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How often do agents participate in builder transactions?

by Chicago Agent

homebuilder most admired toll brothers lennar fortune

Ken Fixler, President | Barnett Homes

How often do agents participate in your transactions? We rely on a network of agents to not only list and market our homes, but also help us identify lots and homes for redevelopment. On the sell side in particular, we almost always have a broker involved in the transaction as a listing agent. In the high-end market we specialize in, it’s imperative to not only tap into a listing agent’s client network, but also their expertise in a given neighborhood.

Do you offer any programs for agents that encourage them to have a relationship with you? If we work through a particular agent on the buy side when we initially acquire a site or an existing home to rehab, we’ll often go back to that same agent on the sell side and give them the listing for the completed project.

What else can you provide agents? Something many agents appreciate when they bring buyers to us is that, as a very hands-on, boutique builder, we have a lot of flexibility to work with their clients to make additions or changes to the home — particularly if they come to us while it is still under construction.

How do you get agents to be more active and engaged in your projects? When we tap an agent to list one of our homes, we often ask for and incorporate their input on the project. That could mean weighing in on the overall design concept and layout, specific finishes and selections and pricing.

Jeff Benach, Principal | Lexington Homes

How often do agents participate in your transactions? About 40 percent of the builder’s sales are broker transactions.

Do you offer any programs for agents that encourage them to have a relationship with you? Having solid relationships with brokers is instrumental to our business. For the last decade, Lexington has offered a repeat broker program where agents who bring in multiple sales at the same community receive an increased builder commission with each sale at that community. Other active agent programs include paying half of an agent’s commission up front with each sale at our community of single-family homes, Lexington Towne at Arlington Heights. Most of Lexington’s current spec homes come with a 4 percent commission, an increase from the typical 2.5 percent builder commission.

What else can you provide agents? In addition to the “extras” mentioned above, Lexington will also host special broker open houses for its properties where the builder will invite village officials and the community’s architects to be on hand to answer questions from the agents and get to know them better.

How do you get agents to be more active and engaged in your projects? We try and stay in front of them as much as possible. Besides reaching out proactively through the ways I discussed earlier, we always try to have our properties on the MLS as well as sending out e-blasts.

Jennifer Mencias, Sales Director |
William Ryan Homes/New Home Star

How often do agents participate in your transactions? Agents participate in more than 50 percent of our transactions.

What programs do you provide agents? Agents are updated regularly throughout the sales process and are provided with continuous education of William Ryan Homes’ products and offerings. But, to go above and beyond, William Ryan Homes provides special incentives and events that range from broker bonuses to vacation giveaways and appreciation events. What’s especially interesting in this relationship is the way the agents recognize and thank their builder and construction teams as well.

How do you get agents to be more active and engaged in your projects? We have learned that by treating our agents as valued partners we can capitalize on the mutually beneficial relationship, which ultimately generates more traffic and leads to greater sales. Operating our sales process in this way has proven to be extremely valuable to our division and organization as a whole.

Kari McNeil-Moritz, Chicago Division Sales Manager | K. Hovnanian Homes

How often do agents participate in your transactions? We currently have over 50 percent Realtor participation in the Chicago division. Our higher-end communities are above 60 percent.

Do you offer any programs for agents that encourage them to have a relationship with you? Yes, when the market warrants it, we will offer 50 percent commission to be paid up-front. Full earnest money and no contingencies are the only requirements.

What else can you provide agents? Depending on the season or on market conditions, we offer a bonus or SPIF depending for certain communities.

How do you get agents to be more active and engaged in your projects? We host monthly broker/Realtor events such as wine and cheese events, special broker luncheons and Realtor focus groups. Our sales team works hard at building and cultivating the best broker relationships in the industry.

Alison Keifer, Senior Sales Manager |
Toll Brothers/Chicago Division

How often do agents participate in your transactions? About 30 to 50 percent, depending on the community.

Do you offer any programs for agents that encourage them to have a relationship with you? Agents want to be up to speed on the latest in new home construction and the various programs for homebuyers, such as our minimal deposit programs with no construction financing to rate locks with our in-house lender. To keep them in the know, we host events year round that range from agent-only meetings and social mixers to educational seminars for agents and their clients. We also reach out via email updates and broker office presentations. We also host quarterly broker roundtable lunches where we ask them for their views on the market.

What else can you provide agents? We offer 100 percent referral fee reimbursement and offer advanced commission. On top of that, we have a Platinum Rewards program exclusively for agents. For every home sold, agents receive flowers and a gift and their name is entered into a grand prize drawing for one of several dream vacations to travel destinations of their choice. The program culminates with a luncheon where trip winners are selected, and it has really become an exciting event!

How do you get agents to be more active and engaged in your projects? We understand that real estate agents are vital to the success of our communities. Our goal is always 100 percent customer satisfaction and that includes agents. The experience their clients have is a reflection on them, so it is always an honor to see an agent visit again with their clients.

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