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In 1918, a guy named Ivy Lee was approached by Charles Schwab. Now, when we hear the name Charles Schwab, we might think of the Charles Schwab we know today who invested and traded stocks. But this isn't the same Charles Schwab.

Charles Schwab at that time was one of the most wealthy people in the world. He owned Bethlehem Steel and steel was, of course, a huge deal. So he was a hugely successful entrepreneur.

And so what happened with Ivy Lee and Charles Schwab was Ivy was a consultant — like how we have consultants and coaches today.

Anyway, Schwab came to him and said, "Hey, I want to increase my managers' efficiency and productivity as well as my proficiency and productivity. I want you to give me your best idea. What's it going to cost me?"

So Ivy being a smart salesperson, did a couple of things.

First, he said I'm not going to charge you anything. I'm just going to just give you the idea and then you can pay me what it's...

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Quick Tip: Talking About Commissions

My friend and superstar REALTOR Adam McGrew recently shared a unique concept that he uses when talking commissions with sellers. He focuses his script around what the competition is offering and how the seller can be more competitive in the market.

His first step is to print a map of the area along with a list of properties that are currently for sale near the new listing. He then researches the compensation offered to buyers agents and highlights this information in his presentation. Next he asks the seller a simple question "So, you do want to be competitive, right?"

Not only do most sellers want to match the current compensation offered to buyers agents in the market, many want to incentivize buyers agents and encourage more showings by offering a higher compensation percentage.

Watch the video for more details...

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Question: Will You Discount Your Buyer Side Commission?

 

Will you discount your fees so I can buy this house? 

A conversation that is happening more and more frequently is when a buyer asks you to reduce or remove your buyer side commission on your listing and pass the savings on to them. 

Their argument is that they will simply "represent themselves". Of course the reality is that you will still be the one writing the offer, negotiating the sale, opening escrow, arranging financing, attending inspections, negotiating inspections, attending the appraisal, and attending to a million other unforeseen bumps along the way until you reach a successful closing. 

So how do you respond to this request? Watch this quick video for three scripts to use in the field. 


Do you need more leads, more listings, more buyers, and more closings? 

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Fresh ideas, new scripts, cool tools, and the hottest trends in the real estate industry are coming your way. Have an amazing day!