go unnoticed. Thanks for your question and great point.
I love this. And I also love seeing all the butthurt lenders who dont understand that, ideally, the client signs a contract with us BEFORE they contact a lender. Because, as a reminder, LENDERS DO NOT SIGN EMPLOYMENT CONTRACTS WITH BUYERS AND ACT AS THEIR FIDUCIARY. My literal job once we sign the Rep Agreement is to help them save money. I introduce my clients to 3 lenders and let them all compete for the business. If the client decides to shop more, that is their choice. And guess what? Not a single lender i have worked with every got as butthurt as the lenders in these comments. Great work here Jimmy and Andrew!
Thanks Abe. I think the lenders commenting are taking it a little different than it was intended as well. We all have lenders we prefer to work with and over my career I've had lenders send me referrals that were interviewing other agents. I personally appreciated any opportunities, and I've found most lenders do as well.
That is my understanding as well Chad and Jeni. By the way, I love the Eastern Shore. I went to college at The University of Mobile and we played our college golf tournaments at The Grand Hotel.
Hello, I am would like a copy of the 8-step process that Andrew went over, and I have emailed you a couple of times not to request it, if you can please let me know?
You can find the 8-step process in the video description. Here’s a direct link for you: jimmyburgessfreeresources.lpages.co/communicate-value-but-how-a-step-by-step-buyer-broker-presentation/
I don't love that Andrew leads with promising they get the lowest interest rate. Not all lenders are equal with knowledge and/or experience. It is good to give your clients options but shopping lowest interest rate will not always lead to satisfaction.
I agree either way Andrew and here’s why. You most certainly can promise to get your clients the lowest interest. I’d the buyer is open to new builds that’s one way. Agents should have a list of builders who’s offering lower interest rates as one incentive along with closing cost. On resale, there are lenders with different products one being a lower interest rate and lastly there are banks that offer owner inter rates and 100% financing.
Nat, I believe what Andrew was talking about is an overview of the offer that summarizes what is in the offer to make it easier for the listing agent to get a quick understanding of the main parts of the offer. Thanks! Jimmy
In my market (SoCal), the suckers who just nod and go with the seller's dual agency (legal in California) are losing on average $50k in sold price on a $1.7 million average list, far more on the higher listings which is in and of itself a deep buyer's market. $50k on $1.7 million is barely 3%, which literally NO ONE charged as a buyer's agent before NAR.
No lender will want to work with you if you're shopping "their" value with every transaction. I get it but in the real world relationships are important to helping your client as well.
Lots of moving parts here. The key is to find an agent that clearly shows they are worth the potential commission the buyer will be paying for or decide to represent yourself.
Reminder - even in a training outside of your brokerage - DO NOT USE NUMBERS when talking about how you will be working with clients. Lots of great info, but that is a big one that DOJ is watching for/collecting for their case right now.
@@foreverpeace5951 in any social media/group outside of your own brokerage you do not want to discuss the numbers you would be negotiating with a client for commission - considered potentially anti-trust. Discussions within your own brokerage/with a client are different.
Hmmm. Waste an LO’s time to make sure you are good to go to buy, then immediately shop that client out to multiple lenders. Hmmm OK. Well then us lenders are going to shop anyone you want us to pre-approve to multiple buyers agents to get them the lowest commission charge that they have to pay as of 8/17/24 as we also have a duty to our borrower. Right? After all 2-3% on 500k, that they may have to pay out of their own pocket is a largest closing cost! Also, you can’t guarantee a price on a service you don’t offer.
You have a duty to you borrower? So, you sign an employment contract and follow a code of ethics to act as their fiduciary? I'd love to see that employment contract.
I think you're missing the point. I would love for a lender to send me a prospect and I would completely understand if they told me that they would be interviewing other agents. Please don't take this the wrong way. We need each other.
Have to agree to disagree, but I do believe there is a portion of the buying population that are capable of buying on their own, especially if they do not have a professional agent that is bringing experience, value, and negotiation skills.
@@JimmyBurgess I would agree on negotiation skills and add deep market understanding. I can correct my statement : "no value in average agent." And good one is hard to find of course.
