No, I would really rather not discuss the technical exceptions to that rule. I could go there, and more, I could jazz this post up with links, interviews and other research dealing with buyer mentality.
I fear, though, that the dryness of such reads is to blame for the lack of common awareness in the industry regarding how agents get paid.
Sellers seem to understand that they have to pay something. Unfortunately, buyers seem to believe the same thing...often believing that if they quickly hop around from agent to agent, they won't get stuck with any one agent's bill!!
Think I'm kidding?
I was literally sitting in the car with a customer, showing homes in a subdivision, chatting about the merits there of, when he took not one, but two, calls from other agents, even scheduling appointments with them.
Now, I am a very nice person. Seriously, I am. But I can be blunt. And I firmly believe that when you waste someones time, you waste their money, so I asked, "So, how many of us do you think you can pay?"
Fortunately, in his moment of shock, I received a very honest answer. He admitted that he was only calling us to "show him around," that his daughter-in-law was an agent, and would handling negotiations, no doubt to save him a buck, so he wouldn't get stuck with any of our bills. (Granted, he may have understood how it works, choosing to rob agents of their commissions in order to pad the bank account of family, but I like to give people the benefit of the doubt, so I painted this customer in an unknowing light.)
Buyers - Please, please, please do not play hot potato with your agent. Your representation is covered when you buy listed property; the seller's agent will split their commission to pay your agent out of closing. If you refuse representation, you generally won't save a dime, but the listing agent will thank you, as they will take home twice as much.
What does that mean? It means that your agent's take is covered, budgeted in, but only once over. YOU CAN ONLY PAY ONE OF US. Whoever writes the deal for you gets paid. So please, make sure that whoever writes your deal was the one giving up nights and weekends, taking your calls, carrying you around, and going ten rounds with your financial institution to get you prequalified.
Pick your agent wisely, and stay with that agent. What should you do if you find out after the fact that your agent is a poor fit? Easy. Tell that agent it's a poor fit, and why, and request that he or she refer you to another agent. You will get a new agent, and the former agent will at least get a referral fee.
[This post is an original for ActiveRain; I have not, as of yet, but I think I may cross post this message on one of my sites.]
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