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Don't Just Call the Name On the Sign

With several homes for sale on the West Bank of New Orleans, I get a lot of phone calls from potential buyers looking for information. They are driving around a neighborhood, see a sign, grab the cell phone and call from right in front of the house.

What's wrong with this? Too many times, when I ask if they are working with an agent, the response is "No, I'm just calling the names on the signs of houses I like".

Let me get this right...what you are doing is driving aimlessly (wow - have you seen gas prices lately?) and contacting a bunch of different agents who are all working for the seller? OK, let me explain to you why this plan is not in your best interest and show you a better way to find your new home.

When an owner decides to sell their home, they generally interview different agents and choose the one that they feel will work the hardest for them to get their house sold. They sign a contract with the agent that outlines what the marketing plan will be and what the commission fee will be. The agent is contracted to represent the seller in the sale of their home. The home owner is paying for the services of that agent, who has a legal and ethical responsibility to get them the highest and best price for their home. I know - this is exactly what I do for MY clients when I list their home for sale.

Now, you are cruising down the street and see that bright and shiny FOR SALE sign in front of a home that you just know would be the perfect one for you. It's fabulous, it's terrific, it's the one - you've just got to get in and see it right away. Who do you call? The name on the sign or a REALTOR® who is working for YOU, looking out for YOUR best interests?

In Louisiana, the cost of a buyer's agent is paid entirely by the seller - it doesn't cost you a single penny to use a professional to help you buy a home. It is legal for an agent to represent both the buyer and seller in the same transaction. BUT, in my opinion, this is a fine line to walk. Giving both the buyer and seller confidentiality and superior service is very difficult (if not impossible) for most people to do and relationships are bound to be affected, even if it's not intentional.

Why not take advantage of the services of a professional West Bank REALTOR® to provide your own representation? Many home buyers don't realize that they can interview and choose a REALTOR® just like home sellers do. Read: 5 Steps to Choosing Your New Orleans West Bank Real Estate Agent.

When you are ready to stop surfing the internet for homes and want to sit down and discuss finding your dream home, give me a call. I'll be happy to tell you how I can make buying the right West Bank home easier for you.

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Posted by Lisa Heindel, New Orleans West Bank Real Estate on 04/30/2008 09:05 PM

Comments (17)

home buying tips, west bank real estate, lisa heindel

Originally posted at: New Orleans West Bank Living and Real Estate News: Don't Just Call the Name On the Sign

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17 Comments on Don't Just Call the Name On the Sign

APR

2008

Excellent advice Miss Lisa! I will say though, that I have gotten alot of clients from my signs--when I ask them if they're working with someone and they say that they're not, I offer to save them some gas money (after showing them the home, of course) and send them listings that fit their specific needs! It works more often than not!

Debe in Charlotte

That's what I'm talking about! Same goes here.... representing both sides is definitely not my cup of tea....but as Debe said...I've not only gotten clients' off signs...but Open Houses too :) Great info for the consumer ..so that they know they need their own agent who will think in their best interests

It's so important for people to understand representation...who is representing them, who is representing the other party...and what the terms of that representation means!

Debe, very rarely do they actually buy the home they are calling on from the sign (actually, I've NEVER had it happen). But it certainly is not in their best interest to just keep calling every agent with a listing instead of letting a professional help them find the right place.

Sally, I've certainly picked up clients from sign calls before. I just think it's really important for everyone to be represented fairly and lots of first time buyers don't realize that they can have their own agent and still see any house they want to.

Kelly, it's so different from state to state, so I can only address Louisiana law. But, dual agency here is when the same REALTOR® represents both the buyer and seller in a transaction. I know in some other states it is at the broker level, but not here. And, we don't do buyer brokerage agreements as a rule. I've only had 1 signed in 6 years - it's just not the custom here although that could certainly change. The thing that I think is most important is that both buyer and seller are equally represented during a sale.

I agree...and I have not signed a one buyer agreement yet ..... it's the same here....the buyer runs around to open houses or calls signs..... that's why i have my handy dandy buyer brochure :)

MAY

2008

Lisa: What an excellent post. Very well written, and very well presented, too. So many buyers are just out doing exactly what you described... and have no clue that they are "unrepresented." Not a good plan.

I've shown one of my listings twice to a buyer like this. On the second time I met her I discussed buyer agency with her. Nahh, she just wants to drive around and call the "listing agents". Oh well, I tried.

Lisa, very well written and to the point post. Why would any buyer in this day and age go around unrepresented by an agent? Way to educate your market! High five.

Sally, I'd love to see a sample of that if you want to share :)

Karen Anne, that's just it - they don't know that there is a better solution for them.

Missy, some people won't ever "get it". They think they will get a better deal by working with the listing agent. What does that have to do with what the seller is willing to accept?

Brian, thank you!

LISA - It's amazing that I used this exact same concept in a PowerPoint presentation that I just created for buyer brokerage. I guess it's true that great minds think alike ;-).

Adam, feel free to share :)

Lisa, Well done my friend. You said it pretty well.

MAY

2008

'Just want to let you know that I highlighted this post on my outside blog, Focus On Crofton.

Mana, thank you!

Margaret, WOW! You just made my day - thank you so very much :)

MAY

2008

Lisa, you're right. It seems that so many buyers are not aware of buyer agency and the importance of having their own representation. They need to be informed. At open houses that I do for other agents, I hand out a shortened version of the NAR article "Why Use a Realtor When Buying a Home?" Your post is so well written that I'm thinking of rewriting my handout and incorporating some of your excellent points. Thanks for a great post.

Sallie, thank you - I love to meet other LA agents here - thanks for stopping in!

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