Jonathan’s brother, Dave Twombly, is an exclusive buyer’s agent in Boston, Massachusetts. He works in residential real estate, and he chooses to only represent buyers. Dave shares how he got into real estate and why he willingly gave up half of the business of real estate to represent only buyers. In this episode, you will hear Dave share why you may want an exclusive buyer’s agent to represent you in the buying process and if you’re new to real estate, why you may want to focus on the buyer’s side. Listen along – this is an episode you won’t want to miss!
Why use an exclusive buyer’s agent?
In the past, realtors did not have to tell clients who they represented or what side of a deal they were on. When buyers looked for properties, realtors took them immediately to their own listings or listings of colleagues. Because of this, buyers were not getting fair representation. Exclusive buyer’s agents represent only buyers and not sellers, so they are purely dedicated to the buyer. There is never an instance where the agent could be representing the buyer and the seller. It gives the buyer an advisor who thinks only of his needs.
The key to getting referrals
All realtors rely heavily on referrals. In this episode, Dave shares several things that help him get good referrals from clients.
- He focuses heavily on customer service.
- He always responds to potential clients and existing clients quickly.
- In a real estate world where the more clients the better, Dave chooses to only take on a handful of clients at a time. This gives him the chance to walk every property with a customer, explain the process of home buying, and cater to their individual needs.
Hear Dave talk more on the importance of referrals and how he went from 0% to 80% of his clientele being from a referral from a previous client.
The process of working with Dave as an exclusive buyer’s agent
When Dave works with buyers, he has an initial conversation either face-to-face or on the phone to get general information. He wants to learn the buying situation: price range, timetable, what size of home his client is looking for. He then spends time explaining how he operates. Before signing a contract, he will take potential clients out to look at properties. Dave says it is important to know if he and a potential client will work well together. He is looking for a client that he clicks with, as well as someone who will listen to his advice. If these things all check out, Dave will then sign a contract with a client. Be sure to listen in to hear more on his process of representing buyers.
Short-term greed vs long-term greed in real estate
Patience is a virtue for an exclusive buyer’s agent. He says that it is more beneficial to take a year for a client to find the right property than to find something that isn’t perfect quickly. Dave notes that by taking time to find the best thing for the client, he is creating a happy client. Happy clients give good referrals. Even though selling a home in a shorter period of time produces money quicker, it does not all always create a good process and happy clients. Dave chooses to look in the long term, so he creates clients for life and referrals.
In This Episode Dave Twombly says…
- [2:06] Who he is, and what an exclusive buyer’s agent does
- [5:12] How he built his business
- [8:04] How he reached a turning point in his career
- [9:29] The key to getting referrals
- [11:32] The process to working with Dave
- [14:19] Why you should work with an exclusive buyer’s agent
- [19:00] How working with Dave affects a buyer’s comission
- [24:47] Short term green vs long term greed in real estate
- [31:14] Current housing market in Boston, Massachusetts
Resources Mentioned In The Episode
- Multifamily Launchpad Membership Community– Join the waitlist for 1 of 100 discounted charter memberships available January of 2019
- Bellwether Enterprise(sponsor) – contact Will Oldham firstname.lastname@example.org