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Exclusive Buyer Representation Agreements

Exclusive Buyer Representation Agreements

Tech with Ty

Ty Morton
May 25, 2023

Tech with Ty.
🖥️[T]echnology: Capcut
📝[E]ducation:Exclusive Buyer Representation Agreements
👩‍🏫[C]oaching: Failure is Okay
✅[H]ow To: Properly Use Hashtags

[T]echnology:

I’ve been into video editing for a long time.

That doesn’t mean I’m a good editor…I mean, I do think I’m decent, but just like Photoshop, programs like Final Cut Pro and Adobe Premier are simply above my head. 🫠

Like many, I started with iMovie but quickly transitioned to a more feature-rich Camtasia. This allowed easier transitions for B-Roll footage and multicamera effects, but it still wasn’t scratching the itch. 🙄

In my search for a new editor, I came across CapCut.

It’s wildly popular on TikTok (since they own it) as a mobile editor, but I’m more of a desktop guy when it comes to editing.

Good News…they have a desktop app! 🖥️

With cinematic transitions, social share animations, really well-done text animations, filters, and even color grading, CapCut is a full fledge video editor with premium features. There are minor nuances between iMovie and traditional linear video editing software, but the learning curve is pretty slim.

The best part is, it’s FREE! There is a paid upgrade, but I haven’t found that I needed it at all. 👍

[E]ducation:

I spoke to a few MLS/Board reps that recently went to DC to rub elbows with politicians and to represent RPAC to bring real estate related issues to the limelight. 🔦

The topic on the tip of everyone’s tongue still seems to be DOJ vs. NAR.

I’ve talked about this in multiple Tech w/Ty emails, and while it seemingly went away, if it is at the forefront of conversation at an RPAC event in DC…it obviously has not. ❌

Start honing your skills.

As I’ve mentioned too many times to count. If the DOJ says we don’t like how commissions are paid, you’re going to need to start justifying your value to potential buyers. You’ll be competing against full-service and flat-fee buyer agents. 😨 You’re going to need a stellar Buyer Presentation similar to how we do Listing Presentations. More importantly, Exclusive Buyer Representation Agreements will be an absolute must. Besides the fact that it’s illegal, you wouldn’t list a home without an exclusive agreement, would you? 🤔

So why are we still taking this approach with buyers?

Ohio Realtors recently put out a new Exclusive Buyer Representation Agreement - your local board may already have something similar, but it’s an interesting initiative by Ohio Realtors to issue this only a few weeks after meetings in DC.

I’m not a conspiracy theorist…they have probably been working on this type of agreement for at least the past six months.

Regardless, Stephen McCoy, Vice President of Legal Services & Regulatory Affairs, does a great job explaining the benefits of utilizing an Exclusive Buyer Representation Agreement, and it’s certainly with a watch HERE. ⬅️

Let’s recap…start working on your buyer presentation! Even if DOJ vs. NAR continues to go nowhere, this is an incredibly valuable tool to begin utilizing.

[C]oaching:
Remember that time you spilled coffee on your shirt right before a big listing presentation? Or that time when you scheduled two showings at the same time? 😨

I think we all remember the first fridge we bought for a client..we've all been there.

Real estate, like life, is full of ups and downs. Some days, you're on top of the world, closing deals left and right. On other days, it feels like you couldn't sell an ice cream cone on a sweltering summer day. 🍦

Let’s Play the Failure Game (Spoiler: Everyone Wins)

Failure is not the end of the world. It’s the universe's way of saying, "Hey, here's a lesson for you!" Instead of drowning in a sea of self-pity, let's use these moments to grow. Maybe that deal didn't close because you could've communicated better, or perhaps you didn't really understand the client's needs. 🤷

We call these failures “TUITION.” You’re already paying for your mistakes, so you might as well learn from them. 🧠

Laughter is the Best Medicine (Especially for Bruised Egos)

Don’t forget to laugh at yourself once in a while. Just last week, I was scrambling my way through a 14-hour day. I texted a client in a panic about funds for defect notice repairs. He responded that he was confused😕 , so I called him. He said, “Tyler, we already reduced the price by that amount in lieu of repairs.” I ate my humble pie and exclaimed that he was absolutely correct and that I obviously wasn’t getting enough sleep. Fortunately, we both laughed, and closing went off without a hitch. Remember, we're all human, and humans make mistakes. A good chuckle can go a long way in lightening the mood and reducing stress. ☺️

One Step Back, Two Steps Forward

And you know what? Every failure brings you one step closer to success. Don't believe me? Ask any successful person you know. They'll tell you their path was paved with failures, missteps, and embarrassing moments. They’re like the secret ingredients to their success recipe!

So, when you trip and fall, pick yourself up, dust yourself off, and keep moving forward. You're stronger, wiser, and more resilient than you think. 🤗

[H]ow To:
I feel like hashtags are something that people just kind of throw around on their posts without any real strategy to them. Some people might not even realize that there is a strategy to be had. Well…there is. ⬇️

If you don’t already know, hashtags are a word or phrase preceded by a hash sign (#), used on social media websites and applications to identify digital content on a specific topic. They make your content more visible, help build your brand, and connect you with people in your niche. 🤝

How do you know if your hashtags are working or if you need to switch them up?

You will know if your hashtags are working if your organic reach is increasing.📈

Basically, there are more eyes on your content. You can see this by looking below your post at “see insights and ads”. If you notice a particular post has gotten a lot more reach compared to previous ones. Take a look at the hashtags you decided to use and start using them consistently. Don’t be afraid to try out different ones to test and see if maybe certain types work more than others. You won’t know what works unless you test the waters. 🌊

Some rules I recommend following are to use around 5-10 hashtags, type as a single word, no spaces, try to hide all hashtags at the bottom of the post or in the comments to refrain from looking spammy, and pick hashtags that are in niche so they aren’t over saturated and are going to the audience you are wanting.

For example, write #daytonrealestate rather than the generic #realestateagent. The hashtag #realestateagent probably gets tens of thousands of posts a day and your post will just become buried amongst the mass. ❌ Not to mention, if it does get reach from someone it could be someone from across the country, not really someone in your area looking to buy / sell.

Some examples are listed below:

Branded hashtags (#johndoerealestate, #remaxjohndoe, #johndoeteam)
Community hashtags (#daytonlocal, #billsdonuts, #justlisteddayton)
Niche hashtags (#buyersagent, #homebuyingtips, #firsttimehomebuyer)
Audience descriptive hashtags (#realestateagenttips, #realtorlife, #daytonjustlisted)

Again, don’t be afraid to test out different types and the more relevant they are to your post the better. Spend 5 minutes to check out some of your analytics to see if any of your posts reached a lot more people than you thought.

-Ty Morton

PS. I know we talk about AI a lot...because it works.

In fact, some of this email was actually written by AI. Want us to send you weekly emails like this that you can forward to your clients?

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