To all the agents listening to this. Do not tell a buyer I guarantee to get the lowest interest rate!?? So you’re going to save the customer $12 on their mortgage payment and screw the lender out of feeding their family , but I’m going to charge you 3% or $9000 on a 300k purchase to open a door for you!!?? Instead , tell the buyer you vet out the best lenders in the market. They have great rates, they’re professional and they will close on time. Because I work with the best. If you’re so concerned with saving them $12 on their payment, why don’t you drop your commission to 1% and save them $6000? Learn how to sell.
How can a lender be “an ally on your team” if you treat them like you just described!? Sad that in order to “show value” to your buyer prospects that the first thing you do is leave your lane as a real estate agent… Why does your ego need to be so big for the client to benefit?
Michael, I apologize if that is the way it came across. I've had tremendous relationships with lenders over my 30-year career. I've had lenders that were up front with me and told me they have multiple agents they have relationships with but that they would give my name along with a couple other agents to people they were prequalifying. I was always thankful and understood the need to provide options for their clients. I hope that makes sense and believe me I know the value of working together with a great lender. Thanks! Jimmy
I dig you, Jimmy but any agent insinuating that they have access to lots of pocket listings that other agents are too lazy to look for is very salesy and misleading. Not my style at all.
Chad, I'm sorry if it came off that way. That was not my intention but rather to inspire agents to go the extra mile for their buyers and to be able to communicate that to their clients. I'll give you a real-life example of what I was meaning that has happened in the last two weeks. I received a referral from an agent friend of mine in another city to help a friend of hers find a beach home. At our first meeting I showed him the three homes that were currently on the market meeting his criteria. None of them were what he was looking for and after understanding what he was looking for I realized there are no homes on the market like the one he wants. I knew if we waited for his desired home to come on the market, odds are we could be waiting for a long time. I immediately pulled up all the expired or cancelled listings from the past year. I did the research to see if they had sold and then I called the previous listing agents to see if their previous clients would consider selling. This uncovered two homes that were not on the market that we were able to see. Neither of those worked, so I called a group of 20 agents I know that are active in that area and I uncovered one that another agent was aware that would sell but was a pocket listing of hers. I showed it last night and hoping to get an offer on it today. I hope this clarifies what I meant. Unfortunately, a lot of agents either are not willing to do the extra work or they just don't know what to do. Sorry for the long explanation but I hope it helps.
@@JimmyBurgess great work, Jimmy. Great agents like you do show their value through these extra efforts. I’ve come across certain offices in the past that try to give the perception that they have this magical underworld inventory of properties that others don’t and when I hear that, it bothers me a bit to say the least because it can sound so salesy depending on the intention. Keep up the great work…I love following you!
and now the loan officers are giving out cards of realtors so they can shop for their agent that will provide the best service and lowest commission and fee structure.
Not trying to start an argument I’m just curious do you give out a lot of buyer leads? I’ve been a high producing agent for 10 years selling 35 to 40 houses a year and for the first eight years it was almost all buyers. I’ve maybe had one or two referrals from a lender and I don’t recall either of them buying a house. I would love to know the secret. Our lenders just giving those referrals out to agents who aren’t using them as a tool to entice them? Is it a Favorites game, what is it?
@@sequimrealestatemarketpros it's the same thing that realtors have been doing to the loan officers for decades. Now, the loan officers are reviewing your buyer agreement and commission/fee with the buyer at preapproval and coaching the buyer to make sure they shop for the best realtor out there. And the Loan Officers now have Realtors chasing them because of the new rule changes.
I would love for a lender to suggest their prospective buyers speak with me and with other agents. I would appreciate them having me in the conversation to be able to compete for the business.
DO NOT advertise that you will guarantee the lowest rates!! Doing so can be a violation of TILA and RESPA!! There is no way to guarantee that thus potentially making the advertising deceptive.
It’s like telling your buyer that you guarantee you will get them the best deal on a property. Rates are not as important to buyers just like getting the “best deal “ on a property is not the most important! And to the agents that are putting properties under contract when your buyer needs a loan and you have no pre approval….. well… you are doing yourself and your client a disservice to say the least. I know this sounds sassy🤓
I hope you like this week's video! What's one thing you currently do to communicate your value to buyer clients?
PS: If you want to see Andrew's recorded video of his 8-step process, you can download it right here: jimmyburgessfreeresources.lpages.co/communicate-value-but-how-a-step-by-step-buyer-broker-presentation/
this was aboslutley fantastic.
