Working exclusively (in real estate) means a client who grants a real estate
broker sole rights with regards to his/ her real estate/ housing needs. This
subject can be pretty straight-forward in a selling (listing) situation where
the seller appoints one real estate broker to handle the sale of his/ her home.
On the other hand, the purchasing side may be a little more "tricky" for some.
Most real estate buyers - if not educated
about the "exclusivity" will usually call a few real estate agents.
They would call around town with their criteria to work with. If you are one of
them who received the call and did not talk about the exclusivity agreement, you
might end up "working" for free ie. those hours you use to research properties,
preview properties and yes, even show properties.
You would not have done your job if you did
not spell out this nitty-gritty, often times sore subject of "Exclusivity" for
agents.
Why? Because talking about HARD subject is difficult. So, most
avoid it. Then, we end up venting and ranting on blogs here. I understand this
because I went through it myself.
Today, my business has gone to the next level.
There are some policies that I have put in place for my clients, exclusivity
included (Read how I get mine below). Just as much as they interview
me as a realtor(R) candidate, now I have confidence to interview them. Sometimes
I say, No Thank You. I can do that now because I have limited time and a
good pool of clients to choose from. (Please understand my heart that I
speaking with humility here, not arrogance). Just for clarification,
I do not select clients because of their price range. I select clients whom I
can meet their needs, time and schedule. Often times, I have clients that I
counsel through the "clean-up" credit process. So, no, I don't just work with
clients with high price ranges. During this interview
process, I never fail to explain how I get paid and how the exclusive agreement
works.
Back then when I was just green in
the business, I was just excited that I got called at all. I definitely did not
mention about this sticking point because I was afraid that when I do, they
would not want to use my services. Then I would not stand a chance at all. I
wanted to impress them with my work ethics in hopes that they would use me.
Thinking back about a few past incidences, sometimes I wish those people would
have done just that (jump ship). Then I wouldn't have wasted my time and
energy on those buyers.
What a difference it was just from a few years ago. Now, I do know that
when I talk about this, I am sure I will have many that will leave a comment
about, "Yeah, I never work any other ways".... So, this next
message may not be for you. It is for those "Loreenas" who didn't dare to
speak up about Exclusivity. My advice to you is to
Do Your Best. I understand your
situation. When you have a "client" to work with, at least it keeps you busy and
off the chair. Maybe not in terms of a paycheck at the end, but your research,
preview and showings will not turn to waste. Many times, because I have done ALL
these work for nothing, the next client who calls and fit the area profile, I
just whiz them away with my knowledge about the market. How did you think I
became THIS good - if I didn't work freebies at all? No sweat. It's all
good. I still encourage the agreement whenever possible though.
How Do I Do It Now?
I never fail to mention about the exclusivity. I talk about it during our
first conversation - either on the phone or face-to-face. Then I explain to them
how I work: I require a hand-shake on exclusivity and start a "let's get to know
each other" trial period. Should the relationship we want head in a positive
way, we can sign an exclusive agreement then. Or the way I do it, at the time we
put an offer on the house, I include that as a formal paperwork. I can do
business with a handshake. My words are worth gold. I trust that my clients will
do the same.
[Yes, when it did not turn out the way I want, they either end up not purchasing
at all or doing something else, look at the above about how I view those times I
spent with or on them. In my books, nothing goes to waste!]
It is your job to discuss about this very difficult subject. I feel my method
may be a bridge between the HARD stuff and yet it gives the client a chance to
evaluate you. So, let your personality, knowledge about the markets and work
ethics shine.
Note:
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I proudly serve and sell real estate in the northern suburb cities of the Dallas metroplex. If you are thinking about
purchasing or selling your home in neighborhoods of Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area and other surrounding areas and more importantly, want to work with a local area expert, contact me immediately.
It is a competitive market, hence it is
important that you choose to work with the realtor who knows these communities
like none other. I employ a systematic market
approach in selling your home - an
intentionally unique proposal that most real estate agents do not use. If you
care to be on your way to a successful closing, contact me immediately to see
how different my proposition will be.
Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com
Copyright © 2008 by Loreena Yeo (3:16 team REALTY). Working Exclusively Is
An Important Message Your Client Needs To Know.
********** PROPERTY WATCH ALERT **********
