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FAQ #7- I WANT TO BUY SO WHY NOT CALL THE NUMBER ON THE "FOR SALE" SIGN?

By
Real Estate Agent with Sotheby's International Realty Canada - Brokerage

Gananoque, On

FAQ #7- I WANT TO BUY SO WHY NOT CALL THE NUMBER ON THE "FOR SALE" SIGN?

You could call the listing agent WHO WORKS FOR THE SELLER but why would you want to? 

He WORKS FOR THE SELLER!

When you begin your house hunting adventure, I'm sure you will begin online, just like the very high percentage of other buyers.   You might request further information from the listing agent online.  After all, isn't this the person who will know the most about this property?   HE WORKS FOR THE SELLER!

If that agent is effectively doing their job, they will immediately ask you if you are already working with another agent?   

Why?

Because as an ethical Realtor, we do not work with another Realtors clients. 

The best answer you can give to this question is "Yes, I have a qualified Realtor representing me, thank you!"

Most efficient and ethical Realtors will arrange for a Buyer's Representation Agreement to be completed.   This effectively has you HIRE us to represent you throughout your house buying adventure.   You will be protected as a client and it will be your needs that are met.

Many people mistakenly believe that you should only interview Realtors when you're listing your home for sale.  See my article on this subject.

But seriously, you're making the largest purchase of your life and you're not going to interview Realtors to see who will best represent you in not just finding the home, but negotiating the best price and conditions for same?  Ironing out any wrinkles that will pop up in the process?  

You would rather call the guy WHO WORKS FOR THE SELLER???

Who was the Buyer's agent on the house that sold down the street?

Did you know that the Realtor who actually SELLS the home doesn't get their sign on the lawn?!   You don't see SOLD by Susan Emo on the many homes I've found for Buyers over the years.  The Listing agent gets to put the SOLD sticker/rider on his own sign even if he didn't sell it!!   The public rarely knows who brought the Buyer to the property so it is sooooo important to ask around.  (of course the opposite is true when it is my listing and another Realtor found the Buyer)

Ask around, get referrals from your friends/family/coworkers . . .  who did a great job for them when they last bought a property? ( Who didn't do a great job!! )   You might find the same names popping up and they're the ones to call.  

Arrange to meet with them to see if it will be a good fit -  not all personality types work well together.

Find out what their business is like:   Not all Realtors are good Buyer Agents - they might just exist to list!

Ask them what their Sale to List price ratio is (meaning what kind of negotiator are they?  Do they fight hard for their Buyer or do they cave?)

What percentage of their business comes from referrals?  

Do they have to resort to plastering their face all over the newspaper and bus benches in Ego Ads to get their business?  

Do they have to hold Open Houses each weekend to capture unsuspecting Lookie-Lou's as prospective buyer clients?

When you have interviewed several and made your choice, make sure the Realtor protects you in a Buyer's Representation Agreement which will run for a specific time period and magically turns you into a Client instead of a mere Customer!  THEY WILL THEN BE WORKING FOR YOU!!!

In this Agreement, it will specify what happens if you decide you want to buy a home that is currently listed for sale with the same Brokerage.  There are very detailed rules and regulations that the Realtor MUST follow.  It doesn't have to be the Realtors own listing either, but any listing with the Brokerage.

Gone are the days where you should call the number on the sign.  You will NOT get a better deal.  That guy WORKS FOR THE SELLER!!!!

Now that you have your own qualified representative, when you're house-hunting online (and we know you do!)  don't make contact with the listing agent . . .  provide your own Realtor with any listings you're interested in.  Allow them to speak to the other agent so as not to inadvertently divulge any information that would help the Seller!!   Allow YOUR Realtor to do the work you've hired them to do.

And, have fun!   House hunting should be fun.  It has always been for my clients!

 

Other articles in the series:

FAQ #8

FAQ #9

FAQ #10

Posted by

If you're thinking about selling, I'd love to meet with you and provide a Market Analysis and go over my Marketing Plan - it is the little things that make the difference.**

 Susan Emo
Sales Representative,
Sotheby's International Realty Canada, Brokerage*
Kingston, Ontario

www.SusanEmoSellsHomes.com

 Serving the Kingston, Gananoque and the 1000 Islands Region
- come for a visit and stay for a lifetime!

*Each office independently owned and operated.
** There is nothing on this blog that is intended to solicit business from anyone already under contract with another Realtor

The opinions expressed on this blog are the personal opinions of Susan Emo

If you are a non-member and would like to comment, please feel free to contact me.

