Selling agents and buyers’ agents have a unique relationship in the real estate industry. But rather than being in direct competition with each other, they are seeking the same result – happy clients. Buyer’s agent Michelle May examines how to create a reciprocal relationship built on trust and integrity so that everyone wins, every time.
The relationship between a listing agent and buyer’s agent can be a dynamic one.
When it’s built on mutual respect and understanding, working together can be quite powerful, allowing for mutually beneficial results and providing the potential for a win-win situation.
With 12 years’ experience as a buyer’s agent, I have built strong working relationships with real estate agents that have led to hundreds of transactions and wins.
Here’s my take on why the listing agent/buyer’s agent relationship can be so strong, as well as my top tips on how to get the most out of the union.
Benefit: The ability to grant each other ‘priority access’
The best working partnership between a real estate agent and a buyer’s agent is when both sides understand what each brings to the table.
We leverage each other for the benefit of our respective clients.
As the buyer’s agent, I am bringing you clients who are committed to purchasing.
I don’t know if you know this, but most buyer’s agents get paid a retainer upfront.
We are not out to waste your time, give you the run-around, or ghost you down the track.
We are presenting you with a hot lead, which could save you a lot of time and money in marketing and open home campaigns.
On the flip side, we are keen to build relationships with agents who are likely to give us preference for properties that have not hit the market yet.
Off-market real estate is increasing in its appeal.
For a buyer’s agent, this means many of our clients have a particularly keen interest in this aspect of our services and are looking for someone who can facilitate access to these unadvertised properties.
Nothing speaks to advocates more than having built a relationship with an agent who is willing to produce these properties before they are listed publicly.
Benefit: We have done the heavy lifting when presenting our client to you
We will leave the ‘selling’ to you along with all of the other unassisted buyers, but when it comes to our clients, we do the leg work for you.
We have sat with them and worked out exactly what they do and don’t want in a property.
We have made sure they know and understand their budget and that their finances are not going to be a hurdle.
We project manage our client the whole way through so you don’t have to.
Tip: Honesty is the best policy
Listing agents and buyer’s agents have the same goal – we want our clients to close and walk away happy.
This being said, a relationship built on trust is best for both of us, so be honest and don’t leave out any details.
At the end of the day, whilst we are not selling property, we speak your language.
We can certainly see that not all properties listed are quite the diamonds they purport to be.
With this in mind, our motivation is the opposite of yours.
We assess the risks associated with potential properties to see if they still line up with our clients’ needs.
We will be transparent about any red flags we’ve seen in the property after our due diligence is done, so you know whether we are in or out.
At the end of the day, nobody likes having their time wasted.
As a buyer’s agent, potential vendors continually ask my opinion on who the best selling agents in the area are.
A buyer’s agents’ vendor advocacy service is tailored exactly around this.
It helps potential vendors wade through the real estate waters and recommend the right agent confidently.
A good buyer’s agent will work with you and the vendor through the whole process so that it is super smooth and easy for everyone.
We can also take difficult buyers off your hands! Now this is surely music to your ears, right? You know, those clients that have been on your lead list for so long, wasting so much of your time and never being able to make decisions? The ones taking you away from the real buyers?
Yep – we can take them off your hands.
We help these difficult buyers to focus, transact properly, and make those decisions promptly, so you don’t have to.
Benefit: Long-term partnership
We have relationships with the individual, not the company, and are looking to build connections with the selling agents.
We focus on fostering a long-term relationship, built on mutual understanding, that will benefit both of us in the future.
We help to boost your reputation and integrity, which we know are vital in your profession, just as they are in ours.
Tip: Communication is the key and remember, we understand you!
We are pretty much handing you sales on a silver platter. When we are in a real estate downturn this can be a godsend.
In sales, no one likes anything more than a red-hot lead with loads of possibility to close.
Communicate with us, let us know what you have on your plate, and we might be able to help tick one thing off your to-do list.
A good working relationship is also all about touching base consistently.
The great thing about the working relationship between selling and buyers’ agents is that we can chew the fat together without competing with each other.
We can have those candid conversations that you may not be able to have with your agent peers.
You can share your war stories, anecdotes, and funny stories with us and vent about any horror experiences.
Typically, a buyer’s agent covers a much bigger area than a selling agent, and I often have useful conversations with agents about the state of the market.
Again, because we are on opposite sides of the equation, we can give each other beneficial insights, without worrying about giving away too much.
The property world can be a minefield and a pressure cooker of an industry.
If we work together, with a mutual understanding of how we can benefit from each other, we can increase our efficiencies and offer our clients and vendors the best service.
- With 12 years’ experience, Michelle May is one of Sydney’s most highly sought buyer’s agents in the inner west and eastern suburbs. For more visit michellemay.com.au