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Home Buyers and The Buyer Presentation | How Do You Benefit (Part 1 of 2)?

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

 Home for saleThis is the first in a 2-part series on buyer presentations:

1. Why you should have one


2. What you should expect from a presentation

If you are a first time home buyer, you need to learn a lot about the process of buying a home. And you likely have a zillion questions to be answered. Plus, as a first step, you need to decide who you want to work with in the purchase process. There are lots of agents out there, some good, some not.

How do you choose?

I've talked before about choosing a REALTOR (some articles have to do with relocation, but the issues are similar) -

what you should look for

the need for a Buyer Agent

how to find one

among other issues

Now it's time to get into the nitty gritty and talk about the value of the buyer presentation for you, the consumer.

The question is...Why have one?

If you were selling your home, you would have a signed contract to list the property. And there would be a defined relationship with an agent who has fiduciary responsibility to look out for your interests as the seller. As a consumer buying your first home, doesn't it make sense to have a similar type of relationship with the agent you ask to help you? And even if you are experienced at buying, with the competition in the market and all the legal issues to consider, don't you want to have someone represent YOUR interests in the transaction?

DO NOT skip having a buyer presentation. You will benefit from it. It's fine to meet an agent at an open house and spend some time talking, or hunt one down on-line. But I would not recommend jumping into the buying process without doing your homework, and being sure that the agent you hire is one you are really comfortable with, and feel will represent YOU in the purchase. DON'T expect to just jump in the car and start touring homes without some work upfront. It will be a waste of time and you will not do a good of buying. And personally, as an agent, I don't feel comfortable working with someone who takes that approach to buying a home. It's just too darn important to be so lackadaisical about it.

Know that a good agent, who takes the role of representation seriously, will want to spend the time to get to know you too, answer your questions, qualify you, and make sure everyone is comfortable working together before starting the process. If they don't want to do this, well, in my not-so-humble opinion, you have the wrong person. Next!

A Buyer Presentation is also a way you can learn about the purchase process AND the agent you are considering hiring. Think of it as a job interview - a big part of the presentation is for you to learn more about the agent and decide "do I want this person to help me, or not?" As the CEO of your company, FIRST TIME BUYER, INC,. you have the most critical hiring decision to make. Keep in mind the agent (your potential employee) will be doing the same thing. You are going to be spending hundreds of thousands of dollars, or more. Don't you want to be sure that you interview and hire the best possible talent? I know I do, and I want any buyer I work with to go through this process with me first.

 One last caveat. A number of agents are now blogging, and this can be another great way to get to know more about someone that interests you, before you even meet them. I admit I am a bit prejudiced about the incredible value of blogs for the consumer - if a REALTOR does not recognize the value of blogging for consumers in this market, and is not yet writing a blog, well, there may be other agents who are better qualified and technologically savvy. You decide. Remember, you are the CEO.

Part 2 will focus on the presentation itself and the things you should inquire about, whether you are a first time home buyer or not.  Need more information about being a first time buyer? Check out First Time Buyer Central.


Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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Comments (13)

Robert Hammerstein -
Christie's International Real Estate - Hillsdale, NJ
Bergen County NJ Real Estate

Hi Jeff,

 

I've bookmarked this and will review later together with Bob.  We want to figure out if these agreements can work around here.  We're growing weary of being jerked about as many Buyers do.  Thanks for sharing.

Mar 21, 2007 12:38 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Thanks, Lisa. Does NJ have a standard form? I know many states do but some do not. Some brokerages have created them, in lieu of a state form. I tink some areas of the country are much ore in tune with Buyer agency. It was very common in the Boston area but much less so when you get out to the burbs. And the agency laws vary from state to state to. Good luck!

Jeff

Mar 21, 2007 12:50 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

jeff,

good work :)

 

Mar 24, 2007 05:03 PM
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

Hi,

You have some very informative post.  Thank you

Jul 09, 2007 07:12 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Thanks, Lorinda. Glad you found it helpful.

Ray - thank you. I appreciate your stopping by and reading. 

Jeff

Jul 09, 2007 07:16 AM
Sonya Rosser
Better Homes and Gardens Real Estate Metro Brokers - Douglasville, GA
Hi Jeff, Thanks again for the info.  Very valuable
Feb 11, 2008 08:18 AM
Misty Thomas
Houston Realty - Crosby, TX
Realtor Crosby, TX
Great info to first time home buyers! Thanks for posting!
Mar 26, 2008 08:53 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Sonya - glad you found it helpful. It continues to evolve for me as I work with more and different buyers here in Carlsbad and in the surrounding communities.

Jeff 

Mar 27, 2008 02:23 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Misty - thanks for the compliment. Buyers are getting more and more sophisticated in their research and knowledge, even those who are approaching it for the first time.

Jeff 

Mar 27, 2008 02:26 AM
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

Hi Jeff,

Great post.  It really amazes me that buyer's don't come in demading representation rather than being talked into it.  Good luck.

Mar 27, 2008 03:26 AM
Cindy Eanes
1st Choice Realty Group - Chesterfield, VA
Realtor - e-PRO, SFR, ASP

Very nice post.  I like it!  Great post and info for the first time buyer.  I will save for future reference.  Thanks!

Aug 23, 2008 07:57 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Cindy - thanks for stopping by and for the compliment. Glad you found it useful.

Jeff

Aug 24, 2008 02:48 AM
Kathy Jackson
RE/MAX Mainstream - Vincennes, IN
Big or small, I sell them ALL!!

Jeff-

I don't know of any agents in my area that use buyer's representation.  I have been looking into it as I think it is only fair to my buyers.  I'm working on putting together a buyer's presentation to start using.  I've bookmarked this article-great job!

Sep 28, 2009 09:06 AM