Everyone knows commissions are negotiable, up as well as down. So, why is it that every time the discussion comes up with a seller or buyer, they want to know how much we will cut ours? Despite that, there are agents today who are getting above-average commissions. Others are maintaining their "preferred" commission. While still other agents are beat up on a daily basis. What is the difference among the three scenarios? A combination of skill, market knowledge and a willingness to negotiate makes the difference.
Before we tackle the how, we believe we must look at the reasons behind the prevalence of commission cutting. With the growth of the Internet and the dawn of online, do-it-yourself realty, sellers and buyers feel they must bring up the question about reducing commissions. It is a matter of principle to both sellers and buyers. If they feel they can get you to work for less money, and often they can, why should they not ask? Too often, we are thought of as being just like other competing companies. They have looked at one, and they think they have looked at them all. Most sellers and buyers think it is only your commission that distinguishes you from another agent.
Nothing is farther from the truth. To warrant the commission we deserve, we need to create credibility to support what we are asking for. Often, the battle is lost even before it gets under way. The seller or buyer asks for a cut, and the agent agrees...simple as that. When agents are asked why they do not give their all to overcome the objection, they have said if they do not take it at a cut, someone else will. Or, they needed the listing or sale, or their broker said to take it no matter what, and on and on.
Other reasons why sellers and buyers ask are they need every penny they can get (protecting their net), the other agent said they would take it for less or they feel the commission is the most important thing to them. They are bargain basement shopping. This is the type of seller you may want to decide not to do business with. Smart agents know when to walk away from a seller or buyer. Remember, if it is not salable, it is a liability, not a listing.
For additional information and guidance on this topic we have posted an article on our website entitled "Overcoming Commission-Cutting Requests " for you to review.
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Bob Corcoran
Yes, you can thrive...if you know your scripts!
As fun as the last few years were, to be in a piping hot real estate market, it is now time to accept and embrace the new reality, the buyer's market. You have two options:
1. You can moan and groan.
2. You can thrive.
Those who wish to moan and groan, well, you may want to go find another document to read. Now, for those who want to thrive, first you must know a little about buyers. NAR has found some rather revealing habits of homebuyers.
The first rule in marketing is to know who you are targeting. Keep learning who buyers are and what their modus operandi is. After that, the best way to thrive in a buyer's market is this - know your scripts.
For additional information and guidance on this topic we have posted an article on our website entitled "How to Embrace and Thrive in Today's Buyer's Market" for you to review.
Commitment for the Week:
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Make A Commitment: I will learn my scripts and practice them daily!
Deadline: _________
Bob Corcoran
Home sales have begun a slowdown in many markets throughout the country. As a real estate agent, you must contemplate your future actions very carefully. Rather than be afraid of a slowing real estate economy, in order to be successful, you should view these changes in your market as an opportunity.
History dictates the best agents will continue to succeed, and many will even increase their production in such difficult times. While this may seem hard to believe at first, consider that in a strong market just about anyone can sell real estate. When homes are selling fast, inferior competitors may very well beat you out of listings, and gain the allegiance of buyers, simply based on the strength of their personalities. On the other hand, when the times get tough, many of your less professional competitors will falter as the easy transactions dry up. More importantly, consumers become much more likely to pay attention to the credentials, experience and quality of service that the better agents can provide.
By being confident regarding your professional skills, competency, and ability to survive, you can make plans now for a more successful future. You need to decide to take action now to ensure your success.
For additional information and guidance on this topic we have posted an article on our website entitled "Flourishing in a Slow Market" for you to review.
Commitment for the Week:
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Make A Commitment: I will learn to accept that the only thing that remains consistent in life is change, starting NOW!
Deadline: ________
Bob Corcoran
Have you ever had a crisis in your career? Maybe we should ask how many have you had today? Let's face it, a great Client Care Coordinator is first and foremost a problem solver, and because of this, the front desk will often become a crisis management center. This center is where all problems arrive and are expected to be solved within a short period of time.
How can we become better at crisis management? Before we can begin to answer this question, we need to start by admitting that most of us deep down are cowards at heart. Yes, we may come across as confident and strong, but at our core, we fear like every one else. We fear that we may fail, or worse yet, that someone won't like us. We often don't face each crisis as quickly or as effectively as we could; and occasionally, we don't face the crisis at all. Soon it is too late.
By accepting our natural aversion to crisis, we can then begin to unravel the simple techniques all of us can use to be better crisis managers. There is an old saying, "It is not what happens to us that matters, it's what we do about it." This is one piece of sage wisdom that definitely applies to crisis management.
For additional information and guidance on this topic we have posted an article on our website entitled "Crisis Management 101" for you to review.
Commitment for the Week:
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Make A Commitment: I will implement the five simple strategies for every person to deal more effectively with their next crisis.
Deadline: _________
Follow me on Twitter @BobCorcoran1
The Wall Street Journal of 3/2/09 announced that Keller Williams Realty is now the third-largest Real Estate franchise in United States. Did you know that Keller Williams agents from all over the United States have been hiring the specialized coaching team, Corcoran Consulting & Coaching Inc.?This includes our own native Keller Williams Clients' Choice Realtor, Tiffany Lachnidt, Team Leader for The Distinctive Group.
Lachnidt has been in the top 10 of Keller Williams Realtors in her short but successful career of only four years. She came to Corcoran Coaching to further develop her natural ability to lead, mentor, and educate. "My goal is to be the best of the best when it comes to assisting and guiding our clients and colleagues in this sometimes confusing yet exciting time in our local history". Lachnidt said at a recent conference. "Between the model that Gary Keller, co-founder of Keller Williams initially set forth and now with the hiring of the nationally acclaimed coaching team, my team and I are able to help more people, handle more business with more quality time, energy, and effective marketing for our clients yet still be able to be more of a service to our community and present for our families."
We congratulate Keller-Williams and Tiffany for their success. To other Keller-William agents, as well as agent everywhere, we throw out a challenge. You too can enjoy the success of your Keller-Williams in your local area by putting our proven techniques into play. Check out our coaching website today!
Bob Corcocan
Commitment for the Week:
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Make A Commitment: I will develop and follow a marketing plan.
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Follow me on Twitter @BobCorcoran1
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