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97 Comments on A Disgruntled Buyer Agent Results In No Deal For You, Listing Agent!!
I am no fan of new construction. I have been known to carve up a deal and slaughter it with one phone call. These sales counselors who attempt to remove me from the occasion will soon learn just how effective an agent can be when it comes to providing "hard data."
Greg..... all builders are not created equally..... there are some good builders who have respect for real estate agents and they know they need us.... they don't pick out pocket....they don't play with out money.... if a buyer goes directly to them that buyer is turned over to us and he pays a full commission.... not all builders are like your "production' builders.... our niche is new construction and we've done well with it.... that's too bad that it's missing from your inventory.....one piece of new construction can result in many transactions....
I feel for the buyer getting in the middle of this. Best thing to do is try to educate them about this problem right from the start. I know that sounds elementary, but there it is. Am so glad your sales team has its priorities right, Barbara.
Hi Hella.... yes, we do have our priorities right....if anything, we are too easy with some of the buyer agents....especially the phantom ones...have a happy 4th, Hella....
Many builders don't want a buyer'a agent to appear. Thus the rule.
Barbara, I'm a regular with many of the builder's here. The first day I go out with a buyer, I try to hit all the new construction sites. I don't want on-site agents trying to cheat me out of my hard-earned commission. If a buyer happens to wander into a site, I tell them to always pass along my name. As I said, most of the builders here know me and wouldn't try to cheat me but you never know when you might get a new over-zealous on-site agent.
I would never write an offer without seeing the product. That's just me. I think it's the best way to be able to advise my clients.
Your team has the right idea when it comes to selling homes. Having a good relationship with buyer's agents is the quickest way to get those new homes sold.
Barbara - I can see why you are so successful. Lets face it, I can't think off the top of my head where something like procuring cause rears its head. The public has no clue. Personally, I think it is to everyone's advantage to have their own representation.
Barbara - The builders around here require that we accompany buyers if they want to use an agent.
I've had buyers choose not to buy because they wanted representation and didn't expect to have to pay for it.
Erica... shortsighted and their loss...
Tammie...smart move to become known to the builders in your area....very smart...
Joan....everyone needs their own representation....
Christine....that's a great loss for the builder and the buyer...
Barbara: Christine states how it is rather simply. If we are talking very strictly about "black and white" with no shades of grey... as far as the builders are concerned... it is about who brings them the buyer. Representation is another matter entirely.
If you, as a Realtor/agent, bring a buyer to a builder's model... you get paid. If you don't... you don't.
Now... there are all sorts of different ways that this could be addressed or modified... as in agents having ongoing relationships with builder on-site reps... the establishing of which can very easilly save the commission for the agent if they for some reason have a buyer who goes into a model without them. But... just addressing the very basics... the builder is obligated to pay you if you actually bring a buyer to them. And if you don't, they aren't.
Hi Karen Anne.... the one thing we're never short of in the real estate business would be areas that are grey..... becoming known to the builders/on site supervisors/ builder's on site rep is a smart move for all agents.
So simple... Whatever happened to collaborative efforts and sharing? Not to mention fiduciary responsibility to the client. Awesome to see this post and your practice of being a true professional/colleague... How many more truly satisfied clients would everyone have if this were their approach to every transaction???
Walter.... there would be fewer problems and buyer agents would keep coming back for more....we market to buyer agents.... once they inform their buyers about our inventory, we're not going to cut them at the knees....
Barbara: It is also a very different situation... because you and your team seem to specialize in actually "listing" the builder's homes in your market area... so the agents who bring clients to your builder homes are working in a "buyer's agent" / "listing agent" scenario. The ethics and the business practices are much more well-defined by the COE.
In larger markets... the builder's homes are NOT listed with a company or a Listing Agent... so it is more of a Buyer's Agent dealing with the builder/owner. There is no Listing Agent involved.
It just makes it more difficult to deal with because the people on both the buying side and the listing side are not both Realtors.
Karen Anne....we have had Toll building in Franklin and they were very good to all Franklin agents....they needed us...we had our own new construction and our construction was a much better quality.... they still required us to sign our buyers in with them and be there for the first showing.... many agents in our community did not show their properties.....Toll does not like building in our town....neither the agents nor the building dept. were fans of them.... and they knew it.... our builders are flexible and we band over backwards to make buyer agents feel welcomed and make the deal easy for them.... I would not like working in your market.... I like my little egg nest!!!
Barbara: Toll Bros also builds in the DFW market area. I think they have perhaps ten or so active neighborhoods. Frankly, although they do present their homes in the nicer, more expensive sections of some of our "planned communities..." I have never been all that impressed with them... and have wondered what the "fuss" was all about.
I can totally understand how local agents have reacted to them in your area. Although they are "expensive"... I would still call them a "production" builder... rather than a true custom builder... of which we have many.
Your market sounds like a great market... quite different that the Fort Worth/Dallas market. There are positives and negatives about every market... but who would want everything to look and be the same ?
In DFW someone moving here from another area from where perhaps they lost their home... they can get a "new start" in that they can get for a lot less than similar homes in the area they left. However, obviously... when the time comes to sell that home... it will also sell for less than it would in many of the areas "back East."
There are similarities and differences in working either market. I call this place "The People's Republic of Texas..." and jokingly say that I have been held captive here against my will since I moved here from NorthEastern Ohio in 1982. It's a red state/blue state thing. If you can remember any specifics about Gov Rick Perry in the Republican Debates... you can just imagine how he runs this state.
I am very glad for you that you have your little "egg nest" just hatching away for you. How cool !
Karen Anne.... it's a nice safe environment here in Franklin MA.... I like it that way :) ... enjoy the rest of your week... stay cool.
Great post, Barbara. I lost buyers last year to a builder... They were thinking that builder will go down in listing price more, since he doesn't have to pay me, buyers' agent.
Sometimes you just can't educate clients engouh.
Happy 4th of July!
Tatyana
Tatyana..... those buyers did you a great injustice.... that's why you need to have buyers sign a buyer's agreement with you.... and the builder made a score....he pocketed that extra money that he saved by not paying you....he gave the buyers nothing.... what a shame.
Hi Barbara, its always important to take the high road, the extra commission paid to the buyers agents pays off in more sales and less feelings of a conflict of interest that can result from representing both sides.