We have seen more technology advances in real estate in the past two decades, than anytime in history. Most recently, a dramatic change is the requirement for buyer-broker agreements to represent and show property to potential home buyers. Do not look at the requirement as a hindrance, view it as an opportunity.

Before the settlement agreement, listing agents held a superior place with listings under contract. For many, a listing was considered a business asset. In fact, companies like eComission would even advance the agent’s commission on active listings. Now, buyer representatives hold the same position in the marketplace. Having buyers under contract is now equally strong and important. Buyers under contract are the new asset of the real estate industry. 

Some brokers have developed strategies to take advantage of their buyer-client portfolio in the past. In the screenshot below, any broker using Percy.ai can show a buyer graph demonstrating the number of active buyers who are searching for a property in the area of a subject property. 

Buyer-broker Client Registry: A Game-Changing Opportunity

The real estate landscape has undergone a seismic shift with the new requirement for buyer-broker agreements. Savvy brokers can leverage this change to gain a competitive edge and unlock a wealth of opportunities.

This is interesting, but brokers could do more. Imagine a listing presentation where an agent presents their buyers under contract that are looking for a home in their area, around the same price range, with the same numbers of bedrooms and bathrooms, etc. This would be pretty break-through. Rather than promise to market the property to find buyers, the broker could offer the buyers that they have under contract. If you want to sell the house, I already have the buyer(s). Going even further, a buyer under contract with verification of cash or loan pre-approval. 

Buyers Under Contract: The New Goldmine

With buyer representation now a necessity, securing buyer-broker agreements has become paramount. A robust portfolio of buyers under contract is a powerful asset, offering brokers unprecedented leverage in the marketplace. Imagine presenting a listing with a ready pool of pre-approved buyers actively seeking homes in that specific area and price range. This compelling proposition can significantly expedite transactions and enhance client satisfaction.

Unleashing the Potential of Buyer Data

Large brokerage firms can capitalize on their extensive network by pooling buyer data across their agents. This centralized database empowers listing agents to conduct targeted reverse prospecting, matching potential buyers with suitable properties efficiently. Imagine the impact of a listing presentation showcasing a multitude of eager and qualified buyers.

A Vision for the Future: The Buyer Registry

Taking this concept further, envision a comprehensive buyer registry—a centralized platform akin to the MLS, but exclusively for buyers under contract. This innovative tool would not only provide valuable market insights for sellers, but also address potential conflicts arising from buyers engaging multiple brokers. By fostering transparency and streamlining the buyer representation process, the buyer registry could revolutionize the industry.

Embrace the Change, Seize the Opportunity

The introduction of buyer-broker agreements presents a golden opportunity for brokers to adapt and thrive. By recognizing the value of buyers under contract and harnessing the power of buyer data, brokers can position themselves at the forefront of this evolving landscape. Embracing innovation and proactively leveraging these tools will undoubtedly lead to greater success in today’s competitive market.