Newport Beach home buyers will often call me up as a result of a listing that they have found on the internet. I had a call recently where the buyer told me that he made an offer on another property and it did not go through. So I ask him if he is still working with that particular agent, and he explains that he hasn't "signed anything". He further explained that there were three agents he was working with, and he was going to buy from "whoever can find him the house first".
I personally will not work with Newport Beach home buyers that way. As a Realtor, if a buyer and I agree to work together then there is a commitment. I am spending my time doing the following preparing for a Newport Beach home buyer:
- Researching the MLS
- Researching comparable sales
- Setting Appointments (this can take several hours, to days if listing agent does not call back)
- Creating a buyer tour
- Creating a buyer packet
- Printing out disclosure forms
- Meeting prospective buyers at office
- Taking buyers out to properties
- Showing properties
- Research comparable sales on the property a buyer wants to submit an offer
- Write an offer
- Submit the offer
- Negotiate on behalf of the buyer
That is really the beginning of the process.
If a Newport Beach home buyer is working with several agents at the same time, I will tell them to stay with their agent(s) so as not to do a disservice to the other agent or myself or even the buyer.
The unfortunate part of the story is that this buyer has been working with an agent who already submitted an offer on a property which apparently did not go through. And now he is talking to other agents. I asked if he was still working with that agent, and he said that he was.
Most agents I know will not work with buyers like this. If you are not sure of who to work with then my recommendation is the following.
- Research the Realtors online
- Create a list of questions
- Select perhaps 3-4 to interview - face to face
- Inquire if the buyer agent uses a buyer/broker agreement
- Are they full time Realtors?
- What is their level of experience?
- How many homes have they closed?
- And you can look up their license on the DRE
- Select a Realtor and work with that Realtor.
Now that is not to say, that there are times when a relationship between two parties do not work out, and then it can be remedied. That's why it is important to conduct your due diligence in the beginning of the process. Keep in mind, this is most likely the single largest purchase/investment you will make in your lifetime.
Let me ask you a question. Let's say you are an Accountant, and someone calls you to prepare tax documents. However, during the conversation, they say they are talking to two other Accountants - and whoever gets it done first? Do you really think you would hurry up to "win" the business.
In this instance with a buyer talking to multiple agents, the buyer is only doing himself a disservice, and the other agent(s) who are "trying" to find him his home first are doing the Real Estate professionals a disservice. There is no loyalty.
Select a Realtor and commit to that person. You are hiring them to perform a service for you, and guide you through a very complicated process.
If I can answer any questions about Newport Beach home buying, then contact me.
Originally posted at NewportBeachRealestatecafe.com
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