"The Full Fee Agent: How to Stack the Odds in Your Favor as a Real Estate Professional"
- Gerald McMillan
- Mar 16
- 3 min read
Book Review
by Jerry McMillan
"The Full Fee Agent: How to Stack the Odds in Your Favor as a Real Estate Professional" is a guide co-authored by Chris Voss, a former FBI hostage negotiator, and Steve Shull, a seasoned real estate coach. The book offers real estate agents strategies to enhance their business practices, emphasizing the importance of charging full fees for their services.
Key Takeaways:
Emotional Understanding: The authors stress that agents cannot overcome clients' emotions with mere facts or logic. Instead, they advocate for "tactical empathy," which involves genuinely understanding and articulating clients' feelings and perspectives. This approach builds trust and facilitates smoother transactions.
Favorite vs. Fool: A central concept in the book is determining whether an agent is the "Favorite" or the "Fool" in a client's selection process. Being the Favorite means the client trusts and prefers you, often leading to full-fee agreements. Conversely, being the Fool implies you're being used to leverage another agent's position. Recognizing this distinction early can save time and resources.
Setting Standards: The book challenges agents to uphold a standard 6% commission, asserting that top performers in any industry don't discount their value. By maintaining this standard, agents position themselves as professionals who deliver exceptional service worth the full fee.
Effective Communication: The authors recommend techniques like mirroring and labeling to build rapport with clients. For instance, reflecting a client's concerns ("It sounds like you're worried about...") can make them feel understood and more open to guidance.
Addressing Issues Proactively: The book advises agents to confront potential problems early in the process. By acknowledging challenges upfront, agents can build credibility and prevent future misunderstandings.
While "The Full Fee Agent" is tailored for real estate professionals, its principles on empathy, setting standards, and effective communication are applicable to various sales and client-focused industries.
Here are five actionable steps a real estate agent can take to improve their business:
1. Master Tactical Empathy to Build Trust
Action Step: Before discussing fees or services, practice mirroring and labeling in your conversations.
Example: When a client says, “I’m not sure I need an agent,” respond with, “It sounds like you’re concerned about the value an agent provides. Can you tell me more about that?”
This technique builds rapport and helps you uncover the real concerns behind objections.
2. Establish Yourself as the "Favorite" Agent
Action Step: Ask early qualifying questions to determine if the client is truly interested in working with you.
Example: “Are you looking for the best agent to help you maximize your sale, or are you just looking for the lowest commission?”
If they hesitate or focus on cost-cutting, they may be using you as leverage rather than seeing you as their top choice.
3. Set and Defend Your Full Fee Commission
Action Step: Stop offering discounts and instead, demonstrate the unique value you provide.
Example: Show a case study of a previous client who netted a higher sale price because they worked with you.
Use phrases like: “Top professionals in any field don’t discount their expertise. My strategy ensures you get the best possible outcome.”
4. Control the Conversation with Smart Negotiation Techniques
Action Step: Use silent pauses and calibrated questions when clients push back on your fees.
Example: When a seller asks for a lower commission, pause for 3-5 seconds (this forces them to justify their request). Then ask, “How would reducing my commission help you net more on your sale?”
This puts the focus back on value, not cost-cutting.
5. Proactively Address Problems Before They Arise
Action Step: Have a pre-listing conversation where you bring up potential concerns before the client does.
Example: Say upfront, “Some sellers worry about commissions or market timing—how do you feel about that?”
By addressing these issues early, you eliminate them as objections later in the process.
Final Thought:
The Full Fee Agent emphasizes confidence, value, and psychology in sales. By implementing these steps, you’ll position yourself as a high-value agent who commands full commission while closing more deals.
If you would like to dive into this, let me know. I can bring you the book at your next open house!
Kindly,
Jerry McMillan
The Humble Lender
714-642-8711
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