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Listing agents, are you aware that you must offer buyers the opportunity to use a buyer’s agent?
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10 Comments on Buyer Agents....What's Your Definition Of Proper Representation...Writing the Offer??
It is our job, but I also believe that you should bring value to earn your paycheck. I carry a fair amount of listings - and I always offer buyers the option to have representation. We discuss the difference between a customer and a client, and then they decide what services they really need. I rarely encounter the situation you describe - when the buyer has everything they need detailed, and then turning to another agent to "write it up". Thats not actually buyers's agency, IMHO. If we get to the point where a buyer is satisfied, they normally just sign the customer acknowledge and we proceed.
Jeanne....if they want to use a buyers agent, they can....and in many situations, we are asked by the buyers to show the property....they discuss their situation and show interest....then they call an agent and write the offer....we don't have to pay that agent, but we do.... and not all buyers conduct themselves like that....some don't want to use a buyers agent....we tell them verbally and in writing that we are agents for the seller.... they don't care...they want the property....
Hi Barbara - You obviously are doing things the right way. There are two big projects in my area that are like night and day. One is doing it all the way it should be done and the other is a NIGHTMARE for agents. The agent threw me under a bus and stole a client by not answering me in a timely way. Long story, but I don't go NEAR that place without a buyer agency agreement. (Usually my policy is to take people out once without one and then have them sign up.) In this case, that lost me the buyer. The fact is that you ARE serving your seller by doing things correctly. Will buyers agents be happy to go to a development where they can't trust the agents? I don't think so.
In the state of Washington, we have The Law of Real Estate Agency pamphlet that we are required to give to all buyers and sellers. This pamphlet discusses what a listing agent, buyer's agent and a dual agent is as well as defines their respective duties and loyalties. The section about being a dual agent gets buyers' attention, and they realize it might be a good idea to have their own agent. But you are absolutely right - many buyers do not see any need to have their own agent, and speak freely about their personal and financial situations. They are so excited about the home, they could care less who is writing up their offer, and this is especially true with new construction.
It's always great to ask the buyer if they are represented by a buyer's agent. Though in many case, I show them my listing making it very clear that I represent the seller and not the buyer. If they still insist that they want to work with me, I have a one property agency disclosure signed with them. If I take pain to show the property, I do not want anyone show up to write an offer. By signing the disclosure, the buyer has accepted that they do not want the representation of any agent!
Barbara, I always want to be present when my buyer is looking at new construction for this very reason. I advise my clients not to visit without me. However, I had a situation not too long ago where the buyer went to the on-site agent without my knowledge.
I had specifically warned him not to do this as it would cost him when it came time to negotiate. Of course, he thought all I was concerned about was my commission. That wasn't it. I wanted to get him the best price for the home.
I stopped in the new construction office one day to pick up some materials for another client, the agent informed me this particular buyer had been in 6 times within the two week period. He didn't tell me anything about these visits even though I had spoken with him multiple times on the phone.
You can guess what happened...he got taken because he had given away too much information and really wanted the home. I tried to explain that he was paying way too much in comparison to the other homes in the community. He said (right in front of the agent), that's the home I want and I'll pay what I have to. Well, he sure did. What's the point of having a buyer's agent if you're not going to use her?
Tammie....I think some people don't believe the story....this happens to Lorraine all the time....she does all the work with the buyer; establishes a good rapport; and in turn gets the secrets of the world about the buyer....then the buyer finds the buyers agent and pays top dollar!!!! this happens often with new construction.....only once to us with a resale...
Praful....you're required to offer them the opportunity to have a buyers agent
Francine....we see it all with new construction, especially when the buyer gets excited...
Ruthmarie....yes, we do it properly.....the buyers don't take the cue..... our builders love it when it doesn't cost them any upgrades!!!
Buyers that are unrepresented definitely pay more, new construction or not. It is a shame that a buyers agent will just write an offer and never see the home. Good for you in explaining about representation. I am sure most do not.
Karen.....In MA they are required to do so....