Inspiration

Single Buyer Contract for estate agents

RAT 78 (Rawlings Agency Tip)

Here’s an idea that’s gaining ground as a short sharp way of securing an instruction – the single buyer contract! How often have you had a look round a property and hope to secure the instruction, when you then get the kiss of death with the words – “we’ll just think about it”, “we’re also seeing some other agents” or “we’ll get back to you”. As you leave the property without the instruction the chances of getting it reduce dramatically.

However, the single buyer contract can help you pick up the instruction there and then. It works like this: you probably have at least one great buyer who could well be perfect for the property. So why not tell the seller that you understand if they want to think about it or speak to other agents. However, could you just get this one buyer round the property as it really seems perfect for them? No obligation thereafter. Should they buy it the seller would of course not have the hassle of having strangers walking over their carpets and the anxiety associated with finding a buyer, especially “in this market”.

You could even offer them a (small) discount off your (reassuringly expensive) fee as you won’t be advertising the property. No ads, no boards, no hassle. Just one perfect buyer! And you won’t commit the seller to a long or onerous sole agency either. You simply produce a “single buyer contract” which has your hottest buyer’s (or maybe two) name/s on it. This is simply your existing sole agreement modified to reflect this “one-off opportunity”. Sign here please! (NB The asking price is less important in this instance than for a regular instruction).

Hopefully, you’ll actually sell the house to your named buyer/s. But if you don’t, I suspect that you will have rocketed yourself to pole position simply to continue the instruction on a regular basis thereafter. After all, you will have demonstrated enthusiasm, initiative and proactivity – key attributes of a good agent - whilst also developing your relationship with the seller.

Have a crack at this soft route in – I suspect you’ll be pleasantly surprised.

Buyer Representation update!! Following the fourth presentation in Wolverhampton recently, there are now over 60 regular agency branches who are exclusively licenced Homebuyer Centre representatives. If you have not yet harnessed the buyers’ agency opportunity, or have any questions about how it could work for you, you might like to attend the next open evening, which I’ll be presenting at the HILTON HOTEL in READING on THURSDAY 7th April from 6:30pm to 8:30pm.

You can book your free place here: http://www.eventbrite.com/event/1195408499?ref=elink or visit www.TheHomebuyerCentre.net

APPRENTICESHIP UPDATE!! The Bloom Apprenticeship Academy for estate and letting agents is cooking on gas!! The first cohort is just graduating from the Birmingham Academy, which is on course to see 100 more apprentices in the next 12 months. Bloom’s London Academy launched last month with similar numbers and Manchester is due to launch in May.

If you are located in one of these areas and would like to hire a bright young professional, qualified to NFoPP Technical Award and Level 3 Diploma standard, with no recruitment fees and a salary of just half minimum wage, you would do well to check out the opportunity. www.BloomBi.co.uk

Quote of the day: “A contract is an agreement that is binding on the weaker party” Frederick Sawyer.

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© Richard Rawlings 2012
Richard Rawlings is the founding director of Estate Agency Insight, which specialises in helping estate agencies harness opportunity through innovative method, marketing, publicity, and training. He can be contacted at or on 0845 838 1354.

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