Question Details

Mary Matting…, Real Estate Pro in Owensboro, KY

Do you think buyer's place importance on having a buyer's agent representation?

Asked by Mary Mattingly, Owensboro, KY Tue Dec 11, 2007

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Some buyers do, but most buyers are not aware of the importance of having a buyers agent and their own representation. Many buyers think that they need to call the listing agent or the Broker if they want to see a home that they like. They don't realize that any agent can show any home that is on the market as long as it is in the MLS.
1 vote Thank Flag Link Tue Dec 11, 2007
I do believe that buyer's understand the importance of having an agent represent them. They don't all fully understand the process, however, they rely on us to guide them and advise them each step of the way. Most people don't have a clue as to the amount of work that is involved when negotiating and closing a deal. However, when all is said and done and they have the house of their dreams, most appreciate and understand that we played a huge role in helping them into their new home.
0 votes Thank Flag Link Wed Dec 12, 2007
I think the smart ones place a lot of value. I think people on a whole are reluctant to sign agreements saying this. Most buyers want a realtor. I had a couple I worked with buy a FSBO, then they got scared about the FSBO, got out of the agreement after they moved in....came back to me, and still bought directly from the seller.
0 votes Thank Flag Link Wed Dec 12, 2007
Those that are educated do! 85% of buyers that use the internet also use the services of a real estate agent to purchase property. We as agents have to do a great job educating consumers so that they will understand the importance.

We all do a great job selling ourselves and we often forget about educating so that buyers can see the importance of a buyers agent. So many agents fail to have a buyers consultation and just put the buyers in the car taking them around town opening doors. Are we consultants or are we a access pass? I prefer consultant!

When buyers start realizing that the sellers and the sellers agent are the benefactors of no buyers agent then they will spread the word.
0 votes Thank Flag Link Tue Dec 11, 2007
Hi Mary...

It has been my experience that the majority of buyers are just people like us.., funny to think of it that way huh. But really, none of us want to be pressured by a salesperson. We hate to have anyone call us at home with a sales pitch, telemarketers will get my goat probably the most! - Has any of us wanted to go out and look at cars, but tried to avoid that sales person that came running out? I have, and if the price is not in the window I just drive on to the next place. I don’t want to have to ask what the price is.., knowing that this will give them a chance to make me feel bad if I don’t buy. That is why we want the homeowner to leave their home when we call to arrange a showing…, we know that the buyer will often feel very uneasy & pressured with the seller around. I have also seen a lot of buyers just call the agent on the sign, with dual agency a possibility.

Most buyers do not understand that "buyers do not pay for our services!"... Most buyers do not buy a lot of homes and think we must get some kind of minimum wage even if they do know that the seller pays all RE fees and commissions.

Back in the day, I actually had one buyer call me up on a Monday, after I had shown them homes for two weeks, all excited.... I mean we were on great terms and they REALLY liked me... to tell me that they had bought a great home over the weekend and wanted to tell me all about it, they were so happy that I just could not bring myself to hurt their feelings by telling them what just happened to me, a loss of two weeks work with NO pay. They said that they did not want to bother me on the weekend, because I had spent so much time with them already… even though I had told them I would be there for them 7 days a week and had shown them homes on weekends prior to this. They said that they had used a fellow Realtor from my company, but another office, so I could get the credit for the sale. We had NO Buyers Agency Agreement. I just told them that I was happy for them and wished them all the best. I had not educated them. I have tried many times to tactfully let buyers know that I only get paid if a sale is made…, but it often seems SO tacky and rude to talk about our wages or fees. As an Associate Broker and selling an average of 30+ homes a year… I now ask all buyers to sign an agreement to use my services, without cost to them.

I got a call on another Monday, can you believe this, a few months ago from a “site agent” with Quadrant Homes. They are a new home builder. He said he had sold a home to “your buyer” and that I would get the full 3% of the $325,000 sale and this was because my client had signed a Buyers Agency Agreement! Never leave home without one. This is stressed quite a bit in our local Agent training classes. I have only had one client refuse to sign the document and he was a savvy investor who wanted the freedom to work with other agents…, in the end he bought a home with me as his agent.

There are exceptions to every rule, so the same with buyers, but many just don’t know.
Gosh…., wheeeew….I am sure long winded.

Wait till I really get going. :)
0 votes Thank Flag Link Tue Dec 11, 2007
Buyers and our clients are very smart individuals. It is always important to never underestimate thier knowledge. With the power of the internet, information and homes for sale are easier research and find than they have ever been in the past, making the search for a home much easier. Nevertheless, I feel it is the duty of all Realtors to reinterate on a constant basis the overall guidence that a Buyer's agent can provide in a real estate transaction.
0 votes Thank Flag Link Tue Dec 11, 2007
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