Thanks for having my JB
@@GloriaBenarochthank you!
Great video! Tons of information. I would love to see Andrew's recorded video of his 8 step process. Did he share a picture of that paper he wrote out? Thanks for all you do Jimmy.
@@Delcorealtor1 Thanks for the kind words! I'm glad you found the video helpful.
Please email me at jimmyburgessrealtor@gmail.com and I'll send it to you.
One of the best videos I've seen to prepare Buyer Real Estate Agents post NAR Settlement. Excellent information.
Thanks Brian! I truly appreciate the feedback.
@JimmyBurgess My pleasure Jimmy. I subscribed to your channel on the strength of that video. Looking forward to more great content.
This video is exactly what I am looking for. Thank you.
Glad it was helpful. Thanks for watching!
Great content! Thank you both for taking time to record and share this video!
You're so welcome! Thanks for the feedback, Norma.
Love this! Every realtor needs this NOW!!
Thanks for the support!
This video is so on point. I am sending this to other Agents. This is truly valuable information.
Thanks Felicia! Let me know if I can ever help you in any way.
Guys you made an amazing video... Loved all the valuable pillars. Real life mature communication...
Thanks Mauro!
This is gold. Thank you all for this valuable information. I'm tired of wasting my time on other videos that don't bring any value to me.
Thanks Georgete! I really do appreciate the feedback.
FANTASTIC content, Jimmy & Andrew. Thank you for sharing. 👍 I keep preaching to the agents I mentor, work on your "Buyer Consultation", just like you work on your Listing Presentation.
I couldn't agree more Robert!
I will be taking this and modifying it to suit my niche in the market. Thank you so much for sharing.
That's great! Let me know how it works for your niche. Thanks!
Amazing video!! NAR should hire this guy. This is one to watch multiple times haha
Thanks for the feedback Spencer!
I’m a practitioner not a politician! They can make the rules I’ll play the game (for my clients benefit of course)
This is the best buyer presentation I have learned! Thank you.
Thanks for the feedback, Chris!
This is concise information with regards to the NAR settlement. Everything said can only help agents earn a client's trust. Thank you!
Thanks Jenna! I truly appreciate the feedback.
Fabulous value proposition. But unless I missed it, what about the buyers who are already tapped out paying the down pmt and closing costs and can't afford to pay a buyer's agent?
I can't speak for Andrew but I always had a group of current renters that we had working with lenders and credit repair companies, along with me to prepare them to buy in the future if they were unable to qualify or needed some savings to get to the point where they could stop renting and own a home.
I took notes on every second of this thank you for pouring into us! ❤
You're welcome and thanks for the feedback.
Seems to me that buyers will now simply find their own properties via internet and Open Houses and deal with listing agents only. Thoughts?
They've always had the ability to do that. It will be interesting to see how everything shakes out over the next few months.
Always have the consumer in mind, so true. Thankyou!
You're so welcome! Thanks for the comment.
If a buyer broker writes an offer asking for a concession responsibility to be paid by the seller to the buyer broker, and the offer ends in rejection, what prevents the listing agent from contacting The buyer directly ?
Great question. The Realtor code of ethics is one answer. Also, the buyer broker agreement is signed between the the buyer and the buyer's agent. These do not prevent it from happening but they are in place to protect the buyer agent's relationship with the buyer. I hope that helps.
It’s bitter sweet that this has under 2k views. You deserve more views! But at the same time, I don’t want my competitors to watch this haha
Thanks Richy! I appreciate the feedback.
16k now 😎
Great content and video that everyone should use. Nice work Andrew! Where can one get the Alan Dalton book? I don't see it on Amazon or Audible...?
Thanks for the feedback! You can find Buyer Agent Be Aware on Amazon.
Will the Buyer's bank finance a Buyer commission or does the Buyer have to come to the closing table with extra cash to pay the commission?........since in the past, the Seller pays the commissions so it's not an issue??
This is one of the details that is still being worked out and dependent upon the loan product the buyer is using. Sorry for murky answer, but there isn't a catch-all, clear answer yet.
Love this video guys! What was the name of the buyers agent book that he spoke of??
