1. One in five buyers working with an agent will actually close on a home.
2. Every buyer requires six times the time commitment as compared to agents who do listings
3. 'Very Specific' requirements means burning the midnight oil and eliminating the homes that can't possibly meet your needs, but you are not looking over their shoulder to see them toiling away in the darkness.
4. Working with THREE real estate professionals. Now instead of a 20% success possibility your choice has reduced the success possibility to less the 5%.
5. Willingness to compromise, Buying and selling of real estate is a negotiation process. Stringent requirements may suggest unwillingness to negotiate in good faith. You may be operating from a false notion that the buyer will set all the rules. Not a good premise for success.
I don't know what business you are in, but I confident if you were asked to toil away into to night with a 95% probability of FAILURE,,,you would be THRILLED! 90% of the work a real estate professional does goes unseen by those they serve. Laboring on your behalf only to discover you have BETRAYED them by 'casting a wide net.' I know I would be compelled me to extinguish your number from my telephone before you are able to siphon away attention that should be spent on those with a possibility of actually buying a home in the foreseeable future.
Be aware, you have not irked three realtors, you have indeed BETRAYED three real estate professionals. This is why we read so much about compelling buyers to sign buyer contracts. Had these betrayed agents insisted,...perhaps you would be unpacking now.
I know not all realtors are unethical, selfish, and whiny, and the majority will be hard working and actually have their client's best interests in mind, but some of the comments below just reinforce how greedy these "professionals" come off as being sometimes. There are different areas which a realtor is familiar with, THEY are the ones who say that. If I'm looking to buy a house ideally in Gresham, would consider something in Vancouver WA (if the location and price are ok), but would love to live close in near SE Hawthorne -- these are entirely different areas and I'd feel more comfortable working with different agents who know and understand these local markets.
Raggedyann, there's no reason why different agents can't set up a search in each of these areas for you and be happy to have a client. The wider net you cast the more potential houses you can locate. If you're looking for something unique, that seems like a much wiser choice. Three agents from different offices will have three times the possibility of bringing to you a house which hasn't been listed yet as well.
The service provided by a realtor really doesn't justify the cost increase the seller has to tack on to the sale price, in my opinion. A fixed commission of $1,000 for filling out some paperwork and taking a few phone calls should be more than sufficient per sale. Tagging the commission to a percentage only incentivises both buyer's and seller's agents to negotiate a higher price.
I'm sure I'll upset the NAR members here, but really, the ethics of your industry comes into question when tens of millions of $$ are spent annually on lobbying politicians. Lets just keep it simple and civil in the responses here. Buyers have their interests in consideration only, sellers their own interests, and realtors (buyer/seller agent) a separate set of interests. Don't give Raggedyann a hard time about doing what is in her best interest and we (buyers and sellers) will cut you a little more slack for keeping your best interest in consideration.
Now . . . I'm going to run for cover, and see what you all have to say!
No betrayal if everyone knew about each other. Besides---the author spoke about NO CONTACT. This is an important lesson for all in the 'sales' profession.
I'll bet thousands of agents have lost commissions because they left the clients WONDERING what was going on. As a young broker, I learned this the hard way. During my first few weeks a buyer hired me to help her. I looked and took her a few places---what she wanted was also a bit out of the ordinary. At first I would call her (email wasnt even invented LOL) and tell her what I did/didnt find. It became tedious. One Thursday I started showing to another client and nothing new came up on the market. I was busy and ASSUMED that she would know nothing was available or I'd have called. EL WRONGO! Monday I called to tell her that I was working on a new, unlisted seller who had called our office. I was excited! She coldly told me she already bought a house over the weekend. She said that since I had not called her for three days, she assumed I had given up. A two-bit idiot who shouldnt have even had a license had just thrown a new in-house listing into the Sunday paper and she called him instead of me. I say idiot not because I lost the transaction---the guy was really stupid. I dont know how he passed the license tests. She later showed me the contracts and they looked like a 3rd grader scratched them out.
I learned by that and by watching other agents. You LIVE with a client. They are looking to you for help. They RELY on you. It may seem excessive from your end but place yourself into their shoes---especially if they are about to be transferred, have a deadline for taxes, etc.
