Real Estate Advance Commission
Best Real Estate Strategies to Get High-End Clients
The Gross Commission Income (GCI) of a real estate agent is the sale price of the house multiplied by the commission charged. The Gross Commission Income (GCI) of a real estate agent is the house’s sale price multiplied by the commission charged. So, when the sale closes for a house worth $80,000, your GCI stands at $3200. There is a way to earn this commission even before the sale is closed. All you need to do is partner with a real estate commission advance company. You might be wondering what this has to do with acquiring high-end clients. Well, there is an association, and we will address it later in the blog. For the time being, we will talk about the strategies you need to implement to enhance your GCI by acquiring high-end clients.
In this line of work, you would seldom have clients reach out to you. Instead, as soon as there is a high-end listing, you would have to get yourself ready for the kill as the managing broker of your firm. However, this must be preceded by creating a legitimate network so that you know who to reach out to.
You were probably not aiming at high-end clients from the first day of your career. This means you have had mediocre clients before. That does not, however, mean that they will remain mediocre forever. The junior sales rep of yesterday to whom you sold a house, maybe the business developer of today, in other words, a potential high-end client. In short, you must keep a record of every client in your network. In addition, put yourself out there, play an active role in networking events. Become a member of civic groups such as Rotary Club, Lion’s Club, etc. Exchange business cards and keep potential buyers in the loop.
Be in Touch
How would you know a client is ready to up his/her stake and opt for a high-end property if you are not aware of his/her whereabouts? No, we are not asking you to be a stalker. We are asking you to be polite. Be a concerned agent. For example, send birthday wishes, congratulate them on promotions, ask them how they are doing once in a while. Satisfied customers tend to ask for recommendations from consultants who have helped them positively in their searches before.
You must look the part to be on par with a high-end client. This does not mean spending your hard-earned money on overtly expensive suits. Trunk Club, Stick Fix might help your case.
Choose your words well. High-end clients are more concerned about the value of the property than its valuation. You need to be articulate about a property’s history, architectural nuances, and the properties that make it unique. Do not use the word ‘luxury’ – trust us; the word has lost its glamour from being overused. Instead, use words like ‘gated-community’ and ‘prestigious.’
If you are aiming at winning the client, you must talk like the client. Gauge his/her leanings and expectations. Talk in his/her tone. You can set up a questionnaire before a meeting. The transparency of your approach reflects the authenticity of your pitch.
Closing deals with high-end clients is a part of ensuring a better Gross Commission Income. The more valuable a real estate is, the more GCI you would draw from the sale. Implementing the above strategies would ensure a better cash flow, but how would you ensure a steady cash flow? Besides aiming for a high payment, you must aim for a fast payment too.
A “deal closed” does not necessarily imply a “property sold.” The duration between these two events could be painstakingly long. For how long would you wait for your dues? Plus, a dispute leading to the rejection of a sale agreement is not unheard of. Does that mean you lose your income? These are valid problems that face every real estate agent. The good news is there is a solution to these problems, also known as real estate commission advance companies. These companies charge a small service fee for getting your commission through as soon as a deal is closed. So, you get paid on an earlier date than the actual buying of the property.
Just Commission Advance Commission is one such real estate commission advance company whose main objective is to help real estate agents get paid faster. It also intervenes in cases where a sale agreement falls through, and the contract becomes void. It helps the real estate agent accrue earnings despite the fiasco by substituting the now invalid commission advance with another contract with whom a deal is about to be closed.