Buyer Agent Beware
I believe the Reissue rate for title insurance benefits the seller, not the buyer. Reduction in cost for new title insurance. And home would need to be purchased within five years of the resale. Is this the case that Andrew was talking about? I may be wrong.
That is correct in most states. Thanks!
This video crystalized my bbvp. Thank you Jimmy & Andrew!
Glad to hear it. Thanks for the feedback, Detrice!
Lots of gems 💎 here! Thanks for sharing your knowledge, tips, and suggestions.
Thanks Tanna!
Where do we get the scribed out info and recording Andrew talks about?
Tina, send me an email at jimmyburgessrealtor @ gmail dot com and I will send it over to you.
Bought the book referenced, listened 3 times already
Great to hear you’re getting a lot from the book!
So good!! I’ve studied NLP. I love how he touched on it. Also, the title piece. Never thought of that…adding that today!
Thanks for the feedback Rebekah!
First of all...great video with Andrew Undem! I am sharing the video with my team, but I also would like to ask for Andrew's recorded video of his 8-step process as well. I sent an email to you requesting the video, but haven't heard back and just want to make sure you got my email. Please let me know...thanks!
Gary, if you haven't received it I guess I didn't get an email from you. My email address is jimmyburgessrealtor@gmail.com
What value you open the door. With online you can look at the house through that. Do the math people if you pay them 2-3 percent of the sale amount?
You might overpay for a home. Many times sellers ask too much. Agents also negotiate the price down sometimes 3 times more throughout escrow process. We’ve negotiated 300+ sales it takes time to learn these skills just as you’ve learned in your own career. I work 12 hours a day to learn my market.
Buyers have been able to represent themselves, especially on the seller side via FSBO, forever. There will always be a portion of the market that is experienced enough or believes they are that will choose to represent themselves. I will be interested to see how all of this shakes out over the next 3-6 months. Thanks for your thoughts.
Amazing value, thank you for this video!!
Thanks Renzo! Glad you found it helpful.
This was fantastic y’all! Thank you!
Great. Thanks
You're so welcome! Thanks for the feedback Mary.
Where can I find the chart of the 6 Pillars that Andrew came up with for this podcast?
If you email me at jimmyburgessrealtor@gmail.com, I'll send it over to you!
Do you have a seller presentation to share? This is awesome thank you
Working on it
Superb boots on the ground dialogues! Thanks Jimmy & Andrew
Thanks for the feedback Russ!
Awesome every good agent has value. 1.5 %
Thanks for the feedback.
So many great quotes will definitely have to rewatch once or twice
Thank you John! Glad you enjoyed it.
I loved the video it will defiantly add value to my business. thank you Jimmy,
Thanks for the feedback, Carlos!
Awesome video and great info! Thanks guys! 😊
Thanks for the feedback.
Great information! So helpful. Thank you!!
Thanks, Bonnie! Glad you found it helpful.
Are the above speakers two gentlemen live here in Texas?
JoJo, thanks for reaching out. I am from NW Florida in the 30A area and Andrew serves the Baltimore Metro area.
As buyer agents, WAS VALUE something we effectively started doing on August 17th?
Arturo, this is a great point. I think the pros have always provided value and the settlement effectively made it harder for the agents that don't provide value to go unnoticed. Thanks for your question and great point.
Thanks for all you do
I’m impressed I will absolutely subscribe thank you Jimmy and of course Andrew
Thanks Jose! I appreciate the support.
You mentioned you would share the "pillars/stages" breakdown document. Where can we get that?
If you email me at jimmyburgessrealtor @ gmail dot com I can email it over to you.
Just did thanks @@JimmyBurgess
I thoroughly enjoyed watching this video! Thank you very much.
Thank you Marilyn!
This was exactly what I was looking for. Thank you
So glad it helped! Thanks for watching, Deborah.
Great information and insight. Thank you!
Thanks! I appreciate the positive feedback.
Awesome but I would love to see him doing a cold calling and a listing presentation
Great idea! We’ll consider that for future videos.
Thanks, I feel like I'll really be able to shine bright like a diamond now :)
I love it!
Hello, I would love to get the notes of the points that Andrew made. TY!
Absolutely! Email me at jimmyburgessrealtor @ gmail dot com and I will send it over to you
very good points , thank you..
