Our Pricing Parameters for Real Estate Agents allow Agents to set it and forget it. Now you can engage potential clients and other Agents with an automated, on-demand, real-time method. We’ve separated these parameters by taking Property Price into consideration, that way you can be more flexible when it comes to your Asking Fee. Welcome to the world of Dynamic Pricing!
Pricing Parameters For Residential Buyers Tutorial:
Real Estate Agents will have up to four, and a minimum of two parameter pages. They are categorized as follows: Residential Sellers, Residential Buyers, Commercial Sellers, and Commercial Buyers. This allows the Member Agent to set different parameters depending on the property type that is being considered and whether the Client in question is looking to buy a property or sell it. You probably wouldn’t offer the same Asking Fee to someone selling a commercial property that you would to someone selling a residential property, after all!
1) Asking Fee Amount %:
Enter a value for an Asking Fee that you would normally request for a property that falls within the price range that is being considered. When evaluating a value to input you must consider that the standard asking fee for residential properties (approximately 6%) is different from the standard asking fee of commercial properties (approximately 10%). Also keep in mind that if you are entering parameters for property Sellers that you will, under normal circumstances, be splitting the asking fee percentage in half with your counterpart (the Buyers Agent), so 6% becomes 3% and 10% becomes 5% thus you should enter an amount close to 6% (for residential properties) and 10% (for commercial properties) taking this into account.
2) Decrement %:
Enter a value as a percent under your closest competitor. To avoid giving out your Bottom Line every time, the Decrement % parameter allows you to undercut your next closest competitor by a certain percentage. The Decrement % will be subtracted from the competitors Bottom Line Asking Fee % and the result will be demonstrated to the potential client to either accept or reject. If it is accepted, you will receive a notification containing the confirmation number. No notification will be sent to you if an offer is rejected.
3) Bottom Line Asking Fee %:
Enter a value for an Asking Fee that you would consider to be your absolute best offer, and would also be affordable to yourself. Take into consideration your normal asking fee that was entered for the corresponding property value because the value entered here must be lower than that amount.
Things to Consider:
– Entering values that contain 3 decimal places will decrease your chances of ending up in a tie/draw with another Agent so it is highly recommended.
– Your Asking Fee Amount % will be demonstrated to the principal in the event that there are no other Agents in the system to engage against you, however you must consider that people will be using the Price Setter® platform expecting to receive some sort of savings, so it may be wise to input a value lower than the industry standard to provide an incentive for potential clients to contact you.