Just in case you have been living under a rock for
the past 9-12 months, we have a serious lack of inventory in Stanislaus County-
like a month's worth or less. Because of this the job of a buyer's agent is
changing, and what may have worked in the past is not working anymore. The
result is overworked agents and extremely disappointed and frustrated buyers.
Fast forward to yesterday when I read a Facebook
post by a lender friend of mine asking what agents are doing these days to get
offers accepted for their clients, because he has a lot of pre-approved buyers
looking but they arenâ€™t having much luck getting an offer accepted.
There were some really great responses by other
Realtors- which got me thinking:
AS A BUYER, HOW
DOES YOUR AGENT AFFECT YOUR
ABILITY TO GET YOUR OFFER ACCEPTED IN A COMPETITIVE
Despite what many buyers think, their agent has
just as much to do with their ability to successfully buy a home as the dollar
amount they offer the seller. Here is some of what I see are the "best
practices" your agent should be using to get your offer
agent should be advising you to put yourself in the best position possible to
get your offer accepted. If you come to them as a new client assuming
you can ask the seller to pay all your closing costs, and they do not tell you
otherwise and instead help you find a way to get the money another way they are
not giving you very good advice. You are going to write offer after offer and
likely not understand that is the ONE thing holding you back from getting an
Your agent should be encouraging you to
look at homes priced below the max you want to spend. If they are
encouraging you to only look at homes that are at or above your max they are
setting you up for more disappointment. If you are only willing to spend
$150,000, you should be looking at homes that are $140,000-$145,000 so you can
offer MORE than asking price. Not less.
- If you come
to your agent as a new client with a preapproval from a lender they are
unfamiliar with, they should be encouraging you to get a second
opinion or explore alternative loan programs. Our market is changing-
and with it so is the lending market. There are more programs out there now with
low down payments besides FHA! Your
agent should be telling you this; because changing loan programs may cut down on
costs so much that you can afford $20,000 more in house and afford to â€œplay the
gameâ€ when it comes to making offers above asking price.
- Lastly, are they a true
professional? Honestly, this is probably the most important point on
this list. It really, really matters how professional, courteous and respectful
your agent is with the SELLERS of the homes you are looking at. Rapport matters!
If you as the buyer and your agent are kind, polite and take a minute to build
rapport with a seller when given the chance it will carry you MILES when they
are looking at a pile of nearly identical offers. THEY WILL REMEMBER YOU THE
SAME WAY THEY REMEMBER THE AGENT WHO WAS LATE AND/OR WAS SHORT AND UNFRIENDLY TO
THEM! Also, it really, really matters what kind of relationship your agent has
with other agents in town. Having solid, long-standing trusting relationships
with other agents does help to get offers accepted. If your agent is rude,
unprofessional and/or has a reputation of not playing well with others it is
most definitely going to hurt you. I should note here too the same goes for your
lender! If you have a lender with a bad reputation it will make your offer get
flat- out rejected the majority of the time.
If you are shopping for a home and you are already working with an agent, ask yourself if they are doing any or all of these things to create the best possible scenario for YOU. The market is changing. Is your agent changing with it?