Thanks for the feedback Jesus!
Thank you for your great work and insides comments are fantastic; have a blessed day.
Thanks Alexander for the feedback. I truly do appreciate it.
Excellent Video! Thank you!
Thanks for the feedback, Carrie!
Great content. I love it . Can I get the name of the book ??
Thanks, Sandra! The book is Buyer Agent Beware by Alan Dalton.
Great content and information. Very valuable. Thanks to both of you!
Thanks for the feedback Mike!
Well done, guys! Thank you.
Thanks for the feedback!
This was fantastic! Thank you!
Thanks for the feedback!
This is an excellent! Thanks Jimmy & Andrew!
Thanks Katie!
I loved this video thank you :)❤
Thanks for the feedback, Rosaria!
I love this. And I also love seeing all the butthurt lenders who dont understand that, ideally, the client signs a contract with us BEFORE they contact a lender. Because, as a reminder, LENDERS DO NOT SIGN EMPLOYMENT CONTRACTS WITH BUYERS AND ACT AS THEIR FIDUCIARY.
My literal job once we sign the Rep Agreement is to help them save money. I introduce my clients to 3 lenders and let them all compete for the business. If the client decides to shop more, that is their choice. And guess what? Not a single lender i have worked with every got as butthurt as the lenders in these comments.
Great work here Jimmy and Andrew!
Thanks Abe. I think the lenders commenting are taking it a little different than it was intended as well. We all have lenders we prefer to work with and over my career I've had lenders send me referrals that were interviewing other agents. I personally appreciated any opportunities, and I've found most lenders do as well.
I thought you can only get a re-issue rate for title insurance if the seller purchased the home less than 5 years? Is he referring to something else?
That is my understanding as well Chad and Jeni. By the way, I love the Eastern Shore. I went to college at The University of Mobile and we played our college golf tournaments at The Grand Hotel.
Hello, I am would like a copy of the 8-step process that Andrew went over, and I have emailed you a couple of times not to request it, if you can please let me know?
You can find the 8-step process in the video description. Here’s a direct link for you: jimmyburgessfreeresources.lpages.co/communicate-value-but-how-a-step-by-step-buyer-broker-presentation/
@@JimmyBurgess -Thank you so much! This video was amazing! & exactly what I needed!
How can I get the worksheet? Who is Sheronn that you speak about,
You can email me at jimmyburgessrealtor @ gmail dot com. Sharran is Sharran Srivatsaa, President of Real Brokerage.
Great job going over the buyer presentation.
Thanks for the feedback Lubin!
I don't love that Andrew leads with promising they get the lowest interest rate. Not all lenders are equal with knowledge and/or experience. It is good to give your clients options but shopping lowest interest rate will not always lead to satisfaction.
I agree. That could easily set a false expectation.
I agree either way Andrew and here’s why. You most certainly can promise to get your clients the lowest interest. I’d the buyer is open to new builds that’s one way. Agents should have a list of builders who’s offering lower interest rates as one incentive along with closing cost. On resale, there are lenders with different products one being a lower interest rate and lastly there are banks that offer owner inter rates and 100% financing.
I appreciate the feedback
As a licensed mortgage broker and an an agent I don’t either!! But I do love the video and knowledge dropping. 🎉
As a licensed mortgage broker and an an agent I don’t either!! But I do love the video and knowledge dropping. 🎉
Did I miss something? Where did you talk about the buyer paying you all that money to be represented??????
That was not what the focus of this video was on. Sorry for any confusion.
This was phenomenal. Thank you for sharing
You're welcome, Ray! I'm glad you found it valuable.
OMG this was amazing
Thanks for the feedback!
What does summary means in an offer?
Nat, I believe what Andrew was talking about is an overview of the offer that summarizes what is in the offer to make it easier for the listing agent to get a quick understanding of the main parts of the offer. Thanks! Jimmy
my question is Do we even need a seller or buyers agent ?. sellers do it al the time. before NAR buyers and sellers did it among themselves.
That's the question I believe. We've had FSBOs forever and it accounts for about 6% of sales. Will the buyer side be similar or more?
Anywhere we can get this written process?
Cassie, email me at jimmyburgessrealtor @ gmail dot com and I will email it over to you
Great presentation. Thank you.
