Unrepresented

The last time I bought a home in the UK, it was somewhat like buying a used car.

I'm not going to make any tired analogies between Realtors® and used car salesmen here, but just say that the last time I bought a home in London, I was unrepresented.  The "estate agent" was either representing himself or the seller, I can't tell which, and I was left to fend for myself. This is typical. This is how it works: 

• An estate agent is a small geographical entity, or franchise, and takes exclusive or non-exclusive listings in it's catchment area. 
• A buyer will approach the estate agent and ask to see inside one of their listings.
• The buyer can make an offer through the listing estate agent, who is representing the seller.

Conflict of interest? Who can say - that's just the way things are done. I can see advantages in both systems

Explaining how the typical homebuying process in Austin, TX works to someone familiar with the UK system is fun. I did it last night again. Explaining:

• As a buyer's agent I work for free and can show any home in the MLS
  
• That the agency transaction fees for a listing may be around 6% (as opposed to around 1.5-2% in the UK)
• That there's a Multiple Listing System

Are always eye-popping moments. Moments I enjoy, it has to be said!

Garreth Wilcock is an Austin Realtor® who advises people throughout the real estate purchase and sale process. He was born in England, and knows the meaning of the phrase "estate agent".