The road to “Top Producing Seller’s Agent” is marred with buyer’s agents who couldn’t make the jump.
Coming into real estate from the world of property management or having dozens of connections trying to sell their home at once is the only way to start your agency career on the selling side.
Most agents spend years establishing connections with buyers before crossing to the other side of the transaction. Few of them achieve the same level of success or enjoyment.
Transitioning from buyer’s agent to seller’s agent is tricky. If you’re planning to make the leap in 2022, consider these three tips before diving headfirst!
Be prepared for less fun.
Buyer’s agents dream alongside their clients. Every walkthrough is full of fictional kids playing in one room and future renovations in the backyard.
It’s a great way to build relationships, create trust, and it’s fun!
The selling side is low on envisioning the future and high on the right here, right now.
Instead of painting pictures of what a new life will look like, seller’s agents have to focus their clients on current market analysis, home valuations, and staging.
Everyone enjoys helping clients purchase their dream homes. Getting used to the strategic nature of selling a home will take tremendous effort on the agent’s part.
Be an undeniable expert.
Buyers are quick to trust any agent who is charismatic, relational, and easy on the eyes.
Sellers don’t care about any of that.
For over 70% of homeowners, the house itself is their most valuable asset, so selling it takes an undeniable sense of expertise covering a range of things like:
- Pricing strategy
- Market trends
- Negotiation tactics
- Escrow accounts
- Buyer personas
It may feel watered down compared to a buyer's agent’s list of necessary skills, but it’s a very different process with a more objective list of goals.
People looking to buy a house are looking for their dream home or at least a good deal.
People trying to sell a house want to wring their home dry of every penny it's worth, and a good seller’s agent knows precisely how to do that.
Be methodical with your approach.
Buyer’s agents don’t have the luxury of using a systematic approach. Helping people purchase a home is a game of reactions and timing.
On the other hand, Seller's agents can maximize their earnings by sticking to a process-driven approach.
This is where most agents fail because they do not attempt to adopt any kind of system or process. Before deploying the typical ready, fire, aim method used by most buyer’s agents, look at the skeleton plan below and try filling in the blanks with a repeatable procedure for clients.
1. Prepare to list a home
2. Name a price for the home
3. Organize property viewings
4. Negotiate the sale
5. Close the sale
6. Wire money to all necessary parties
7. Sign final paperwork
There’s a ton of little steps seller’s agents must consider between each point in the process.
Creating an efficient process will provide the best experience possible for the seller -- the kind of experience that turns clients into raving referral machines for an agent.
Helping people sell homes is a different beast compared to assisting people to buy one.
Tackle the beast with a fresh perspective and realistic expectations by putting all three of these tips to use.