Anyway, the poster said there wasnt any contact so I believe there was no problem at all with contacting other agents. In a way, thats betraying the buyer, isnt it? Of course we dont know the entire story. Thats it for me in this thread...Happy sales, everyone!
I think the problem stems from a lack of understanding on everyone's part. What is the roll of the Agent? What is the goal of the client? What are to goals of each?Is there a professional relationship established?
When I work with buyers, I begin with a meeting that will outline our goals and objectives. I cover all aspects of buyer agency and answer all questions. Normally, this meeting will determine my working relationship with my client. We cover contracts, including buyer/broker contracts, finanacing etc.
It's at this meeting that we make the decision to proceed...or not. Based upon mutual goals and needs.
Once a committed professional relationship is established, I think you will find, your agent will be working hard to find a property that meets your needs, and you also will be more satisfied with the results you get.
If you are looking in different MLS areas then you really need different agents, but remember that agents work on commission and are not paid anything for their time and efforts unless they sell you a home. Appreciation is a wonderful thing but it does not put food on the table. Ideally you will be honest with the agents in each area and tell them that you are working with other agents in different locations so that there will not be a surprise.
I get it. I've been in both sets of shoes on this issue, before and after I was broker.
When I go to continuing education classes, we typically stand up to intorduce ourselves, and our area of service. Some folks are very narrow, I like to Work Northwest San Antonio and on out to Medina Lake. It's a specific area. Other will stand and say "They Work Texas". While that is great, I would not want my sister using them to buy a home, because there is no way they can know everything about "All of Texas".
One of the points of that exercise is to network with folks in different locales. I did collect several cards, and we have referred business back and forth. I have referred poeple out to neighboring counties, and the same with languages. I have Italian, Spanish, Russian and German in my Rolodex should the need arise again, and it does come up.
My only advice, which is what I would appreciate....is that you simply be upfront. Tell me that I am the guy for the Northwest Area, but you are also considering X, Y and Z as well. If I have a good referal for you, I will speak up, if not,I can help you interview and find the right agent in the other areas. No harm, no foul. And we let the other agents in on the situation as well.
We're not all greedy, or thin skinned. I hope this helps, and congratualations on such a good post!
The answer is very simple. No agent wants to waist time showing homes to someone who is not dedicated to seeing the process through with them. After all we all go to work to get paid and if you are not dedicated to finding a home with them they won't take you seriously. These agents did not create your situation, they only want to help you solve it. Like you they have the same choices about who to work with. They want to spend their time in activities that produce income. If you want an agent not to loose interest you must be dedicated to them so they will be dedicated to you. Try to work with one agent as a team to accomplish your goal. This of it like dating. If you date someone and that someone dates many other people you may not get serious about that person. But if that person only dates you a spark may develop and end up in a long term relationship or more. If you are not finding what you are looking for, it may not exist. Try to expand your search criteria and you should be successful.
All the best,
Yes you've gotten a multitude of answers here. I understand you're perplexed and seem upset that there are lapses of time where they can't seem to find homes to show you.
I won't address the multiple realtor issue because i think you've gotten several points of view here. But i would like to add something else. I can see you're stressed about not finding a home and you wonder what happens for weeks in between when you need one now.
Things are very different when buying a home today. there are many homes on the market, but its much harder to find good homes, well priced, and in good condition. Its not like it used to be, when i would meet a new client, show a few homes, and they would be in a home in 30 days. today it takes months, and there are many times when weeks can go by when i'm not showing them anything, because nothing new fits their wants and needs. and on top of that you say you want something unique, which makes it even more difficult. You seem to have multiple issues going on.
I will say you did it the right way, by selling first and then looking. Unfortunately it will take your patience and maybe an adjustment in plans. But hang in there, just when you think its hopeless the right place invariably shows up. When there's a lull because of lack of homes, I just let my buyers know "nothing this week" and they're disappointed but understand and appreciate my constant communication. I can't change what homes are up for sale! we have no control over what comes on the market, but can only be engaged and diligent in looking, which as mostly a buyer's agent, I'm very engaged in doing. I can't say about your realtors, as i don't know enough about the situation.
I would say set your expectations a bit differently, because no one can control what's available, and just make sure you're looking too. Today a realtors job has much more to do with the process of negotiating and closing, and buyers have so much information available that you can be more engaged in looking online and driving by a home. that up front screening by you can really help...it's a team effort, especially in your situation with limited time.
