What Portland Buyers Do Wrong?
This really is a statement . . . not a question. Not to pick on Portland buyers . . . since buyers can make this type of mistake anywhere. But, there is one mistake that can cost them money, or ultimately, weaken their negotiation position. WHAT DO BUYERS DO WRONG!?!
Talk TOO Much!
Portland Buyers Have the Right . . .
Being an avid viewer of reality TV cop shows I do know one thing . . . every suspect has a RIGHT . . . and that is . . .
To Remain Silent
Sadly, in real estate there are no "Miranda Rights" afforded to buyers.
Listing Agents Advertise Their Clients' Property FOR SALE
Listing Agents advertise their clients(the SELLERS') home FOR SALE in a variety of ways:
- The FOR SALE sign on the Sellers' front lawn,
- The Internet
- Zillow, Trulia, IDX links, VOW's, Craig's List, etc.
- Open Houses
- etc. and so on
Realtors® are not at odds with each other when they represent their perspective clients. We are bound by our Code of Ethics to offer cooperation, and provide customer service to non-clients. However, all things in real estate boil down to one thing: legal contracts. The Listing Agent is under a legal contract with the sellers. The Listing Agent has a fiduciary duty to their clients to obtain the best possible terms, the best possible price and a host of other contractual duties to THEIR CLIENT -- the SELLER! The listing agent is NOT there for you . . . the Buyer.
The Tale of Betty Buyer
Betty goes out on Sunday to pick up the paper. While out, she sees an Open House sign on a house in the neighborhood she really likes. She decides to drop in. The listing agent greets her and Betty seems very impressed with the place. She tells the listing agent that she lives in the neighborhood and saw the For Sale sign go up a week ago. The agent tells Betty this is the first Open House and it's going really well - quite a few people have been in to tour. Betty didn't find any flyers outside and wondered how much they listed the place. The listing agent tells her . . . and Betty is surprised.
"WOW - I can afford this! I just got qualified online. But, I'm good to go for $50,000 more!"
Yeah! It happens just like this.
A buyer's anxious, nervous energy can get the best of them. They talk too much. Not only did Betty show an interest in the home, but she also told the listing agent she can buy it . . . and not only that . . . but she's qualified for $50,000 MORE!
Under the listing agent's fiduciary duty to their clients -- the Sellers . The Listing Agent can disclose what Betty has discussed with to them . . . to their client . . . the sellers!
They will.
Rule #1 as a Buyer: You Have the Right to Remain Silent!
EBA Portland ~~ 100% BUYER REPRESENTATION ~~ 100% of the Time
EBA Portland, LLC is an Exclusive Buyer Agency serving the Metro Portland real estate market since 1999. If you’re a Buyer in the Metro Portland area (including: Beaverton, Tigard, Hillsboro, Lake Oswego, Downtown Portland,) and contemplating a purchase, talk with a Buyer’s Agent . . . better yet, talk to an ExclusiveBuyers Agent. Exclusive Buyers Agents do not work for listing brokerages or Sellers. An EBA’s fiduciary dutyis: 100% BUYER REPRESENTATION . . . 100% of the Time.
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72 Comments on What Buyers Do Wrong . . . They Talk Too Much
Hi little Carla...my wife does this all the time and I make sure nothing bad becomes of it....
Buyers are meant to be seen not heard especially when viewing a house. They need to share between themselves and their agent - not the seller's agent.
I couldn't agree more on this one. Buyers are so excited they just wont shut up! I think social media is the one thing that you really have to warn your buyers about! People essentially broadcast their life online without nary a thought of the consequences!
You are right on the money with this example. I usually see this scenario play out the other way around when a seller does not leave the home during showings.
Carla, this is one of the reasons I tell my buyers why they should have an agreement with the buyer's agent - not necessarily with me but with any professional and qualified agent!
And I do 'fire' the buyers on my listings who come to me with an expectation that as they'd get some 'cut'!
Nice post, Carla. Another reason why buyers need proper representation.
HI Carla - sometimes silence is golden. And buyer's do their own agent to represent them.
Hi Carla, great post with great graphics. But all is not lost ~ pre-qualified online?? Well, you can't take that to the bank, you're still at square one. But I still get your message - loud and clear - just Zip it!
A MOST excellent and TELLING post Carla! A HUGE mistake that BUYERS make in every town across the country. And I have to admit... as a listing agent, I've been on the receiving end of Buyers talking to much... it was quite helpful when we went into a counter situation and I was able to share with my sellers how badly the buyers wanted their home ;)
Loose lips sink ships. There is a reason why brokers act as intermiaries in between the principals, and this is a prime example.
Carla - This is such great advice. It's amazing how much disadvantage the buyers can put themselves to.
Carla, I am not surprised that some buyers get too excited when they become aware of thier being in a better state than the rest and are unable to hide their excitement. What would you say when an agent comes and spill out their client's prosperity and abilities? (yes there are such agents). Now that is what I call Buyer mis-representation"
Carla, this is why third party negotiations work better for both buyer and seller. Seller says too much, buyer says too much - usually someone ends up saying too much whenever the two shall meet :)
Sharon
Yep Calra, spot on, on this one. I just had a seller friend, out of town, who has a potential buyer, going around the agent, and contacting him directly. Amazing the things the buyer is telling him.
It's very hard for people to remain silent, agents and clients alike. It's almost comical how uncomfortable a little silence can make folks.
Carla, sounds like great advice for you
Good Morning Carla,
Great advice for all parties, I think we all talk too much sometimes letting out something that should have remained unsaid. Congratulations on the feature!
Carla -- came over from Fred Griffin's re-blog to compliment you on your well-phrased explanation of this common error.
Just came across this re-blogged by someone else and had to come and say thanks for the info. Really love the "buyers have the right to remain silent" line. So so true! What's even more unfortunate is when a consumer unknowingly hires an AGENT who talks too much as well. This was a great piece that's wonderfully written. Thanks a ton!