Buyer Concierge Defined
Buyer Concierge is software that works with your buyer to create a list of off-market homes that meet the needs of your buyer. You could think of it as a Zillow search by your buyer but instead of showing them the homes for sale, it shows the homes that meet their needs and aren’t for sale.
Once the list is created, Buyer Concierge contacts these owners to see if they are interested in selling. We see very high response rates to these messages, typically in excess of 2% and sometimes as high as 10%.
Below are some of the many ways we’ve seen Buyer Concierge generate a commission check for our agents.
1. Buyer Concierge creates a listing opportunity
The recipient homeowner replies to the Buyer Concierge message saying they are interested in selling and will show the home to your buyer. In this case, whether your buyer purchases the home or not, you now have a listing opportunity; you know of an owner in your farm who is interested in selling and has not yet signed a listing agreement with another agent. Use our software to stay in meaningful, personalized contact with that owner, and you will convert that owner into your listing.
How well does Buyer Concierge work to create listing opportunities? We recently had a Celebrity Agent in Hillsborough, California generate over $40 million in listing opportunities in 60 days through one Buyer Concierge campaign.
2. Buyer Concierge creates selling commissions
Because of Buyer Concierge, your buyer purchases one of the targeted, off-market homes. We recently saw agent Mary Jo Morgan in Coronado, California, close the sale of a $4.4 million condo in the Coronado Shores that she and her buyer found through Buyer Concierge.
That purchase was an interesting use case in that it took the Shores owner approximately 90 days before he contacted Mary Jo to say he was interested in selling. Two weeks later, they were in escrow and have since closed. It was a very large commission check on a very small marketing spend.
We’ve also written about Mary Jo’s first Buyer Concierge sale for her buyer Alexa.
3. Buyer Concierge pushes your buyer to pull the trigger
Today we had a Bay Area agent call to thank us for Buyer Concierge because he put into escrow a $12.5 million property for his buyer. The home purchased was an MLS-listed home.
Per the agent, his buyer used Buyer Concierge to learn that there were only 10 to 20 homes in the entire city that matched her specific requirements. After only one of those owners responded to her Buyer Concierge outreach, and only to say, “Sorry, I wish you well but I’m not interested in selling,” this buyer decided to raise her budget and purchase an MLS-listed home.
4. Buyer Concierge brands you in your farm as the active agent
All Buyer Concierge communications mention you as the agent. Therefore, each communication is great branding because owners in your farm see you are the agent working with active buyers for a home like their home.
Over time, the agent with the most awareness in a farm becomes the dominant agent. By “dominant,” we mean a market share as high as 60%.
5. Buyer Concierge creates buyer loyalty
In modern times a difficulty with buyers is keeping them loyal to you over the long time it can take to find the home to purchase. However, when a buyer sees you going out of your way to push for these off-market opportunities for them, it creates a loyalty that keeps the buyer with you. You are doing something for the buyer that no other agent can do. When it comes time to purchase, the buyer sticks with you. When it comes time to sell the home they own, they work with you again.
6. Buyer Concierge converts buyer leads
If you purchase buyer leads from Zillow, Realtor.com, Boomtown, or any other source, you can more easily convert them into clients if you can offer them differentiated value. By offering to increase their inventory selection to include targeted off-market homes, you give the leads a reason to work with you that other agents can’t offer. As explained in this separate post, the first Celebrity Agent closing came about in this manner.