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Is Your Buyer's Agent Throwing You Under The Bus??

By
Real Estate Agent with Transaction Alliance 513.520.5305 www.LizTour.com SAL.2002007747

BusIs Your Buyer's Agent Throwing You Under The Bus??

We're primarily listing agents, meaning the bulk of our work is done with Warren County home sellers.  Sure we'll work with home buyers, but our focus is on attracting buyers for our sellers' homes.  We'll market everywhere we can reasonably expect to find buyers for our homes.  Cincinnati and Dayton MLS both of course, our blog, websites, Trulia, Zillow, Craigslist, flyers and mailings, all for the purpose of that one right buyer that matches that home.

Now if you're an area buyer, hopefully you've realized the importance of having your own, dedicated solely to you REALTOR®!  An agent whose sole allegiance is to you and your best interests. 

SuperagentA great buyer's agent will work with you to find a mortgage expert to get you approved, help you search for candidate homes, and then take you through those homes until you find THE ONE that you write a contract on!  They'll advise you on market trends, the negotiating process, the inspection process, and what it takes to get those keys in your hand.

Wait a sec you say?  Your buyer's agent is telling you it's okay to go to the listing agents direct to ask to see all the homes you want to see, and then give them a call when YOU find the right home for THEM to write that offer on?  Maybe they're even offering to rebate you some of their commission since they're not showing you homes?  Or they're too busy to make it today but they say it's "okay" for the listing agent to show you the home?

Hear that loud BEEP BEEP BEEP sound??  That's the big ol' bus that is about to back up and flatten you!  Because when you call to ask us to show you our listings, we're going to ask if you're working with an agent.  Now if you aren't truthful and say "No", then of course we're going to show you our listing....and the fact of the matter is if YOUR AGENT calls us to make direct arrangements with us, most likely we'll honor your agent and show you our listing because our primary job is TO SELL THE LISTING!
Lebanon Ohio Home For Sale

Now ask yourself "Who do WE (Liz and Bill) work for?".  What's the answer?
  "The SELLERS!".  Period.  That initial contact forward, our responsibility is to get YOU to pay the most possible, and for our sellers to make the least possible concessions to keep the deal together.

Don't mistake our friendliness for thinking we're working for you.  We are not

If we're friendly, [because we are] you're going to relax a bit.  Hopefully, it puts you in a more receptive mindset for that seller's home.  And oh yeah, it might also mean you let your guard down.  We'll ask a few subtle questions that help us gauge whether you're a legitimate buyer, how much interest you have, maybe find out where you live, how many kids you have, why you're moving, etc.  All seem innocent enough on the surface?  Maybe, but those elements together may give us all the clues we need to know how hard our sellers can negotiate with you and your buyer's agent (you know that agent you said you DIDN'T have?).  It's called LEVERAGE.  A "buyer's" agent who advises or approves of THEIR buyer previewing homes with the LISTING agents is giving your leverage away! 

For example, we find out you've only got four weeks left to get out of your home and you don't want to do temporary housing?  THANK YOU VERY MUCH!!  Woo hoo, jackpot for our sellers!  They don't have to move too much off price....just enough to get you to sign the papers.  Now it's a week later and you ask for inspection items.  Take it or leave it....or maybe contract timewe'll advise our sellers to stand more firmly and only agree to fix minimal, simple, less expensive things just enough to keep you under contract just because we can! 

So let's take the example out a bit further.  Assume the list price of the home was $200,000 and your agent offered to give you 1/3 of their commission for not having them show you homes.  So your agent is going to rebate you a couple of grand give or take a bit.  Now with that information you provided us, how much extra do you think you paid for our listing?  We're betting more than a couple of grand more than you "saved".  Now add what you lost during the inspection phase.  The hole just got deeper didn't it? 

And the bad thing?  You don't even realize that you and your buyer's agent cost YOU money.  You may cuss us and our sellers out for negotiating so hard, but you know what?  We're okay with that.  WE WORK FOR THE SELLERS.  Our seller's opinion is the one that counts to us.

This is another case of being cheap, being expensive.  Hire a good buyer's agent.  Have your agent take you to ALL homes if you want to make sure your confidential information stays confidential and your interests are the ones being served and PRESERVED. 

The FIRST time you meet us as listing agents should be at the closing table!

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

Posted by

Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of Transaction Alliance
Elizabeth Spear, ABR, Ohio License SAL.2002007747

William (Bill) Spear, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

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Comments (122)

Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

Great article!

