Today’s Monday Motivation:
I just recently had a training in my office on Zillow. At the end of the training, I was asked about real estate agent commissions. I was told that in some cases, the listing agent offers less than the industry standard and the person asking was wondering how we could write the offer to get what, in his mind, would be considered fair. There was some banter through the room with different context and I believe some agents would view this as “greedy”, when all I think the agent was doing was referencing fairness in the market place when it comes to an industry standard. In many cases, agents on the buyers side suffer a low commission because the listing agent did not know how to properly negotiate what the commission should be in the first place. That is another conversation all together. What I told the agent was STOP looking at the commission. Stop, stop, stop. Yes, you work hard, yes, you deserve what is fair, but the number one thing you should be looking at is what your client wants. I told him it’s not about the money, it’s about doing a good job and getting your client what they want in the end. Period. If you happen to get a lower commission, then, in time, it will come back to you. It always does. If you coerce your client into not seeing something or steer them away and they do not get this property, then that will also come back to you. It should NEVER be about commission. Yes, there are situations where you would have to fight for your commission, but we are not talking about that and I can already hear the comments. All I’m saying is, stop looking at the money. Look at what your client needs are and then go from there. It should never be about the money. EVER. For example, the richest man in the world, as I write this, is Bill Gates coming in at about 80 billion dollars. Now look at Sam Walton of Wal Mart. He broke up his billions, which was insanely smart to do. If you re-combined his money today, he would be worth OVER 160 billion dollars. How extraordinary is that? Yet…on his death bed, his last and final three words were….“I blew it”. This is a man that could say he had it all. Yet when he looked back at his life, that was the final thing he had to say.