This proves the point of NO DO-OVERS in Real Estate...I have seen stubborn people who carry that dysfunction right into a large transaction. An agent who is guided by fiduciary and gets paid for results is still the-best money spent when it comes to buying or selling
Sharon, you really hit the nail on the head - educating the public about what we do is an ongoing project.
I recently represented Buyers in a transaction where Seller was listed through discount Realtor, i.e., no representation. He was astounded at the obstacles we faced along the way and complimented me several times on my level of patience, problem-solving abilities, vast resources . . . At closing, he and his wife told me they would never attempt this again on their own and would recommend me to anyone.
And the big problem with FSBOs is that the Buyer THINKS they are getting a better deal because no commissions are involved - almost never true!
Hi Sharon, My that was a very costly experience for that buyer, who didn't think he needed representation. When will they ever learn that we do more than just show homes. After all, the buyer's interest always comes ahead of our own.
A common story...Thanks for this good post! Buyers truly benefit from working with a Realtor!
The NAR, our state and local boards need to do a better job by launching campaigns to address, promote and educate the public on the specifics of Buyer and Seller representation/agency. The differences in each and why the public needs us to protect their real estate interests so that it becomes automatic to Buyers and Sellers. Then once we mention the need for representation, the public is already on board.
Sharon, I am so troubled when I hear things like this. Buyers think we want them to use us so we can get paid. Well, obviously I need to get paid but I see so many buyers overpaying because they didn't have representation. It's unsetting to me because this situation could have been easily avoided had he used you.
I will never forget an old friend, who had moved to another state. While there they went out and viewed homes to buy. She gushed when she called me after. Yep, she had decided she was going to get a real estate license. It was obvious she hadn't a clue how much goes on during a real estate transaction. I told her to call me back after she got her license and had been "selling" for 6 months. She got her license alright, but never left her job in the health care industry:-)
Sharon, recently a friend of mine sold one of her friend's daughter and son-in-law a house. They had only looked at 5 but found the perfect one. The friend then "teased" her at dinner asking if she was planning to take less commission since she didn't have to "do much".
After the inspection they realized that the upstairs furnace was 27 years old. She suggested that they get an HVAC person out to Really inspect them. Found cracked heat exchanges in both upstairs and downstairs furnaces. Her Buyers are now getting new furnaces. I told her to tell them next time it comes up, "that's why we get paid what we get paid!"
Another expert doing himself harm by obviously knowing more about something then the professionals.
Sharon, I guess this wisdom comes to the buyers after the fact - most of the time....lol!
Such a fantastic post, Sharon. And one that can be repeated enough!! I can't begin to tell you the number of people who respond with "I love to look at houses" when I told them I was going into this field. They have NO idea! But what a great opportunity for us all to educate them!! Congrats on the feature and cheers to working with people who appreciate ALL you have to offer.
Sharon, this is a GREAT post. Agents should send this to buyers and sellers who are on the fence about using a real estate agent. So many people think they're "knowledgeable" and that they can go through the transaction on their own, however many times that is not the case. Would you represent yourself in a lawsuit? No, you trust a lawyer to help you. Real estate tranasactions involve large financial decisions and you need a professional to help you. I'd share this story with a number of clients, if I were you!
An "almost" listing of mine said to me recently, "I've been around the block a few times, I know what's what." Buyers and sellers may have been around the block, but I bet they keep getting nailed with questionnable decisions because they won't listen to a professional. They can't get over the fact that we do get paid for our knowledge and help. Ultimately, they just never learn the lesson of making bad decisions.
WOW, Sharon. What a costly mistake this homeowner made by not having Buyer's Agent Representation. Your post is a "Wake Up Call" for those. who think that can get a better deal without our help, and advice.
Thanks to all for the valuable comments. This was a costly mistake for the Buyer turned Seller.
Does this buyer now want to sell as a FSBO to save the "uneccessary " fees?
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