Thanks Diana! I really do appreciate the feedback.
Great video!
Thanks Bill!
Is the new Buyer's Agreement available?
Every state is different.
For Maryland.
Now how do I find a buyers agent like that??
When you figure that out, please let me know.
GOLD
THIS IS GREAT
Thanks for the feedback.
Love the violent sniper reference. Jesus.
Thanks for watching, Andrew. Appreciate your thoughts!
Great info! Thank you!!!😊
Thanks for the feedback Deanna!
In my market (SoCal), the suckers who just nod and go with the seller's dual agency (legal in California) are losing on average $50k in sold price on a $1.7 million average list, far more on the higher listings which is in and of itself a deep buyer's market. $50k on $1.7 million is barely 3%, which literally NO ONE charged as a buyer's agent before NAR.
Great video with good info. 👍🏻
Thanks for the feedback. I truly do appreciate it.
Great video!!!!
Thanks for the feedback!
Phenomenal
Thank you my man!
No lender will want to work with you if you're shopping "their" value with every transaction. I get it but in the real world relationships are important to helping your client as well.
Thanks for your feedback!
Thank you so much!
You're welcome!
So good! A lot of great tips on how to communicate your value. Let’s Fucking Go!!
Thanks Rob! I truly appreciate the positive feedback.
If you're forcing buyers to sign agreements for 2%-3% commission fees then the Listing agents will not get 5%-6%, that will be cut in half.
Lots of moving parts here. The key is to find an agent that clearly shows they are worth the potential commission the buyer will be paying for or decide to represent yourself.
Great information, than you.
Thanks Reese. I emailed over the requested info from Andrew.
What is the name of the book he recommended?
Buyer agent be aware by Allan Dalton
Buyer Agent Be Aware by Allan Dalton
Reminder - even in a training outside of your brokerage - DO NOT USE NUMBERS when talking about how you will be working with clients. Lots of great info, but that is a big one that DOJ is watching for/collecting for their case right now.
Thanks for the feedback.
Hi, can you explain please what numbers you are talking about that we can’t mention to a client?
@@foreverpeace5951 in any social media/group outside of your own brokerage you do not want to discuss the numbers you would be negotiating with a client for commission - considered potentially anti-trust. Discussions within your own brokerage/with a client are different.
Hmmm. Waste an LO’s time to make sure you are good to go to buy, then immediately shop that client out to multiple lenders. Hmmm OK. Well then us lenders are going to shop anyone you want us to pre-approve to multiple buyers agents to get them the lowest commission charge that they have to pay as of 8/17/24 as we also have a duty to our borrower. Right? After all 2-3% on 500k, that they may have to pay out of their own pocket is a largest closing cost!
Also, you can’t guarantee a price on a service you don’t offer.
Oh give me a break..... you shop us agents too....
You have a duty to you borrower? So, you sign an employment contract and follow a code of ethics to act as their fiduciary?
I'd love to see that employment contract.
I think you're missing the point. I would love for a lender to send me a prospect and I would completely understand if they told me that they would be interviewing other agents. Please don't take this the wrong way. We need each other.
With all the listings online there is no value to pay buyers agent.
Have to agree to disagree, but I do believe there is a portion of the buying population that are capable of buying on their own, especially if they do not have a professional agent that is bringing experience, value, and negotiation skills.
@@JimmyBurgess I would agree on negotiation skills and add deep market understanding. I can correct my statement : "no value in average agent." And good one is hard to find of course.
To all the agents listening to this. Do not tell a buyer I guarantee to get the lowest interest rate!?? So you’re going to save the customer $12 on their mortgage payment and screw the lender out of feeding their family , but I’m going to charge you 3% or $9000 on a 300k purchase to open a door for you!!??
Instead , tell the buyer you vet out the best lenders in the market. They have great rates, they’re professional and they will close on time. Because I work with the best.
If you’re so concerned with saving them $12 on their payment, why don’t you drop your commission to 1% and save them $6000? Learn how to sell.
Good point and thanks for the feedback.
Can you pls send me the recording?
Absolutely! Email me at jimmyburgessrealtor @ gmail dot com and I will send it over to you
Do you need a thumbnail designer at your budget rate
That you can easily afford
Thanks but I am good for now.