My best to you
I understand that your primary goal is to find that perfect house for you and getting the help of a Realtor is the right thing to do. Realtors are very ethical in general and they expect the same time of honesty from their client. I believe if you were clear regarding your specific requirement in the beginning and made the Realtor aware about your current situation,there should not be any misunderstanding. I would like to ask you and our friend "Weary" here to contact me so that I could help you find Your Dream Home as I'm currently working with Buyers who all have different requirements for their Home and I love a Challenge!
I work with comsumers all the time searching with other agents in other towns or counties -- it's entirely routine, there's nothnig wrong with it and any broker who finds this daunting or off-putting is either an amateur or somebody who's feeling financial pressure. By the way - it's also a decent thing to convey this to all your respecftive agents.
Best to you and enjoy the long weekend!
so just be up front, review your desires, maybe look at a few homes that you don't think fit to see what is available and then review again. you must really be looking for something unique. Are you still in your home and under a time limit to move? you might need to consider a temporary move. I wish you the best, you certainly got us all going!
I think the answer depends on how different the areas are. Are they different parts of the same town or truly different areas where a Realtor would not service competently? In general a buyer agent works very hard with the hope that at the end they may get paid to find their client a great home.. by spreading your search over 3 agents each agent now must assume at BEST a 33% chance of every getting paid for their work. The reality is that we all have families and do not charge to show 10, 20 , 50 or 100 houses... so If the homes are in a close enough area.. find the best agent and let them work their tails off with the knowledge that if they find you the best deal you may buy it.
You mentioned lack of contact---NO EXCUSE for that. If they dont contact you then dump em. Perhaps you should tell them up front that you require updates because you are in a hurry. One might say an agent should know this anyway so why should you have to ask? See? Its a double edged subject on many levels.
Good luck to you. By the way---31% of all sales now are bank auctions. Perhaps you should have someone looking into distressed properties?
I think working with a different realtor in different areas is fine -- particularly if you're seeking the local expert in that area. But spelling it all out upfront is really what's going to prevent resentment from building up. Hope it all works out.
If you were hired to do a job, but then your boss hired someone else to do the same job with the stipulation that only one of you would be paid, I find it hard to believe you or anyone would put in full effort. This is just a suggestion, but hire 1 agent and sign a contract with them. You might be surprised what kind of motivation that installs.
You might find lots of agents willing to work for you without signing anything, but how many other people are they also working for who haven't signed anything? There's no way to tell because their time is going to anyone who makes a phone call to them. Who gets my time? My clients (they signed a contract). This is a business, not Realtor Roulette.
On the other hand---why would another agent 'get lucky' and adge me out if Im doing the job? How about timing. Maybe 5 agents all see a brand new listing and all try to call you but you are at work , etc. The first one to speak to you gets it. Now lets say Im working with many buyers and Im just a little slow that day. You deserve the best service and I didnt give it. Also consider the REGIONAL KNOWLEDGE. Sure, we are all members of a Multiple Listing service but all properties are not in the MLS! We may know of neighbors willing to sell. We may use TRULIA, countless FSBO sites, etc. We may have been 'farming' an area and have no official listings but know some who will sell. Some call those 'pocket listings'.
It sounds like you are in a hurry. If you have set parameters---area, home type, etc than one good agent shopuld be able to handle it, especially if they specialize in or live in that area. If you are casting wide nets, Talk to several agents and tell them you are looking for area specialists and working with them all. Thats fair. If they want to work for you then all will know the rules and no one can be unhappy over the outcome. I value properties for banks when they are considering foreclosure. I do hundreds of them--all day long in 3 counties and probably have a better knowledge of values than many agents BUT I dont claim to be an expert in them all. I live in Tigard and know it very well. Oddly, I know the Zig Zag areas on Mt hood, Washougal WA and parts of North Portland very, very well. If you wanted me to be your area expert for SE, Clackamas, etc Id have to say Im not and only have MLS access like everyone else.
Im not going to throw my hat into this stack of agents trying to represent you, and my opinions are more consumer oriented than they should be for a 'sales' person. That said, grab agents from different areas and let them know the score up front. They can take a chance or not.
