Do you pre-qualify a buyer's agent, before you set up an appointment?

Do you pre-qualify a buyer's agent, before you set up an appointment? Or to be clear do you ask pointed questions?

This post was inspired by a Q & A tread on Active Rain, where an agent was taking a position that I totally disagreed with: The disagreement is about the fact, that I have no problem questioning the buyer’s agent about the qualifications of their buyer prior to providing access to the property.

Just for the record, a listing agent has numerous fiduciary responsibilities to their sellers. Sadly, some agents do not get this and wonder why they are not listing agents.

 Sellers, in the greater Los Angeles want agents to represent them and look out for their interest. I will take a leap of faith and guess, that not only do sellers in the greater Los Angeles want their agents to represent them, but all over the country this is a common tread. There are many listing agent responsibilities, but I will focus only on one in this post.

One of the primary responsibilities a listing agent is to bring Pre-Approved at the minimum Pre-Qualified buyers to their seller’s properties.

So, what do you understand under that requirement?

We as listing agents want a seller to have their home “show room ready”! Why? To give the best impression to the potential buyers, this takes energy and effort. We ask our seller to put their pets in a place that does not interfere with the showing. We ask our sellers to leave during the showing in order the buyer can take their time and peacefully enjoy and observe the home and visualize themselves living in this home. It takes a lot of work and preparation to make a home “showroom ready”, most listing agents get this and many experienced buyer’s agents get this as well and appreciate it.

Another one of the Listing Agent’s responsibilities is to shield the sellers from “lookie-loos”. I always advise my sellers to have a Broker’s Open House and a Sunday Open House in the beginning of the listing period. Why? To get the neighbors and ‘lookie-loos’ out of the way. After that we can show the home only to “Pre-Approve or at the minimum Pre-Qualified buyers”.

This is not discrimination as some agents like to say it is purely elimination of non-qualified buyers.

There are some agents who do not get this concept and fail to comprehend that it takes a lot of effort to prepare a home for a showing. Why would we want to put a seller through the emotional roller coaster ride and the physical preparation of showing their home to unqualified buyers? Just because a buyer’s agent has not done their job of pre-qualifying and pre-approving their buyers does not lessen the burden of responsibility and commitment a listing agent gave to the seller of “bringing qualified buyers”.

Now to those who have the arrogant approach of saying “you are discriminating because your listings are in the millions” show a lack of understanding on a much deeper level. The principals are the same for inexpensive homes as well as expensive homes. Price and Geography does not mater Listing Agents have the same responsibility to sell the home for the most amount in the shortest amount of time.

I have listings in my inventory from $49,000.00 to all the way to $21,500,000.00 how is that possible?  I apply the same principal to the small transaction as I apply it to the large transaction: I look out for the best interest of the seller when I am their listing agent” I do not bring them unqualified buyers, period!

To those agents who think this is discrimination, I feel sorry for their lack of understanding of what this Fiduciary Responsibility is to the sellers.

Now if you are looking for an agent who will make sure that your interested are protected, please reach out to me directly!

 

If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at  http://www.endrebarath.com.  I am a Pet Friendly Realtor and I contribute a portion of my commission to local animal rescue organizations.