06/09/2023
HYPOTHETICAL CONVERSATION:
CLIENT: How much will it cost to sell this property?
REALTOR: I charge 6%. We will pay the buyer's agent half that amount, and the brokers will take half of that amount.
CLIENT: That's too expensive for this property!
REALTOR: How much do you think it should cost?
CLIENT: Maximum 3%! It's a perfect property!
REALTOR: I'm afraid I can't sell it for that price.
CLIENT: Real estate agents like you just want to make huge profits!
REALTOR: I'm sorry you feel that way. Why don't you try selling it yourself?
CLIENT: But, but I don't know how to do any of that.
REALTOR: For $200 an hour, I can teach you everything you need to know about selling a property. You can then list it for and still save. Plus, you'll gain valuable knowledge and experience for future property sales.
CLIENT: Deal!
REALTOR: Great! To start, you'll need to stage the property. You'll require furniture, decor, and other essentials. You will need signs, lockboxes, and marketing materials. Also, for this I have a professional camera and drone to take photos.
CLIENT: But I don't have any of those things, and I can't buy them just for one sale!
REALTOR: Okay, I can arrange for rental of these items and staging for an additional charge. You'll still save. My photographer can take pictures for $150 per hour, and it will take all day.
CLIENT: That eats into my savings, but I'll go ahead and rent the staging items and hire your photographer.
REALTOR: Perfect! And you will be available to show the property on nights and weekends?
CLIENT: Wait! HECK NO! Weekends don’t work for me. I don’t have time, I’m way too busy. And when I get done with work, the last thing I want is to deal with more people.
REALTOR: I'm sorry, most people can only go to showings on nights and weekends, and I have to prioritize my time, and I need my resources for other properties during the week. I can hire a showing agent for $100 an hour.
CLIENT: Okay then, I'll sacrifice my family.
REALTOR: Thank you for understanding. Oh, I almost forgot. If you're selling the property yourself, you'll need to handle marketing materials and campaigns. Nowadays, you will need to master social media and plan to answer a thousand questions from people who have no ability to buy the property. They will call you at all hours of the day and send you down every rabbit hole. Also, make sure you follow all of the laws so you don’t get sued after the fact.
CLIENT: I DON’T HAVE TIME FOR ALL THIS!
REALTOR: I suppose you'll have to hire a virtual assistant. By the way, I do have one who can help you, she charges $50 per hour. My Real Estate attorney is $500 per hour and he can help you!
CLIENT: You know what? I've been reconsidering. It's probably better for you to handle the sale. It's worth paying you to ensure the property is sold right without going through all that hassle.
REALTOR: That's a wise decision. Please sign here, and I'll get to work.
This is the reality of the real estate industry. Clients are not just paying for opening a door; they are paying for expertise, experience, access to resources, time, personal sacrifices, and other valuable services. They pay for convenience and peace of mind.
Don't let others dictate your worth.
Copied from Real Estate Mastermind
