Maintain your commission and your integrity

You don't ever have to reduce your commission to get a listing. That's right! And the key to getting the listing every time (with your full commission) may surprise you. Realize that there is no "trick" to earning what you're worth. In fact it's the complete opposite of a trick: be ethical and honest with all clients, at all times, and you will get the listing and your full commission every time .

You probably know a few agents who will say and do just about anything to get a listing, including slashing their commission. These people aren't being honest with themselves or with their clients, and in real estate, as in all aspects of life, what comes around goes around. The less ethical you are, the more potential buyers and sellers will begin to see you as a "game player" who'll do anything for the listing. But the more ethical and upfront you are, the more people will see the value you offer as an agent and your concern for their needs, so they will naturally pick you, no matter what commission you charge.

Following are some guidelines that will help you position yourself as the agent of choice:

1. Don't give into client objections.

Stop negotiating! When you negotiate your commission, you're not only negotiating money. You're also showing that you're not worth your fee. The bottom line is that you must set your standards and then stick with them. Most clients will ultimately respect this and appreciate what it means for them. For example, explain to clients reluctant to pay your full fee what they receive for the price of your commission and what the value of that is for them. Also, ask them to consider whether they believe an agent who is not willing to hold fast on something like a commission fee is someone they would want negotiating on their behalf.

2. Always price honestly.

It may make you uncomfortable to tell the whole truth 100% of the time, but you must do it. Some clients even seem to make being honest difficult; they want you to tell them what they want to hear, rather than what they really need to hear, which is always the truth. But the truth is so easy. For example, if a client who must move quickly to take a job in another state tells you she believes her home is worth $550,000 when you know it's only worth $425,000, you might be tempted to be dishonest, to agree to list at that price, knowing that she's in a hurry to sell and will be forced to reduce in a couple of weeks to $425,000, which is what you know it to be worth in the first place.

But the ethical response is this: "I understand that you believe your property is worth $550,000. Is that what you need to sell? Well, I honestly don't believe you're going to get that. Do you want me to tell you what you want to hear, or do you want me to tell you the truth?" And then explain what the real estate market is like. Let the client make the decision about whether or not to list. That's how you lay a solid foundation that leads to repeat business and many referrals.

3. Treat everyone with integrity and dignity in pricing.

If you were a client, would you want to pay more than someone else for the same level of service? No! So why should a nice elderly woman with no negotiating experience pay full commission while a shrewd businessperson gets a discount? No matter what size your market, people will talk. If you're willing to compromise your ethics, word will travel fast and your reputation will be ruined. The best way to keep your ethics, integrity, and honesty in check is to always detach from the outcome of your current situation. Stop thinking about what you're going to get out of the deal and focus on what the client wants. The more you focus on the client, and the less on the outcome, the more you'll get what you want. Yes, you're in real estate to make money. And when you're strapped for cash, it can be tough not to think about that commission. But when you help others get what they want, you'll naturally get what you want.

4. Earn, don't buy, business.

One way to help ensure you always get your full commission and the listing is to set your competition up for failure. Tell prospects who are trying to get you to reduce your commission that most of your competitors in your market will reduce their commission, but you won't, because the way they reduce commission fees is by buying business, as opposed to earning it. Say, "Buying business is when an agent lists high and works for a reduced fee, so he or she appears to be negotiating in a way that's favorable to you, but it's really not. It's a kind of shell game, and I don't work that way." Then explain how you do work so the client sees the true value in what you offer.

5. Pre-qualify the listing appointment every time .

Ninety percent of the time, the questions you don't ask in a pre-qualifying conversation hold the keys to why you didn't get a listing. So, to get the listing and your full commission, you need to ask those tough questions: "What do you think your home is worth in our market?" "How soon do you plan to sell?" "Are you interviewing more than one agent?" "Are you considering the possibility of selling the home yourself?? ?Are you getting pricing for the purpose of re-financing?" "Have you already met with a lender?" All of these questions and more are necessary to help you determine the potential client's motivation before you go out on the appointment.

Also, you must ask these questions before you go on the listing appointment. Realize that some people simply want you to go to their house so they can learn the value of their home. They have absolutely no intention of selling. So by asking these pre-qualifying questions prior to the listing appointment, you save yourself and your prospect a lot of time. Additionally, you increase the likelihood that you'll get the listings you want and the full commission you deserve.

6. Confidence sells.

When you lack confidence, people look right past you. They see you as weak, timid, and not capable of delivering quality service. Realize that price, experience, company name, etc. have little to do with the prospect's decision to hire you. When you meet with potential listing clients, they will choose you if you're more confident than the other agents they have met with. Ninety percent of the time, if you appear confident and competent, clients won't even ask you to reduce your commission. So even if you're fairly new to real estate, learn to "fake it 'til you make it"; be prepared and know your presentation inside out. All successful real estate agents project a strong sense of self-worth, self-reliance, and self-respect. Most people are willing to pay to work with someone who can get the job done. When you have confidence, people are drawn to you because you speak with authority and appear firmly grounded.

More Listings are in Your Future

To be a truly successful agent, you must not seek to win at any cost, including your reputation. Instead you must consistently value your personal integrity above any commission or choice listing. You must be truly interested in meeting your clients' needs in buying or selling a home, and you must always tell your prospects what they need to know, not what they want to hear. Don't forget: when you help others get what they want, you'll naturally get what you want. Write that phrase down and post it in your office, on your bathroom mirror, in your car...anywhere you'll see it every day. Live by that phrase and you will have success.