I have noticed a trend recently whilst reading different posts that there is a frustration in the industry with agency and if we practice true agency will remove the problems of getting paid by our clients.
I am tired of being paid by the opposition and having my client wondering who I am truly working for and second guessing any advice I give when representing buyers. I am tired of my buyer clients wondering what I bring to the table because so many agents have told them that their services are FREE. I am sorry I am not independently wealthy, although if I won the lottery I would still do real estate but travel more. I need to get paid and would prefer to be paid by my client.
Now, I know many will say, "You are, they fund the transaction and without the funding you would not get paid." Whilst I accept the thinking I still find this mis-leading and confusing for the client. If when I meet my client and we go over the consumer notice and my client signs a buyer agency agreement we actually discuss what I am going to do and agree a fee, we can remove all their fears about helping them with For Sale By Owners, New Construction, Short Sales, Foreclosures, Sherrif's Sales etc. We have an agreement of what I am going to do and what they are going to pay, and how that is structured is negotiated according to my brokers policies and what I am willing to accept for my work. No longer am I interested in bonuses, or what the seller is willing to offer I have an independent agreement with my buyer for my services and he understands what he is paying me to do. It removes the lure of dual agency and working with a listing agent who is not going to represent my client fully and in their sole best interest.
If all buyer agents did this, it would remove the arguements over fees that are offered and whether an agent will show a property because the fee offered is low. How about no fee being offered, then truly your services will be free, but you probably won't show the property and the MLS would refuse to list the property as no compensation is offered. Another mistake and blockage to true agency representation.
Too many of us live in the past and are unwilling to look to the future and consider what our clients really want, if we did maybe the present would look a lot more hopeful. As I said in my title, I want to be paid by the person I am representing in the transaction, my client and no one else and to have no shades of gray. I know I can explain my value and I am willing to work with clients in ways that suit them, not the industry. And I will go on stating that until I see the reality of what I am proposing happening on a day to day basis.
Comments(3)