Updated: Jun 2
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Hey there fellow real estate enthusiasts! Today, I want to talk about a topic that I'm sure most of you have thought about before:
"Should listing agents track and reward buyer's agents for showing their listings?"
In my opinion, the answer is a resounding YES!
Here are 5 reasons why:
Encourage more showings - When a buyer's agent knows that they will be rewarded for showing a certain listing, they are more likely to make an effort to show it to their clients. This can lead to more showings and ultimately, a higher chance of selling the property.
Build relationships - By rewarding buyer's agents, listing agents can build relationships with them. This can lead to more referrals in the future and potentially even more business.
Increase exposure - When a buyer's agent shows a listing, they may share it with other agents in their brokerage or even in their network. This can lead to even more exposure for the property and increase the chance of finding the right buyer.
Track effectiveness - By tracking how many times a listing is shown by different agents, listing agents can get a better sense of how effective their marketing efforts are. This can help them make adjustments to their strategy in the future.
Boost morale - Lastly, by rewarding buyer's agents, listing agents can boost morale within their own team. It shows that they value the work that their colleagues are doing and can create a positive and collaborative work environment.
Now, you might be wondering why listing agents typically neglect buyer agent figures. Well, it's likely because they are focused on the end goal of selling the property and may not see the value in tracking the individual efforts of buyer's agents. However, by tracking these numbers and rewarding agents, they can create a more collaborative and successful selling process.
If you're still not convinced, check out some industry information from the top 5 publications:
According to Inman, "By rewarding buyer’s agents, listing agents can create more competition and a sense of urgency to show their listings."
Realtor Magazine reports, "Tracking buyer's agent showings can give listing agents a better sense of which properties are more attractive to buyers and why."
The National Association of Realtors suggests, "Listing agents should consider offering incentives to buyer's agents who show their listings, such as gift cards or even commission bonuses."
Real Estate Business Magazine highlights, "Rewarding buyer's agents can also help build trust and goodwill in the industry, which can lead to more business in the future."
Finally, according to Real Trends, "By tracking and rewarding buyer's agents, listing agents can improve their relationships with other agents and create a more collaborative selling process."
Tracking and rewarding buyer's agents for showing listings is a simple but effective way to improve the selling process for everyone involved. It can lead to more showings, build relationships, increase exposure, track effectiveness, boost morale, and ultimately, sell more properties.
So, go ahead and start tracking those numbers and rewarding your colleagues - your team (and your wallet) will thank you for it!
3 Ways To Host And Event And Reward Your Buyers Agents Hey there real estate agents! Are you looking for ways to boost morale and incentivize your buyer's agents? Hosting an event and offering rewards is a great way to do just that!
Here are 3 ideas to get you started:
Happy Hour - Invite your buyer's agents to a happy hour event at a local bar or restaurant. Offer to buy the first round of drinks and some appetizers to get the conversation flowing. Use this time to catch up with your team and get to know them on a personal level. You could even offer a prize for the agent who closed the most deals that month.
Team Building Activity - Consider organizing a team-building activity such as a scavenger hunt, escape room, or a group fitness class. These activities can be a fun way to build camaraderie and trust among your team members. You could even offer a prize for the team that completes the activity the fastest or the most creative team name.
An Awards Party - This is my favorite...Simply host an Awards Party! Invite ALL of the agents that showed any of your listings for the past year, Highlight several of them in a range of categories. Then, based on volume and conversion, award your top buyers agents for Most Listing Shown, Most Offers Written and Most Deals Closed.
Finally, when it comes to rewarding your buyer's agents, there are many options to choose from. Consider offering a physical award or gift card to a local restaurant or store. Whatever reward you choose, make sure it is meaningful and shows that you value their hard work and dedication.
If you've never heard of any other agents doing this...Then, THAT should be the reason that YOU make this a part of your business model.