Hint---we are all NOT rolling in business! You should be able to find enough people to chase houses for you under your ground rules.
This is among the reasons that brokers do themselves a dis-service by not having signed agreements in place with prospective buyers. For one thing, buyers do not have a commitment or even an understanding from the broker as to what services they will provide; they're just assuming that they are a top priority and if the broker sees a house for them, they'll call.
From the broker's point-of-view, I think we all need to realize that the times have changed, and that buyers are not necessarily "loyal" to us. (You see, Ann, we used to think that our buyers were truly "ours," and it used to come to a shock to us to learn that they might be using other avenues to search for homes.)
I know we'd like to think that we create loyalty by our professionalism, expertise, and personality - but the fact is, fewer buyers are seeing us as trusted guides that they need to get them through the process, and more of them are seeing us simply as access points.
Ann, thanks for bringing this up. All the best,
Best of luck to you in finding your home. If you need any further help - just let me know.
Kelly Gebler, Principal Broker
Cornerstone Group NW @ Keller Williams Realty
Best to you and let the realtors, earn their commission.
HLR, we sure have to earn our tiny fees to what their commissions are.
If the all the areas can not be covered by the same agent (unfamiliarity) then it's reasonable for you to use different agents. But I'd be upfront with them and tell them I'm working with you to help me find something in Castle Rock, Long Beach and Warrenton, but I'm using someone else to search downtown Portland, Tigard and Beaverton.
Portland is not a huge geographic area, however, and it's probably common to have Realtors who are familiar with and cover the entire area.
Considering the above, it becomes difficult for many of us to consider you a reasonable candidate for action.
For example, if you signed an exclusive agreement with me, I'd go "balls to the wall" to close the deal you want. We want referrals, and that means we want to do a great job so you'll refer us for more business. Clients like you are not considered bad or wrong; just in need of some enlightenment involving our mindset as business-minded folk.
So please, if you're still having trouble, I'm available just give me a call or email. I may not be able to make things happen faster, but I understand the market and as we work together, you'll at least have your expectations reasonably set... and that will bring a more positive buying experience. There are challenges in today's market, but there are huge benefits too with the amazing interest rates and lower, more affordable prices. Again, best to both of you, and we'd love some updates, maybe even some good news from one or both of you!
In December, a nice couple was doing a get acquainted tour of Florida. Their route, Jacksonville, Daytona, Fort Lauderdale, Miami, Fort Myers, Sarasota, St Petersburg - Clearwater, Gainesville and Tallahasse. Yep, they contacted an agent in each one. No, problem, each of these areas have significantly different attributes and price points and most certainly operate from different MLS databases.
Meeting them that Saturday morning resulted in 236 potential homes meeting their price and size criteria. There in the office they added the 'wait-a-minute' requirements. Must have ground floor master suite, built no later that 2005, within 3 miles of beach, baths on east side of house, move-in ready, no shorts, nor reos, south facing patio, no pool(in FL?), gated, with nearby golf courses...etc, etc.
The final search showed three matches and one in the war zone. In my area, less than 2% of available inventory had any hopes of meeting their needs. Now, add to that there are 9 other agents looking in different areas also, and the outcome seems very uncertain. Many of the competing areas are not 'built out' as is my area of Florida. Newer homes in gated communities are less common here. From a business prospective, what needs to happen? From a personal prospective, what might a buyer consider?
Marjory made some really excellent points. Now, list your requirements and all the Portland agents participating here will be able to solve your issue by finding you a home or they may identify something else is at play. Post your requirements and let's watch magic happen.
Several of us have mentioned that we'd like to know some details about what you are looking for - I list bank owned homes and always have several that are in the process of getting ready to list, but that aren't on the market yet. I'm sure there are others here who also may have homes coming up that aren't live listings as well. It seems like it would make some sense to give some details so we can all check our inventory of homes in a prelisting stage to see if maybe we've got something that would work - that way you potentially beat the competition before it goes in RMLS.
Kelly Gebler, Principal Broker
Keller Williams Realty
But once the inventory is exhausted in an area, (and an agent chooses the area they will serve), you have no choice but to use someone else in another area. Some, not many, agents will find a way to show houses out of their subscribed MLS. We have 40 agents ranging from part time house wives to retired septagenerians to full time agents who find a way to sell a house no matter where it is. I will stick my neck out and say that is what goes on in Oregon too. Point is already made that your needs may be unusually difficult to meet, which is obvious to you as well. Try Realtor.com as a source of everything. All MLS feed Realtor.com. Contact the listing agent yourself. Take it from there.
