Buyer's Agent Role
Interested in building a team or adding an agent? One of the biggest mistakes I see agents make is not setting clear expectations. If growth is on your mind, it might be time to connect with Rebecca for a strategy planning session. In the meantime, if your are curious about adding a Buyer’s Agent, there are a few other things to consider when establishing that role.
Here’s a list to get you started!
1. Commission Splits
Define the Split Structure: Establish a clear commission split agreement that reflects the value provided by the team (e.g., lead generation, administrative support, and training). Common structures include tiered splits for team-generated vs. self-generated leads.
Transparent Communication: Be upfront about any adjustments or reviews to the split structure as the agent gains experience or reaches production milestones.
2. Ownership of Leads
Clarify Lead Ownership: Make it clear that all leads provided by the team are owned by the team or team leader. Define policies for re-engaging past clients or sphere-of-influence leads brought by the agent.
Post-Transaction Responsibility: Specify who will be responsible for maintaining contact with the client after the transaction (e.g., sending newsletters, holiday cards, or follow-ups). Will this be handled by the team, or does the Buyer's Agent have autonomy in managing those relationships?
3. Client Outreach Post-Transaction
Client Retention Strategy: Decide who will oversee outreach to clients after the transaction. Some team leaders prefer to maintain control to ensure consistency in client experience and branding.
Role of the Buyer's Agent: If the Buyer's Agent is expected to manage ongoing relationships, provide systems (like CRM tools) and templates to support consistent communication.
Referral and Repeat Business: Clarify expectations for handling referrals or repeat business that arise from past transactions. For example, does the Buyer's Agent receive the same split on referral clients, or does the team take over?
4. Training and Development
Onboarding and Training: Establish a structured onboarding process to ensure the Buyer's Agent understands team systems, lead-handling protocols, and transaction workflows.
Ongoing Coaching: Offer opportunities for skill development, such as shadowing the team lead, attending team meetings, or accessing educational resources.
5. Lead Follow-Up and Conversion
Lead Management Expectations: Set clear expectations for how quickly and effectively leads should be followed up. Provide guidelines for CRM usage to ensure consistency.
Tracking and Accountability: Define how the Buyer's Agent will report on lead progress, conversion rates, and client interactions.
6. Brand Alignment and Representation
Client Experience Standards: Ensure the Buyer's Agent understands and aligns with the team’s values and service standards. They should represent the team’s brand in all client interactions.
Marketing Policies: Clarify whether the agent will be allowed to market independently or exclusively under the team leader.
7. Administrative Support
Who Handles What: Define the scope of administrative support provided by the team (e.g., transaction coordination, marketing materials). Clearly outline what responsibilities the Buyer's Agent is expected to manage independently.
8. Compensation Beyond Transactions
Bonuses or Incentives: Consider whether additional incentives will be offered for meeting performance targets or handling specific responsibilities.
Expenses: Clarify which expenses the team will cover (e.g., marketing, licensing fees, continuing education) and which are the responsibility of the Buyer's Agent.
9. Conflict Resolution
Clear Dispute Policies: Create a system for resolving disagreements about lead ownership, commission splits, or post-transaction responsibilities.
10. Growth Opportunities
Path for Advancement: Offer a clear trajectory for growth within the team, whether that’s handling higher-value transactions, taking on a leadership role, or increasing commission percentages over time.
By addressing these points, team leaders can create a structured, transparent working relationship with their Buyer's Agent, minimizing misunderstandings and ensuring mutual success!!!!
Role Overview: Buyer's Agent
As a Buyer's Agent on our team, your primary responsibility is to assist buyers throughout their home-buying journey. This includes identifying their needs, finding suitable properties, and guiding them through each step of the transaction. The majority of your clients will be leads generated by the team leader, and it is your responsibility to nurture these opportunities and deliver exceptional service once the team leader turns the buyer's over.
Core Responsibilities
Client Engagement
Conduct initial consultations to understand buyer preferences, needs, and financial capacity.
Maintain regular communication with clients, providing updates and responding to inquiries promptly.
Understand that most leads you work with are generated by the team leader and are a direct result of the team’s marketing efforts.
Property Search & Showings
Use MLS and other resources to find properties that meet client criteria.
Schedule and lead property showings, providing insights and addressing questions.
Communicate feedback from showings to the team lead and strategize next steps.
Transaction Support
Assist with preparing and submitting offers, ensuring accuracy and competitiveness.
Coordinate inspections, appraisals, and other transaction milestones.
Keep clients informed of deadlines and progress during the escrow process.
Team Collaboration
Work closely with the team lead to ensure alignment on client needs and strategies.
Acknowledge that leads provided by the team are part of the shared effort to grow the business and handle these leads with professionalism and care.
Attend weekly team meetings and share updates on active clients.
Partner with administrative staff to ensure seamless documentation and follow-up.
Market Knowledge
Stay updated on local market trends, property values, and inventory.
Share insights with the team to help refine strategies and approaches.
Key Competencies
Client-Centric Mindset: Always prioritize the buyer’s needs, ensuring they feel supported and confident.
Strong Communication Skills: Keep clients and team members informed and aligned.
Proactive Problem-Solving: Anticipate challenges and offer solutions to keep transactions on track.
Team Collaboration: Recognize that your success contributes to the team’s overall goals and respect the source of leads as a critical resource.
Leads Provided by the Team Leader
The majority of buyers you will assist come from leads generated by the team leader through their marketing, prospecting, and referral networks.
Leads provided by the team leader must be followed up with promptly, nurtured effectively, and managed within our CRM system.
It is your responsibility to deliver a high level of service to these clients, as their experience reflects on the entire team.
Tools + Systems
As a Buyer's Agent, you’ll regularly use:
MLS platforms for property searches.
CRM systems to manage team-leader-generated leads and track client interactions.
Communication tools like email and messaging apps for client and team updates.
Team-provided templates for offers, contracts, and follow-up communications.
Workflows
New Lead Assignment:
Leads from the team leader will be assigned to you through our CRM.
Ensure all client details are entered into the CRM and followed up with promptly.
Communicate initial findings and insights to the team lead.
Property Showings:
Coordinate schedules with buyers and listing agents.
Debrief clients after each showing to gauge interest and refine criteria.
Offer Preparation:
Collaborate with the team lead to draft compelling offers.
Submit offers and manage follow-up communications with listing agents.
Closing:
Support the client through the final stages of the transaction, ensuring all questions are addressed.
Celebrate the client’s success and request testimonials or referrals when appropriate.
Performance Expectations
Provide consistent follow-up and excellent service to team-leader-generated leads.
Maintain a high level of client satisfaction as measured by feedback and referrals.
Meet or exceed team goals for buyer transactions.
Actively participate in team training and development opportunities.
Don't forget to have a solid contract in place and whatever you decide to use for the Role Overview should be added to that contract and all parties should initial it!
