0:00The buyer consultation used to be something that agents did sometimes with some people whenever it felt kind of necessary. Those days are over. Hey, my name is Chance Brown. I'm the broker owner of CB&A Realtors and I make video content like this because I'm passionate about helping agents build great businesses. In today's market, the postN settlement universe, the buyer consultation, I believe is the single most important skill a buyer's agent can develop. It's where the trust is built or lost. It's where your value gets communicated or assumed and it's where the buyer either commits to working with you or they're keeping options open. Today, I want to walk through the buyer consultation step by step actual language you can use. You can walk out of every one of these appointments with a signed agreement and a committed client. So, let's jump in. All right.
0:50Let me give you a little bit of context before we jump into the how. Prior to the N settlement, buyers agents could kind of operate on a handshake. Yes, the agreements were there, but I can tell you from experience, lots and lots of agents, they didn't get them signed. You'd meet somebody maybe at a showing or an open house, whatever, they'd like you. You'd start working together and compensation conversation essentially never happened because everybody just assumed it was baked into the the seller's side of the transaction and it was in the MLS. That that's dead today. That doesn't exist anymore. Now, you have to have a signed agreement. You just have to, I think, before you even show homes, but certainly before you're putting offers out there, you need to have a conversation before the showing. I get that the real world exists and maybe you get a sign call or maybe you see somebody in open house and you're having a intro showing or whatever, but before you get into the meat and potatoes of actually working with somebody, you need to have a structure for a conversation that builds trust and lays out the process and makes sure you get paid because this is your business.
1:50For skilled agents, I think this is really good news. I think they're going to love it. I think it's going to give structure to what they have to do because it means that the barrier to entry for buyers working with a professional just went up. If you can run a great buyer consultation, you'll win clients that other people will lose. That consultation, I think it starts before you even sit down. It starts when and how you invite them. So, most agents say something like, "Can we meet before I show you homes?" It sounds like you're doing something to somebody. It's a hurdle. It's a burden on them. they just want to go see houses. Instead, let's say something along the lines of, "Hey, before we go out and look at anything, what I'd really love to do is sit down, maybe 30, 45 minutes, just us, and that way I get the opportunity to understand exactly what you're looking for. Walk through how the process works. I want to make sure that this experience is super smooth for both of us, and this will give us the opportunity to make sure that we're the right fit moving forward.
2:45Will that work for you?" Framing it that way completely resets a different tone. It's not a hoop to jump through. It's something you're doing for somebody. It's a service they're receiving that you're providing. Meet somewhere that's comfortable, whether they're home, whether your office, a coffee shop, whatever that looks like. And have a simple agenda, like have a planned out agenda, not a formal presentation, but just this is kind of the loose structure we're going to work from. So, let's talk about what that looks like. I think whether it's a buyer consultation or a listing appointment, frankly, one of the things that agents do too much is talk, especially right out of the gate. The consultation should feel like a conversation, not a presentation. I don't even like using listing presentation or buyer presentation in my language. So, let's start with listening. Let's open with this just kind of, hey, before I get started on anything on my end, what I'd really love to know about is what's going on with you? What's driving you to move? What's your ideal outcome of this look like?
3:37Have you done it before? you ask all those kind of discovery questions and then stop talking. Just let them answer. Take notes as they're talking so you you can remember after you leave and tailor your service to some of the things that maybe they've said. When you open with questions and when you open with letting them talk about what's going on, it signals that you're interested in them, not just in their business. It gives you the information you need to serve them well, and it immediately differentiates you from anyone else that they've talked to who just started in with a pitch. So, some of the follow-up questions you might have here is, is there a timeline that we're working around, a lease end date, a job start, you know, something driving that? Have you started working with a lender or is that still ahead of you? What's most important to you in this process? Is it the home? Is it the price point, timeline, or something else? And just ask those questions.