For kicks, how about telling us what the house you seek is like. If Mack McCoy, below, were licensed in OR he would help I am sure. He's that kind of guy.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Now . . . I'm going to run for cover, and see what you all have to say!
I hear what you are saying but if you worked with me I would find you such a good deal that you wouldn't care who got paid... I'm talking instant equity, building wealth, and living the rest of your life in an awesome house.
If Realtors are leaches... What about doctors? Are they con men selling snake medicine?
What about a waitress? Is she some slime ball trying to capitalize on your stomach pains?
Mechanics don't know anything either.... Oh yeah... and don't forget about our paramedics... Total doctor wanna be's that do no good...
I could keep going, but you see negativity begets negativity.
If you feel like being toxic then by all means that is your right and none of my business but please Sir... Don't project that toxicity on the rest of us.
I just think Ron needs a HUG... =)
Hope this helps!!
WOW, I know this may seem tiring and stressful. I have read most of the comments. I definitely would ask for a referral. I can get you one ASAP. I do recommend signing a contract after interviewing two or three people and have the Realtor hold your hand too turn this into a fun, memorable, and exciting period of your life. Where you are now is uncomfortable, tiresome, and costly! Call me today so I can put you in the hands of a great Realtor too give you that much needed hug and assurance of a willingness and commitment too give you the level of respect and attention you deserve NOW!
WOW, Iâ€™ll throw this into this pot with some good answers below.
1. When you enter into an agency, You are obligated to pay only one commission, therefore only one agent will get paid and they mostly will not split it with the others.
2. Sounds like YOU need to find a good agent and one you trust 100%.
This is why it's important to select one realtor, stay with that person, and have your expectations clearly defined. To not be in contact with you for weeks is not acceptable, which in my mind would be justification for going with another realtor. To interview the realtor is important......and to set expectations of each other.
As I invest a lot of time and money in my customer (travel being one), my preference is to get an agreement from the custome that they will use me as their exclusive realtor. This eliminates the second guessing of each other, and provides for a good, mutually agreed, working relationship.
Oh Wow! What a good question. Thank you for posting. There are as many views on this as there are Realtors.
I feel like if you a Realtor hasn't found what you want... You should say something like: "I would love for you to put a deal together for me, but it's been so long that I'm going to try another avenue... If you do however send me something I want, then by all means I will use you".
When you work for commission only, it really sucks to lose a buyer. On the other hand it's a great thing when you find a Realtor that has some kind of work chemistry with you.
Just be honest.. Then your job is done. Bottom line.
Also, Sometimes Agents want the buyers to find another Realtor. It really goes both ways. Not personal at all.
One thing no one addressed here is why you don't have a signed contract with any of the Realtors you are in contact with. You have received excellent answers addressing how this situation treats the real estate professionals who think they are working for you. Have you considered intereviewing three Realtors to see how they would handle your business? At the end of the day, you could ask them for a contract. Having a service contract in place gives you some assurance that you are a priority, your business is important to the Realtor you are employing and that you understand exactly what services you can expect including showing time, property research and consultation. A contract provides you with a vehicle to question your Realtor's expertise in all areas of the city so you know you are getting what you expect. You deserve a service contract......and your Realtot deserves your respect and your loyalty.
My guess is the agent disappears when they realize you are working with other agents. We are professionals and should be valued for our experience and expertise. We all have access to the same MLS, so there is no reason why one would "run out of homes." For me....I want a client who will work with me alone, and if I do something wrong, then please let me know and move on....but I'm not going to compete in a real estate "beauty" contest..... :)
I think you need to find a solid agent that you like and can work with....and then let them dig in and find you a home.
I hope it goes well for you,
Unless you sign a buyer's broker agreement, you are considered a customer, not a client. Since we work on commission, it makes sense to give first priority to our clients who have commiteed to working with us to find them a home. In your position where you really need to get into a home and your criteria is specific, you need to find a good agent, commit to them and they will work very hard for YOU knowing that you will stick with them
All the best!