Maximizing Your Real Estate Earnings Post NAR Settlement: Setting Your Buyer Agent Commission | Don't Undersell Your Worth!

Okay, guys, here's an important question regarding this NAR settlement and everything around it:

We are going to have to start having buyer representation agreements. In that agreement, it's going to say how much you're going to get paid, right? You’ve established what you charge sellers a long time ago, but now you've got to do it with buyers.

What's going to be your minimum commission standard with a buyer?

First of all, accept the fact that you have value and that you are worth more than some other agents in your community. So, you're not going to base your number on what another real estate agent is doing. Maybe they're brand new or barely active.

Instead, you need to base your numbers on the services you provide and your experience.

But here's a bad tendency with a lot of agents: They're going to undershoot their value.

They may say, "I don't want to be greedy, so I'll come in lower."

But don't go too low. There's still going to be sellers offering buyer agent compensation. So if you undershoot yourself and agree to discount your fee, it's hard to ask for more later.

Instead, consider going a bit higher. If the seller offers less than your number, you have room to negotiate down. Don't base your value on what other people are doing. Expect that you're going to be paid what you're worth, based on the services you provide. And if you start at a lower number, think about how you can increase your service level to justify raising your fee.

That's going to be based on the services you provide, guys.

And by the way, if you start at a lower number, start to creep that number up, say, what's it going to take for me to raise that number if I'm charging this because I believe my services are worth this? Maybe you need to increase your service level.

Figure out how you can up your game and think about how you can be a better resource for your buyers and they will be willing to pay you more.

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