4:25Listen, reflect back what you hear. Mirror their energy and take genuine notes here because you'll reference those later in the conversation. Once you've heard their story, now it's time that we transition to a kind of a process overview. This is your chance to really demonstrate some expertise without being braggy. So, what I'd like to do now is just walk you through the journey from where we are right now to getting keys in your hand. What that typically looks like because there are a few moments in that process where I have seen buyers get tripped up and I want you to know about them before we ever get there. This is also does a great thing where it allows you to set expectations early and then as we're going through the process with them, we can say, "Hey, do you remember when we talked about this?" And I think that that's really important because it just continues to reiterate your expertise and your prowess in knowing what's going to happen through the transaction. So, let's walk them now through each of the key milestones from pre-approval to showings to search to offer strategy, inspections, appraisal, closing, all of that. Still keep it super conversational. Stop at each stage. Ask if they have any questions. The goal here isn't to lecture. It's to show them that you've done it before and you know where the landmines are. Remember, they want a guide. They want somebody who's going to walk them through this. That's what they're hiring you for. So, prove that expertise by walking them through early. And then at the end of that section, say, "Hey, does this feel like what you were expecting or are there parts that feel new or surprising to you?" That answer will tell you a lot about how informed they already are and what you need to spend more time on. All right, so here it is, the dreaded moment. It's the compensation conversation. You need to initiate that conversation. You need to be in charge of it from the get-go. Don't wait around for them to ask how you get paid.
6:10Bringing up signals that you are confident and you're being voluntarily transparent. waiting for them to signals that you don't really want to talk about and you maybe you were hoping they wouldn't. So, here's how I would open it. I want to talk to you about something that's changed recently in our industry and I think it's really important that you understand it and I want to be completely upfront with you and then take a few minutes to explain the settlement the agreement requirements if you want to or you can just keep it really really simple and say you know traditionally buyer agent compensation has been built in to the seller side of the transaction and buyers never had to think about it. That has shifted a little. Sellers can still offer buyer agent compensation, and most do, but it's no longer automatic. So, it'll become part of our negotiation when we're talking about everything.
6:55What this means for us is we'll use a buyer's representation that outlines how I'm going to be compensated and what happens in different scenarios. Present the agreement. Show them how it works. And if they still have questions, answer them. Be confident. Be confident in your ability. Stay calm. Answer every question like you've heard it a hundred times, even if you haven't, because after a while, you will. and it will exude confidence in them and make them more comfortable in working with you. All right, at this point we've heard their story. We've walked through the process. We've talked about compensation. Now, it's time to close. It's time to go out and get that business. This isn't a hard close. At this point, we're just having conversations the whole time. We've had a conversation about their story. We've had a conversation about the process. We've had a conversation about our compensation. We've been building to this moment. And this is the natural conclusion based on everything we've talked about today. Does this feel like a good fit? I'd love to move forward together. And if you're ready, we can sign the agreement now and we could get going. If they say yes, awesome. Sign.
7:53Stop talking. Don't oversell. Just get the heck out of there. Um, if they hesitate, just say, "Hey, listen. What part aren't you comfortable with? I want to make sure that I've answered all your questions. And I'd rather address anything that's on your mind now than it come up later and be a be a sore spot." Let them answer. They're going to give you what the objection is, and now you know how to handle it. If they need more time, respect it. Completely fine. Take the time you need. I'll follow up maybe tomorrow or a day or two from now. If you have any questions, you know how to reach me. Just give me a call. Then make sure you actually follow up and follow through on what you said. This buyer consultation, it's a skill and like every skill, it gets better with repetition and it gets better if you practice. The first time might feel a little awkward. The fifth one's going to feel more natural. By the 20th, you'll have your own rhythm. You'll be answering questions before they even come into people's minds. Make sure you practice. Make sure you role play. Use your pet, your dog, your cat, your spouse, your kids, your colleagues, whatever you can record yourself. Watch it back. Get comfortable with those conversations in a low stakes environment so that when you're sitting across from somebody in the real world, it feels like the most natural conversation in the world. Because when it does, that's when you will start winning every room you walk in. Hey, if this was valuable to you, I would be honored if you would subscribe, follow, like, share with one of your friends.
9:09And if I can ever be of service to you, please don't hesitate to reach