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It's 1:45 p.m. Do you know where your buyer is?

I was a bit stunned by an incident relayed to me this morning. A home buyer called an agent on our website. Apparently, this home buyer called our real estate agent 2 hours before closing on the purchase of a house. The couple wanted to know if the real estate agent could show them some houses before their closing just to make sure there wasn't a better deal out there.

Huh...Watcha talkin' about buyer? How about the sellers who thought they had a done deal? What about the real estate agent who took you out, probably ad nauseum and showed you houses until you declared, "This is the one". Do you not fear breach of contract and loss of earnest money? Do you not have movers lined up and a deposit on the line? What about good ole fashion keeping your word? Do you have a heart?

Arrgghhh....I could go on and on. This just really got me spinning.

How could this have happened? Do you think that the agent the buyers were working with wasn't in tune with their needs and was so out of tune that they decided in the nth hour that there had to be a better housing match out there for them. Or did they just truly enter the realm of the Twilight Zone, where anything bizarre is possible?

Dictionary.com defines loyalty as, "the state or quality of being loyal; faithfulness to commitments or obligations.". This scenario is adulterous at best.

And what about the real estate agent who the buyers contacted? The buyers didn't sign a buyer's agency agreement so does that mean that they are up for grabs? The work the other agent put in doesn't matter because a sale is a sale. Or maybe she is doing the first agent a favor.

My question to you: How do you keep your clients faithful?

Posted by Rebecca Levinson, Real Estate Marketing Consultant on 03/11/2008 02:42 PM

Comments (15)

loyalty, real estate buyers, buyers brokerage agreement, buyers agents, client retention

15 Comments on It's 1:45 p.m. Do you know where your buyer is?

MAR

2008

Rebecca ~ Sounds like a case of cold feet to me! You are right though, what the heck were they thinking? Did they go ahead with their scheduled closing?

Oh. Wow.

I have had one similar scenario though. My mother bought a home before I was licensed and tried to put a contract on another one right before closing. She felt she got talked into a home she couldn't afford (but hey, mom, you signed the papers) by her agent so she popped out to see an open house closer to her grandkids in a lower price and liked it a lot.

But not because she thought she could get a better deal! She just seriously had last minute issues about affording the house. I got my license, sold her "mistake" house and got her into a more affordable scenario.

My clients stay loyal to me because they like me, I like to think. But I very much point out the big bold line at the bottom of our contracts that state "This is a LEGALLY binding contract."

Hope they closed!!!

I think they were just scared. With the internet at everyone's disposal, being able to view newly listed properties can make buyers second guess themselves. I don't think it was a matter of not being loyal. They were just probably afraid of calling you to see what you would say or they were embarrassed by their own behavior. Constant communication along with my client's truly seeing that I am working for their best interest.... I point out every negative or scenario that they might could come up with on their own keeps my clients loyal and knowing that I am truly more interested in finding them the right home than I am about the size of my commission check. Good luck!

Wow, looks like a major communication breakdown. someone needs to give them a little love tap and have a conversation to find out what their thinking

Hi Rebecca, In the situation you are decribing I'm not sure there is a way to ensure loyalty ! Red flags all over this buyer.

Kathy, Sheree and Maria- Just want to clarify. My company advertises real estate agents on our website. I am aggravated because morally I think this is just plain wrong. I am upset with the buyers, because embarassment or not, they should not go behind all of these parties backs and call another agent up to show them houses 2 hours before closing. Cold feet or not, I just cannot wrap my head around that concept. The agent they contacted to show them houses was an agent who was advertising on our site. We don't make money off that and surely I want our advertisers to make money, I just don't get this one at all.

Bill- Big, big red flags. Poor agent, poor sellers, poor movers, selfish buyers.

Constant high level of service and complete diligence - they must have been missing something alon the way but it doesn't excuse it...crazy

When the media is telling people over and over that there are foreclosures "everywhere", that home values are dropping, etc, I'm not surprised that more people are waffling at the last minute or trying to see if they can get a "better deal". However, you're right. They signed the contract, they need to go through with it - or be willing to part with their earnest money and perhaps more on a breach of contract!

Oh my gosh, have they ever heard of sued for specific performance?

MAR

2008

REBECCA - Without a contract, client loyalty is something that we can all strive for, but sometimes, despite our best efforts, people stray. Usually it's because they think that the grass is greener on the other side (which is usually not the case). This story is terrible. These people should be ashamed of themselves.

Rebecca--Wow! Sounds like an agent not keeping in contact with their buyer or one who pushed them into a home they were not certain about buying. Reassuring a buyer through to the closing that they have made a good decision is part of our job. This is done through CMAs and homework prior to buying. A few hours before closing is not good. (So did someone show them homes?)

Rebecca,

It goes on everywhere - we think we are tough, practical business people-and the consumer is the highest form of life in the market. ]

Sometimes the way we are reminded is not too pleasant.

Steve

They sound like Twilight Zoners to me. I'm sure they called the agent on your website because their buyer's agent wouldn't cooperate. In NY there are lawyers on both sides of the transaction. Reminding clients that they are under contract and lawyers are involved usually helps with clients like these.