Should Buyer’s Agents Take Listings?

Transcript:

Angel asks the question, “I have a buyer’s agent that wants to start going after listings." This is a cool question. "I think he is looking to go after listings to go out on his own. I fear that he is going to stop working the buyer leads as hard. Should I let him go, or is there anyway to fix this situation?"

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Here’s the thing. On my team, we have positions for buyer’s specialists and listing specialists. The two positions are very separate. When you’re with my team for one year, you have the opportunity to work listings, but not in a way where you’ll prospect or farm or spend money. I’m not going to let them build their brand within their time. It’s not the way it is. It will never be that way.

I don’t recommend it, but they can work their sphere. So for some of the 36s, not all the 36s targets, but some of them are 30 buyers and six listings. We actually tasked, challenged, put it in their goals, our buyer's agents that have been on the team for over a year to sell six listings and 30 buyers.  I think one actually has 36 and six -- 42 in total, but 36 buyers and six listings. We actually challenged to go out and find six listings and bring them to the team to get them closed.

I would just have a conversation, a very direct conversation. Hey Angel, I appreciate that you want to size the business. The position we have available on the team right now is for a buyer’s agent. After one year on the team, you’re allowed to work your sphere, but the responsibility for the position isn’t prospecting new listings or farming an area. If you want to do that, that’s more of an independent agent thing, which is cool. I respect that. You may, Angel, take the opportunity to coach this agent a little bit if they’re newer. They don’t really know how challenge the business really is and how much hard work and money it takes.

It takes us over a thousand dollars to get us to the front door of a property. In our slower months, and we do radio which is more expensive, some of the more slower months we have about six or eight calls. One of our stations costs ten grand! That’s a dramatic example, but whatever you do to generate listings, it’s generally a lot of time and effort and usually expenses involved. This agent may not know what all is involved.

If you like the guy or girl, you might just want to coach them. What’s really driving this? Do you want to be on your own? The position is clear, I only have a position for a buyer’s agent. I need you to be 100% focused on that and be the best buyer’s agent this market has ever seen. And then, in a year, on the team, you can have that SOI. Just have that open conversation to see how they respond. If they want to do both sides, and it’s just coming, half-grade quickly if you need it.