As a real estate agent, you have undoubtedly seen the “bonuses” to the selling agent, and if you are a listing agent, have probably used them in some or your listings. With current market conditions in many areas, it seems that these types of incentives are becoming more of the “normal” way than an exception. That being said, how can you stand out from the competition when marketing to other agents? How can you use incentives to stand out and obtain the listing when everyone is pitching similar ideas?

Well, my wheels are always turning so I thought of a few interesting ideas for making listings stand out in the MLS to agents and get them shown more, because after all, the power IS in the numbers, especially with the way market conditions are in many areas right now.  Would you be more likely to view a property that had a $500 selling bonus or one that had a free cruise to the selling agent?

My wife and I recently started an online travel business - see our website at Dando Travel. We get paid commissions on everything booked through our site so of course i thought, how can we use this to our advantage and cross-promote our businesses? The answer came to me quite easily.  Real Estate agents are not any different than everyone else - everyone loves to travel. Whether it is a weekend getaway or week-long cruise, everyone enjoys getting away from time to time.

So, now that we have a plan to get our listings shown, how do we implement it and give agents free cruises when they sell our listings?
In the listing agreement, we do the same thing we would if we had the seller paying a cash bonus. We add $500, $1000, etc. to the listing agreement for a “selling agent incentive”. Then, at closing, this money is put into our operating account as an account payable. In order to comply with cruise regulations, the selling agent must book the trip themselves. To make sure that the bonus is used for the cruise, we pay them the bonus after they have come back from their cruise. On the same token, the money can be set aside indefinitely and can accrue. Say they want a cruise for two that costs $1500 and your bonus is $1000. They sell two of your houses with this bonus and then cash in on their cruise. Once they get back, you write a check to them for $1500 and can either hold the accrual or, based on pre-determined criteria, deposit the rest into your personal account as commission earned.

Keep in mind that if you are not the broker, they will have to be the one that handles this until the bonuses are completed and accounted for.  Check with your broker for the best way to work this to your advantage.

Recap:

1. You get the seller to agree to the “cruise” bonus
2. You advertise the cruise bonus to agents in MLS and agent handouts/flyers
3. Agent books and goes on cruise through your travel portal.
4. You reimburse agent up to agreed upon bonus amount
5. You get paid a commission on the cruise booking
6. You use the incentive to gain more listings

To gain more insight on the travel business, go to the YTB Travel Opportunity site.

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