Tired of Losing Buyers?

Anthony Lamacchia: Tired of losing buyers? Buyers flaking out on you? Working with the buyers showing them multiple properties and they disappear? Treat you like, “Hey, I don’t care about you. I’ll go on to the next agent.”? Folks, it’s your mistake. There’s certain things that you’re doing wrong. Certain things you can do to stop that from happening. Some of them are in scripts, some of them are in how you deal with the buyer, how you get a buyer on board, but the most important one is right here, getting a buyer agency agreement signed, a highly effective document. We went over this in training today.

I trained on it, and then I did a mock presentation on how to get it signed with one of our top agents who’s second in the company here today on getting this signed. This agreement is very, very effective. It forces the agent to have a conversation about expectations with the buyer. Talk to the buyer about what’s to come, talk to the buyer about how loyalty is expected. At the end of this video, I’m going to tell you about how you can get your hands on our simple one-page buyer agency agreement as opposed to this one. Stay with me.

2012, we started using these. 2012, we switched to a simpler agreement, and guess what happened. Our agents were signing up dramatically more buyers, and it’s worked out really well ever since. It’s become part of our culture. Agents are used to it, agents talk about it. We call them take-ins. Buyers take-in, sellers take-in. Guys, it’s no different than a seller, when you think about it. Would you ever list a home without a listing agreement? No, you would never do that. Why would you work with a buyer without a buyer agency agreement? This simple one-page agreement that we have talks about name of client, name of agent, term of agreement, what is expected of the agent.

Agent’s going to provide regular updates to properties matching their criteria, will handle private showings, will formulate an offer. In return, buyer needs to work with the agent exclusively, let the agent know if they find something, blah blah blah. There’s 20 lines here, I’m not going to bore you with it. What we did, at that time, in 2012, is we took this lengthy buyer-agency agreement that’s three pages long, the Massachusetts Association Realtors Agreement, good agreement. I don’t want my friends in the forum’s committee to get offended. Definitely a good agreement, but too long, too much legal mumbo-jumbo in here. 93A, and if you do this that, will happen, success fees, retainer fees. It’s too much.

As an association, they don’t have a choice but to make an agreement like this because it has to cover all basis. As a business owner or a realtor, no reason you can’t have a simple agreement, because when it’s one page, people are much more likely to sign. Of course, our agents also get mandatory agency disclosure signed along with it. If you want this agreement, this one-page agreement that we use, super simple, thousands upon thousands of buyers have signed this agreement in our company since we started using it in the late 2012, and several hundred year-to-date. Fill out your email below in the comments, and we will send this out to you on, should we say Monday, Christine?

Christine: That’s Memorial Day.

Anthony: Tuesday. We’ll give people time. Tuesday, we’ll send this agreement out to you all so you can see the one that we use here at Lamacchia Realty. It’s been tremendously successful for us. Just fill out your email below. By the way, if you disagree with buyer agency agreements, I know there’s agents out there that say, “I don’t use them. I’ve been doing it 20 years. I don’t need that thing and all that.” I disagree with you. I respectfully disagree. I think it’s a highly effective forum, but go ahead and put your comments below. If you agree say it, if you disagree, say it. I don’t mind.

Have a good day, everyone