To be clear, buyer's have a right to representation. They also have a right NOT to have representation. Why a buyer would not want full representation is beyond me, but it's their choice. As a buyer's agent you have an obligation to represent them fully. It doesn't matter how you feel about them, what they are doing or how they are treating you.
Buyer's Agent Job Description
If you are working as a buyer's agent, here's the bare minimum you should be doing for your client:
- Show them houses that meet their criteria, regardless of the commission percentage
- Understand what's in the contract and explain the contract to them so they understand of what they are getting into
- Explain to your client that there will be some "bumps in the road", but most can and will be resolved
- Present their offer to the listing agent, in person if at all possible
- Process the contract (sending it to the settlement company, lender, etc) in a timely fashion
- Get all required inspections completed in the allotted time frames
- Make sure your client understands all of the time frames
- Communicate with the listing agent regarding the progress of the loan
- Schedule the settlement and final walk through
People Don't Like Surprises
As a buyer's agent you need to meet and explain the entire home buying process to the buyer. Because they have watched a few reality television shows and read about real estate online, they often feel they know what to expect during the transaction. Nothing could be further from the truth. They need to hear the steps and the pitfalls from you at the very beginning of the process. Help them understand how much money they will need upfront for the earnest money deposit, the appraisal and the various inspections. No one likes surprises...especially when it comes to their money. Lastly, review some of the "bumps in the road" that occur between finding the perfect house to settlement. As the buyer's agent you will also need to regularly communicate with the listing agent to keep them abreast of the process of loan and title work. Remember, when there is a bump in the road it's not about you, it's about the buyer or the seller. You and the listing agent are simply the middle men.
Everyone Is Anxious
No matter how many times your client has purchased a house, the process is still quite stressful. It is imperative that you stay in constant contact with your buyer, the lender, the listing agent and the settlement company. This is especially true as you get closer to settlement. Everyone is anxious and needs reassurance that the transaction is progressing towards the settlement date. When phone calls and emails go unanswered, the listing agent and seller start to speculate as to what is going on, that's just human nature. And 9 times out of 10, they think the worst. I often hear agents say, "But I didn't have anything new to tell you". But what they fail to realize is that, no news IS news. As a buyer's agent, your job doesn't stop when the offer is accepted...that's when the real work begins.
- I Don't Want Representation
- It's Nice To Be Appreciated
- What Makes You Different From All The Rest
- You Are So Much More Than A Real Estate Agent
- Please Don't Ignore Me
- Can We Talk
Real-Life Real Estate Training – Real Training, Real Results!
- Have you struggled turning contacts into clients?
- Are you working hard, but hardly making any money?
- Are you beginning to think you made a bad career choice?
If you answered “yes” to any of these questions you are in the right place! The Real-Life Real Estate Training program was designed to transform you and your business so that you achieve your goals. It doesn’t matter what stage in your real estate career you are in…new, experienced, or somewhere in between, our systems will help you focus your time, energy and effort on the right areas of your business. The Real-Life Real Estate Training program was designed by an active real estate agent, so our program is totally realistic, doable and easy to put into action immediately. You’ve learned how to become a real estate agent, but now it’s time to learn what it takes to BE a real estate agent. My name is Candy Miles-Crocker and I’d love to talk to you if you still have some questions or need additional information. Fill out my online contact form or give me a call at (202) 669-1924. Check out what our valued clients have said about us on our testimonials page.
Let’s Go to Work!