It's been an interesting couple of weeks. I've been getting multiple phone calls from home buyers finding my real estate websites and contacting me for more information on homes that they are interested in.

That's great! Except for, most of these home buyers are doing research for their part time real estate agents. The phone call goes something like this:

Scenario #1

Home Buyer: Hi, I wanted to get more information on 1234 Main Street. I saw it on your website and wanted to see if you can show it to me.

Me: That's great. I would love to help. May I ask you, are you currently working with a real estate agent?

Home Buyer: mmm... yes... but, my real estate agent doesn't have time to show me the home. He or she is very busy. Can you please schedule an appointment for me.

Scenario #2

Home Buyer: I was driving through an area and saw a house that I liked. There's a sign for XYZ company, but they're not returning phone calls. I googled the address and your site came up. Can you please give me more information.

Me: Same answer - see above.

Home Buyer: Yes... I'm working with an agent, but your site is so informative and you seem so nice. You wouldn't mind giving me more information about this house, would you?

Scenario #3

Home Buyer: I would like to get more information on a Pasadena home that you have on your website. I called my real estate agent and he said that he didn't have access to the MLS, can you pull this up for him.

Me: SHOCKED... trying to think fast of an answer that will not offend.

Scenario #4:

Home Buyer: Hi, I'm calling to see if you have any short sales in Pasadena, Temple City or Arcadia.

Me: Sure... there are many homes available that are in the "short sale" process. Are you currently working with an agent.

Home Buyer: Well... I'm actually a lender looking for my client.

Me: Okay, no problem. Is your client working with a real estate agent?

Lender on behalf of Home Buyer: Silence... well... I'm doing all the pre work for my client. Just collecting information.

Me: That's great. But, isn't your client working with a real estate agent to help him buy a home?

Lender on behalf of Home Buyer: You see... once we find a home, I will represent him.

Me: Do you have access to the Multiple Listing Service (MLS)? All the information on short sales is there.

Lender on behalf of buyer: silence and hang up

Okay, so I'm getting a little frustrated here.

Let me set the record straight. Real estate agents work on commission.

Minimum real estate agent responsibilities:

We explain the home buying process.
We ensure our clients are pre-approved and understand what they can and can not afford.
We find the right homes for our home buyers.
We negotiate the best price and terms.
We oversee all transactional details during the escrow process.
We close escrow.
Home buyer is happy and we get paid.

The best real estate agents will only work with 3 to 4 buyers at one time. Their time is limited because their focus and attention is devoted to their clients.

If you are a home buyer working with a real estate agent that is unable or unwilling to provide you with the attention that you deserve - switch agents. But, please, I beg you, do not call me and ask for information and cut into my time with my clients. It's simply disrespectful.

If you are a lender who is trying to make some extra money on the side dabbling in selling real estate. Let me tell you. It's not easy. If you're not equipped and trained and experienced to do it correctly, just don't. Save yourself and your clients the trouble. Refer your home buyers to a great real estate agent.

And, if you are a part time real estate agent that does not have the time for your clients because you have another full time job or do not have the money to invest in the MLS and other needed tools, well... you know what NOT to do...

 

This post was originally posted at http://www.irina4realestate.com/a-new-breed-of-real-estate-agents/

 

 
This post has been included in California Information Los Angeles County, CA Information Pasadena, CA Information
Post is included in group: Fraiche Aire

6 Comments on There is a New Breed of Real Estate Agents!

MAR
13
684,758 Points 145 Featured Posts Localism Sponsor Outside Blog Hit Router

Irina - sad to hear so many tales of ths scenario. It's the nature of this market, I suspect.  There clearly are lots of buyers using multiple agents to gather information, etc. And I have had a call or two from buyers who are considering discount brokerages. It's their choice, of course, but not fun being on the receiving end.

Jeff

10:40pm • #1
MAR
14
20 Featured Posts

Irina- This always happens in these types of markets.  Many buyers... and their agents... still don't understand that the internet may be free but a professional agent's time is very valuable.

5:37pm • #2
105,775 Points 10 Featured Posts Outside Blog

Jeff, I am so in awe of you... how do you manage to always find your way here?  Can't wait to see you at REBarCampLA.

Kaye, you are so right... I'm not upset with the home buyers, but I'm so tired of the agents that should know better!  Hope to see you at REBarCamp on 4/2.  Let me know if you're coming!

6:52pm • #3
MAR
15
4 Featured Posts Localism Sponsor

Very well said, Irina. My clients deserve my time and best effort.  If the person a buyer is working with can't give the buyer what is needed, that person needs to get out of the way so the buyer can get a professional to facilitate the goal of making an informed decision.

Can't wait for REBarcampLA!

2:09pm • #4
MAY
24
375,925 Points 63 Featured Posts Localism Sponsor Outside Blog

Hi Irina, I love this piece and it reflects so much of what we all have to put up with. Let me rephrase that. What we should not put up with.

One of the ways I answer the question is that I explain that I work like an attorney. I establish that the client is not under contract with another agent and thart we will work well together as a team and they then sign an exclusive agreement to have me  locate the right property. That is how I get paid. The Sellers pay the commission unless they are For Sale By Owner and you and I can work out my compensation and factor it into the sales price  After 20 years, I rarely do pro-bono work. I earn my living providing information, excellent counseling and getting the right Buyer in the right home. I don't get paid unless I can find you the right home but I only work on an exclusive basis. Would  you like me to send over my contract and we can get started?

 

9:22pm • #5
105,775 Points 10 Featured Posts Outside Blog

Elaine, you said it girl!

William, LOVE your answer!  Thank you!

10:08pm • #6

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Pasadena CA Real Estate - Irina Netchaev

Pasadena, CA

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Keller Williams International Realty

Address: 445 South Fair Oaks Avenue, Pasadena, CA, 91105

Office Phone: (626) 204-3340

Cell Phone: (626) 627-7107

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