Every now and then, I have a well meaning prospective buyer say to me, "I'm already working with an agent, but if you find a good deal, let me know and I'll use you." Sometimes it's someone I meet at a social event or someone that inquires from my blog.
I think the buyer's mentality is understandable. Their intention is twofold: (1) get the feelers out about what they are looking for in the housing market (2) to let me know that I will be compensated if I find them that coveted 'good deal'.
My response is the same every time: (1)"Do you feel you are getting good support from your current agent?" (2) "If so, I would continue to work with them." I won't be calling with the inside scoop on a new listing.
Why, you ask? Several reasons:
- Is it reasonable and fair to preempt another agent's hard work? As a buyer, if you have an agent that is working diligently and consistently on your behalf, it seems reasonable to reward that agent with your business.
- As agents, we often have access to the same data. Is it simply a matter of who makes the call, or sends the email, fastest and brings you the 'great deal'?
- If I'm listing a 'great deal', I would still want you to be represented by your agent. It's always my preference to have a buyer represented by their own agent.
- Let's say I did come across a screaming deal before it hit the market - Who would I call first with that 'good deal'? The clients that are already committed to working with me in their home search, or the person that may work with me if I find the 'good deal'?
- As a buyer, you may have signed a Buyer Broker Agreement committing you to utilizing your existing agent.
- And lastly, the agents working in the area, comprise an almost small town-like atmosphere. Those actively working in the business know one another and complete real estate transactions together - often more than once. Reputation is crucial and undermining agent/client relationships is a career killer.
And one more quick side-note - if there is a 'good deal' to be had today, it WILL have multiple offers. No one calls me asking for a 'nice overpriced home' these days. Everyone is looking for a deal. The good news, compared to pricing as far back as 2003, it's all a good deal.
The best strategy, find a home you love, that fits the needs of you and your family, and your budget. If an agent calls you with the deal of the century, if it's not in your budget, and not going to support what you really need in a home, it doesn't matter what kind of deal it is.
Originally Posted on OC Real Estate Voice