Jan 10, 2012 04:42 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Catherine, Thanks!

Jan 10, 2012 04:53 AM
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

Shhhh, I like getting great deals for my sellers. They LOVE me!

Jan 10, 2012 05:00 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Bill, It's terrible when an agent takes on a client and then does not do the best job for them that they can.  I work as a transaction broker in Oklahoma ...  that's a whole different ballgame.  

Jan 10, 2012 05:01 AM
Eric Hooper
Briarcliff Manor, NY

Great post. I always learn so much here on Active Rain. In the 90 minutes I have been registered that is.

D. Eric Hooper, orphan and sentence finisher.

Jan 10, 2012 05:16 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Tim, Just a short conversation with the buyers and you're set! :)

Judi, Definitely different here.  The client can represent themselves, have an agent rep them on either buy or sale side, or go dual agency with the listing agent.

Jan 10, 2012 05:18 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Mr. Hooper, Welcome to Active Rain!  So much to learn here, and so many mysteries to be solved :)

Jan 10, 2012 05:20 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Liz and Bill,...great article and well deserved as a feature.

Jan 10, 2012 10:16 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Rebecca, Thanks!  We thought this one would be well received :)

Jan 10, 2012 10:40 AM
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

BLiz, way to be transparent, pal! Your sellers AND buyers are lucky to have you working for them.

Jan 10, 2012 12:57 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Eric, It's the only way to roll!  Never have anyone doubting who we serve and where we're coming from.  You hire us, you got us and everything we can bring with that.  :)

Jan 10, 2012 01:15 PM
Marilyn Boudreaux
Marilyn Boudreaux, Century 21 Bono Realty - Lake Charles, LA
Lake Charles LA Century 21 Realtor

I just caught this on a re-blog and its interesting from the perspective of a seller's agent. since I am primarily a buyers agent! I usually educate my buyers not to call the sign of a property they wish to see that I can show the property directly.  We have dual agency here in LA but I am uncomfortable representing  both side because I think it is a conflict of interest.  I always appreciate a listing agent who calls to tell me my buyer has contacted them.  Working with some now who when I could not show when they wanted, they called the listing agent and admitted they were working with me--he told them he could show it but suggested they call me back that I would have to write any offer anyway--wish there were more honest agents like that out there

Jan 10, 2012 01:20 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Marilyn, We've gotten in the habit of always asking if they're working with an agent.  If they say yes, then we advise them to call their agent.  If they still insist, we'll set the showing and leave their buyer's agent a message saying we're showing YOUR buyers X property at X time, if you want this showing, please get in touch with your buyers and let us know we don't have to be there.  USUALLY that gets the buyer's agent rounding them back up!  But we did have one last Friday that didn't return the call and never said anything about the showing.  Whether legit or not we'll never know.

Jan 10, 2012 01:48 PM
Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change

Just saw this on a re-blog by Pat Kennedy. And it's an older post. What a great piece of advice for would-be buyers. And see, it's still out there for people to find!

Jan 10, 2012 03:05 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Love this post and it's so true! This also applies to real estate agents who talk way too much and give too many clues that tip the scales in favor or whomever I'm working with, buyer or seller.

Sharon

Jan 10, 2012 03:44 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Karen, Almost two days old already :)  This one did pretty well, 7 reblogs so far!

Sharon, Oh we certainly run into that regularly!  Thanks for dishing the dirt on your client, now we're going to use that info to our client's advantage! :)

Jan 10, 2012 03:54 PM
Peggy Chirico
Prudential CT Realty - Manchester, CT
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate

I also found this on Pat's reblog - this is excellent!  I hope everyone pays attention to this one!

Jan 11, 2012 02:25 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Peggy, We can only hope....but you know we're still going to get buyer direct requests for showings :)

Jan 11, 2012 02:32 AM
Brian L. Sirota, Esq.
Bristar Realty (Realtor/Attorney) - Orange, CA
For Solutions: (714) 501-7660

This blog is certainly making the reblog rounds.   It's chock full of interesting stuff.   I understand your preference for listing homes and seller representation.   I'm sure writing sage advice for buyers has many turning to you for representation, too.

May I ask what percentage of your practice is buyer representation?    Great bloggie stuff!   Brian

 

Mar 19, 2012 10:32 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Brian, Most of our buyers are our sellers whose home we've got under contract.  Our pure buyer with no previous relationship is probably about 1/4 of our buyer population.   And you answered my question why a comment after months, those reblogs are pretty powerful :)

Mar 19, 2012 10:41 AM