Your Clients Care About Your Fee as Much as You Do
Your fee was x% of the price when the house was $40,000, why is it still x% now that houses are $2M?
An agent in the Prosper mastermind ran up against this question recently, and it sparked a fascinating conversation on our call this week.
I’ve been doing this for 29 years, and while houses were more than $40K when I started, they were significantly less than they are now. So why are fees the same, and can we justify asking for the same amount?
Aside from the obvious – the cost of living has gone up so it’s a natural function of time that our incomes do too, here’s the real truth that I have discovered after almost 3 decades in real estate.
Our clients care about our fees as much as we do.
I’ll admit to questioning my fees over the years as my price point has gone up. There have been times when I’ve reduced my fee, and times when I haven’t.
What I can tell you is –
- When I’m in an ‘I’m not sure if I’m worth it’ phase – clients ask constantly about my fee and tend to pick their agent based on that.
- When I’m clear on my value – my clients rarely ask about fee and are happy to pay the full amount
Our value is internal. The external world is merely a reflection of it.
Your clients will pay what you believe you are worth. Take the time to bolster your mindset as much as your skills. It’s the #1 thing that affects your income.
To your success!
Nicole
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