Take a moment to visit my facebook fan page at
www.facebook.com/susanemosellshomes
and click "LIKE" today! 

 

 

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Comments(8)

Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

OK, so you are the listing agent, your sign is shining out there...you get a call from someone interested.....what do you do? Are you telling them to call another agent? 

Jun 01, 2012 03:05 AM
Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

well at least ask if they have representation, if not I explain that I work for the transaction to make sure it is done correctly from contract to close.. typically buyers and sellers do not have an issue with that

Jun 01, 2012 03:07 AM
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

I have, yes.  I do not work with every person who contacts me.   We have very strict rules and regulations up here that are put in place to protect the consumer.   I feel the buyer needs to at least know what they are agreeing to by working with the listing agent.  They need to know that I can not divulge certain things without written permission from the Seller.   It is a changing business and changing for the better in my opinion.  Perhaps in your market it is different?  I know in many states, multiple representation is not permitted. 

Usually my Buyers are referred to me and they understand our agency relationship before the house hunting begins.

Jun 01, 2012 03:18 AM
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Mark -  that's what I'm talking about.  Making sure the Buyer understands what they're getting into.  If they still choose to work with the Listing Agent, of course that is entirely up to them.  

Jun 01, 2012 03:19 AM
Sharon Lee
Sharon Lee's Virtual Assistance - Jonesborough, TN
Retired and loving life

Interesting-I wouldn't have known that. There is a realtor locally that doesn't want ANYONE showing her listing. She is a strange duck and a troublemaker

Jun 01, 2012 03:39 AM
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Sharon -  that is most likely because she wants to collect both sides of the commission.  It is a very fine line we walk when representing both sides of a sale.  How do you get the most money for your Seller with the least conditions whilst helping your Buyer get the opposite at the same time? 

I'm not saying it can't be done, because we sometimes do have to represent both.  What I'm saying is that many Buyers do not understand this process and many Sellers get upset thinking their Realtor is helping their buyer.  This is what is written into the Representation Agreement:

MULTIPLE REPRESENTATION: The Buyer hereby acknowledges that the Brokerage may be entering into listing agreements with sellers of properties the Buyer may be interested in buying or leasing. In the event that the Brokerage has entered into or enters into a listing agreement with the seller of a property the Buyer may be interested in buying or leasing, the Brokerage will obtain the Buyer’s written consent to represent both the Buyer and the seller for the transaction at the earliest practicable opportunity and in all cases prior to any offer to purchase or lease being submitted or presented.
The Buyer understands and acknowledges that the Brokerage must be impartial when representing both the Buyer and the seller and equally protect the interests of the Buyer and the seller in the transaction. The Buyer understands and acknowledges that when representing both the Buyer and the seller, the Brokerage shall have a duty of full disclosure to both the Buyer and the seller, including a requirement to disclose all factual information about the property known to the Brokerage.
However, The Buyer further understands and acknowledges that the Brokerage shall not disclose:
• that the seller may or will accept less than the listed price, unless otherwise instructed in writing by the seller;
• that the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer;
• the motivation of or personal information about the Buyer or seller, unless otherwise instructed in writing by the party to which the information applies or unless failure to disclose would constitute fraudulent, unlawful or unethical practice;
• the price the Buyer should offer or the price the seller should accept; and
• the Brokerage shall not disclose to the Buyer the terms of any other offer.
However, it is understood that factual market information about comparable properties and information known to the Brokerage concerning potential uses for the property will be disclosed to both Buyer and seller to assist them to come to their own conclusions.
Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be entitled or
authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices.
MULTIPLE REPRESENTATION AND CUSTOMER SERVICE: The Buyer understands and agrees that the Brokerage also provides representation and customer service to other buyers and sellers. If the Brokerage represents or provides customer service to more than one seller or buyer for the same trade, the Brokerage shall, in writing, at the earliest practicable opportunity and before any offer is made, inform all sellers and buyers of the nature of the Brokerage's relationship to each seller and buyer.

 

Jun 01, 2012 03:59 AM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Very interesting facts to let buyers know GG.

Jun 01, 2012 04:01 AM
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Roger -  people need to have as much information as possible in order to make an intelligent decision.   I can't believe how many 'seasoned' Realtors do not use the appropriate documentation these days. 

Jun 01, 2012 04:08 AM