How can a lender be “an ally on your team” if you treat them like you just described!?
Sad that in order to “show value” to your buyer prospects that the first thing you do is leave your lane as a real estate agent…
Why does your ego need to be so big for the client to benefit?
It's confidence bro
Michael, I apologize if that is the way it came across. I've had tremendous relationships with lenders over my 30-year career. I've had lenders that were up front with me and told me they have multiple agents they have relationships with but that they would give my name along with a couple other agents to people they were prequalifying. I was always thankful and understood the need to provide options for their clients. I hope that makes sense and believe me I know the value of working together with a great lender. Thanks! Jimmy
Thanks for the feedback Kathy
Lol yes we listing agents want buyers agents coaching us how to deliver your offer
Thanks! Glad you found it helpful.
I dig you, Jimmy but any agent insinuating that they have access to lots of pocket listings that other agents are too lazy to look for is very salesy and misleading. Not my style at all.
Chad, I'm sorry if it came off that way. That was not my intention but rather to inspire agents to go the extra mile for their buyers and to be able to communicate that to their clients. I'll give you a real-life example of what I was meaning that has happened in the last two weeks. I received a referral from an agent friend of mine in another city to help a friend of hers find a beach home. At our first meeting I showed him the three homes that were currently on the market meeting his criteria. None of them were what he was looking for and after understanding what he was looking for I realized there are no homes on the market like the one he wants. I knew if we waited for his desired home to come on the market, odds are we could be waiting for a long time. I immediately pulled up all the expired or cancelled listings from the past year. I did the research to see if they had sold and then I called the previous listing agents to see if their previous clients would consider selling. This uncovered two homes that were not on the market that we were able to see. Neither of those worked, so I called a group of 20 agents I know that are active in that area and I uncovered one that another agent was aware that would sell but was a pocket listing of hers. I showed it last night and hoping to get an offer on it today. I hope this clarifies what I meant. Unfortunately, a lot of agents either are not willing to do the extra work or they just don't know what to do. Sorry for the long explanation but I hope it helps.
@@JimmyBurgess great work, Jimmy. Great agents like you do show their value through these extra efforts. I’ve come across certain offices in the past that try to give the perception that they have this magical underworld inventory of properties that others don’t and when I hear that, it bothers me a bit to say the least because it can sound so salesy depending on the intention. Keep up the great work…I love following you!
@@chadhendrix9745 Thanks Chad! I really do appreciate the understanding on where I was coming from.
and now the loan officers are giving out cards of realtors so they can shop for their agent that will provide the best service and lowest commission and fee structure.
Another example would be rocket loan officers offering $10,000 off to use a rocket Homes realtor
Not trying to start an argument I’m just curious do you give out a lot of buyer leads? I’ve been a high producing agent for 10 years selling 35 to 40 houses a year and for the first eight years it was almost all buyers. I’ve maybe had one or two referrals from a lender and I don’t recall either of them buying a house. I would love to know the secret. Our lenders just giving those referrals out to agents who aren’t using them as a tool to entice them? Is it a Favorites game, what is it?
@@sequimrealestatemarketpros it's the same thing that realtors have been doing to the loan officers for decades. Now, the loan officers are reviewing your buyer agreement and commission/fee with the buyer at preapproval and coaching the buyer to make sure they shop for the best realtor out there. And the Loan Officers now have Realtors chasing them because of the new rule changes.
Totally!
I would love for a lender to suggest their prospective buyers speak with me and with other agents. I would appreciate them having me in the conversation to be able to compete for the business.
DO NOT advertise that you will guarantee the lowest rates!! Doing so can be a violation of TILA and RESPA!! There is no way to guarantee that thus potentially making the advertising deceptive.
Thanks for your feedback KC
It’s like telling your buyer that you guarantee you will get them the best deal on a property. Rates are not as important to buyers just like getting the “best deal “ on a property is not the most important! And to the agents that are putting properties under contract when your buyer needs a loan and you have no pre approval….. well… you are doing yourself and your client a disservice to say the least.
I know this sounds sassy🤓
These are wonderful points, but the changes on August 17 will throw a monkey wrench into the whole industry. We'll see how many agents survive.
Definitely going to be an interesting time to see who adjusts. As with all change, some will struggle to survive and others will thrive.