August 12, 2024

What’s Your Worth? Why Clients Won’t See It If You Don’t Believe It!

Buyers and sellers will never see your worth if you don’t believe you are worth it. Here are some facts and inspirations to elevate your opinion on the value you bring to the table.

In July, when the NAR settlement terms are set to take effect, one change that is coming to the industry is that buyers must sign a Buyer Agency Agreement to secure representation before looking at homes. Some markets are saying, “But nobody here uses those, and I’ll lose clients if I try.” These markets are going to have some catching up to do, but the truth is, most of those agents probably don’t know their own value, and that’s the real reason nobody uses the Buyer Agency Agreement.

What Are You Worth?

What’s your worth? What’s your value when it comes to taking a buyer out? Is it 1%? 2%? Only you can answer that. You’ve got to ask yourself, “What is my time worth? What’s my number?” Once you’ve figured out your number, there is no better time than the present to communicate it professionally. If those buyers don’t see your value, they can go elsewhere and free up your time to work with those who appreciate what you bring to the table.

Yikes! What? Leave “money on the table”? Here’s a perspective for you: It’s not money on the table if they aren’t willing to commit to you. If you’re showing them 17 properties and spending two weeks of your time driving them around and working for free. In fact, it’s the OPPOSITE of money on the table.

There’s a saying that fits perfectly here: “If you don’t know your own worth and value, then don’t expect someone else to calculate it for you.” In real estate, it’s “You can’t demand what you’re worth if you don’t believe in your own value.” Let’s say that a few other ways… You can’t demand six figures if you have a six-dollar-an-hour mindset. You can only have a commission conversation with convictions if you recognize your own value. In other words, it has to start with YOU. Your head. Your belief system. Your acknowledgment of your value.

For many, that’s a steep climb, especially in the wake of all these negative news headlines calling us and our industry part of a “cartel.” What? Stop leaning into the fake narrative and start remembering why you started. If you are like almost every agent we know, it’s because you care and you want to help people. Let’s go back to that.

Here’s what you need to know:

You ARE good enough, you ARE essential, and you ARE valued in this business and this world. Let’s look at a few reasons why…

Your bank balance is not who you are. This one hit hard for a lot of agents who are looking at their business account and the numbers aren’t adding up. You’ll get there. You’re getting there. That number is not who you are and certainly doesn’t reflect the value you bring to the table or the service you provide.
Your position is backed by law. Literally, if someone is helping people buy and sell real estate without a license, it’s a crime, and for good reason. There’s a whole fiduciary responsibility happening here. You can’t just wing it. You’ve got to have a license. When you pass that real estate exam, it’s more than just a piece of paper. It’s a federal stamp of approval, declaring that you’re legit, that you’re ready to step into the real estate arena and guide others on their journey through the real estate transaction.
The fact that you have a real estate license means you have earned the right to be in front of those homeowners. You’ve put in the work, you’ve passed the tests, and you’ve earned that license. You’ve earned the right to charge a fee that reflects your expertise and dedication. So, when you’re sitting across from a buyer or seller, you’ve got every right to confidently say, “These are the services that I bring to the transaction and to my clients, and this is what they are worth.”

Think about it—everything’s tied to real estate. Your favorite coffee shop where you grab a latte every morning? That’s real estate. The gym where you sweat it out after work? Yep, that’s real estate too. The park where you walk your dog or the supermarket where you shop? All real estate. Even the Earth itself is a massive property in the cosmic landscape. Everything somehow connects back to real estate, boosting its value—and yours by extension!

Related reading: Knowing Where Your Value Comes From

Related reading: Inman – Are you worth your commission?

Show Me the Money!

Here’s another concept that we want you to understand. See, while we love sellers, often their mindset is: “We’re doing you a favor by hiring you.” Here’s the thing: when they give us a listing, it’s not like giving a present. They aren’t giving you a gift; they are giving you work. When you take a listing, you are taking on a job. It’s a lot of time and effort. Not only is it a lot of work, but you also have to dip into your own pockets to help them! That’s not doing you a favor.

Let’s say you are putting new sprinklers into your yard or doing some renovations. Most contractors require a deposit before they even start working. I don’t know any vendors that DON’T do that! When you go on a listing conversation and take a listing, you don’t take a deposit. Nobody cuts you a check for all the marketing expenses. You pay out of your own pocket – you take that money away from supporting your family and putting food on the table to invest in your homeowner to help them sell their house.

Homeowners should not just interview you; YOU should interview THEM. This is a two-way street. You need to decide, “Is this worth my time? Is it worth my money to help these people sell their homes?” You work incredibly hard for your clients with absolutely ZERO guarantee that you will get any money for it. There are no gifts or paychecks when it comes to your revenue—you don’t get paid; you earn every dollar.

The Takeaway

You have earned the right to be there with buyers and sellers and say, “This is what I’m worth. This is what I’m going to do for you.” You have to stop thinking about selling people on your commission and start communicating your value. What do you bring to the table? What do you do better than any other agent? How are you going to help your client reach their next level in life? When they see how much you bring to the table and your confidence in your value to them, they will happily pay you what you’re worth.

POWER AGENTS®, here are some tools that can help you communicate your value in these complicated and competitive times:

And so much more. Visuals are so powerful in telling your story and spotlighting your worth. We’re here to help you every step of the way!

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