"Greed In The End Fails Even The Greedy" ... Cathryn Louis

By
Services for Real Estate Pros with RE/MAX Executive Realty - Retired 104763

                                         

This is a flashback to my new construction days. When I was Active, I listed and sold 40 subdivisions.

What are listing agents of new construction thinking when they write a memo in their MLS listing that says "agent must accompany buyer at the first showing."  That comment is a signal for disaster.

First and foremost, no one owns a buyer, unless that buyer wants to sign a buyer's agent agreement.  If the buyer wants to search on his own prior to hiring a buyer's agent, that's the buyers' right to do so.  This happens often in our area, and listing agents need to realize that without the buyers' agent, your listing has little to no chance of selling to any buyer. 

Our listings are open to all buyers to view and become comfortable with prior to hiring a buyers' agent.  We encourage showings, and when we ask if there is an agent in the equation, it is only to call that agent and inform them of the showing, so the agent is able to follow up. 

Every buyer deserves proper representation. Buyers deserve to have a buyer's agent by their side from start to finish. Agents should "pick a side and stay there." If you're a listing agent, represent the seller and only the seller. If you're a buyer's agent, you know who your client is.

Greed has no place in the real estate business. Too often, the listing agent of new construction challenges the buyers' agent who was not there for the initial showing.  Listing agents should expect to lose future transactions with that type of attitude and justifiably so!!! 

Posted by

 

 

Barbara Todaro, Great Grandmother to Caleb, Santino, Aiden and Gianni       

Todaro Team - Retired

508-918-9148

               

             Copyright © 2009 - 2021 Barbara Todaro

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Comments (37)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Barbara Todaro 

One of the reasons you were so successful in listing 40 subdivisions was you picked a side and stayed in your lane! Greed has no place in our business..there is plenty of business to go around.

Jan 17, 2021 04:43 PM
Barbara Todaro

pick a side and stay there..... that brought me through 42 years of successfully listing real estate.... and it made my life very easy....

Jan 18, 2021 08:36 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi BarbaraT- I can't help but think that greedy agents have only their own interests at heart. 

Jan 17, 2021 06:30 PM
Barbara Todaro

that's exactly right.... easy to put those pieces together....

Jan 18, 2021 08:36 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Barbara  I have never been motivated by money, it was more personal satisfaction... I always found taking care of the client needs translated to referrals and more clients and more business translated to more money.... call me a rare breed, Endre

Jan 17, 2021 10:19 PM
Barbara Todaro

that's how it should be, Endre Barath, Jr. ... my clients were always on the listing end....that was MY choice.... I gave buyers away.... only the listing lane is where I was found.... and that brought me more listings... listings beget more listings!!  subdivisions, too.... builders talk.... every-single-day!!

Jan 18, 2021 08:39 AM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Barbara.

A good one for sure, yo made some great points, but I would not expect anything less from you

Jan 18, 2021 12:21 AM
Barbara Todaro

you give me much too much credit..... thanks, James Dray 

Jan 18, 2021 08:39 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Barbara, for sharing your personal experience and your advice.

Jan 18, 2021 04:42 AM
Barbara Todaro

and I'm sure you have more subdivision stories than I!!!

Jan 18, 2021 08:40 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

As always you do the right thing and know how things should be done.  I have always hated that builder reps try to steer buyers towards not being represented.

Jan 18, 2021 04:49 AM
Barbara Todaro

drag them out back and shoot 'em..... that's like stealing.....

Jan 18, 2021 08:41 AM
Ritu Desai
Samson Properties - Ashburn, VA
Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949

Totally agree!! Our custom builders have already enforced the policy. However, in our Northern Virginia new construction market large builders are still wanting Buyer Broker/agent to be present at 1st meeting. Which I think goes back to your SOLID statement "No one owns a buyer".

Jan 18, 2021 05:43 AM
Barbara Todaro

no one does own a buyer....but every buyer deserves to have representation....and an agent who is representing that agent should get paid .... in full..... buyers like to roam around and they should be welcomed....and they should not be denied representation....  Ritu Desai 

Jan 18, 2021 10:15 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Now that's the way to do it! Unfortunately, many agents representing builders do not feel the same.

Jan 18, 2021 05:50 AM
Barbara Todaro

the only goal of every listing agent is to sell the product.... why fight over money no one has earned yet.... let the buyer look through the home.... I use to close the buyers who came to my model homes.... and then I'd ask who their buyer agent was.... and I'd call the buyer's agent to tell them their client was here and wanted to reserve a lot...I'd write up the reservation with the buyer's agent named in it for a full cobroke fee.... 


my job was to MOVE PROPERTY....THAT'S WHY I MY SHELVES WERE ALWAYS FILLED WITH NEW HOMES.....

Jan 18, 2021 10:19 AM
Gwen Fowler-864-638-3599 SC Mountains Lakes Homes
Gwen Fowler Real Estate, Inc - Salem, SC
Gwen Fowler Real Estate, Inc.

I agree and Disagree with a few aspects of this however you're correct in saying 'no one owns a buyer" 

Jan 18, 2021 06:37 AM
Barbara Todaro

My only job was to move property.... I was the listing agent.... never squabbled over cobroke fees.... 

Jan 18, 2021 10:20 AM
Paula McDonald, Ph.D.
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Good perspectives on this. I agree that every buyer has the right to their own representation.

Jan 18, 2021 08:29 AM
Barbara Todaro

that's right..... I never interfered and I promoted that concept.... 

Jan 18, 2021 10:21 AM
Ryne Lambert
Sell My House In Wisconsin - Green Bay, WI
Dedicated House Buyers in Green Bay, Wisconsin!

Great post Barbara. Integrity usually wins the day. 

Jan 18, 2021 02:06 PM
Barbara Todaro

yes, it surely does....

Jan 19, 2021 09:55 AM
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Methinks to remember that greed is one of the biggie sins.

And if you are a great grandmother you must have had your first child when you were 13 ... with short generations in between!

Jan 18, 2021 02:26 PM
Barbara Todaro

lmao.... I have 4 great grandchildren.... they're all like rabbits!!

Jan 19, 2021 09:56 AM
CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

I learned something new Barbara Todaro.  Thank you for sharing.

Jan 18, 2021 07:07 PM
Barbara Todaro

you're welcome....

Jan 19, 2021 09:57 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

There's greed in every profession - and it's always ugly.

Jan 18, 2021 09:05 PM
Barbara Todaro

and our profession is very competitive and the money is BIG.... those are the elements required to create greed....

Jan 19, 2021 09:58 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

"Greed has no place in the real estate business." Exactly on point! Spot on! 

Jan 19, 2021 07:31 AM
Barbara Todaro

thanks, Joe....

Jan 19, 2021 09:58 AM
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse specialist

I majored in Finance at a school the produces one of the largest groups of Wall Street Recruits. I spent many years on Wall Street- and while Oliver Stone did not intend for Michael Douglass' role of Gordon Gecko to be an inspiration- his "Greed is Good" speech was a model for so many of us in the field.  In reality Greed is not good. What I did learn is that Goldman Sach's original (pre-IPO days) motto of Be Long Term Greedy was a stronger model- with a truer message to bankers that if you build goodwill and conduct business the right way, you will prosper. While the verbiage used does not go over too well in today's environment, the underlying sentiment does. 

 

We work different markets and the example you provided highlights this.  In the world of co-op's- some of the buildings are very selective, even to the point of who they let in the door to just view an apartment for purchasing- i.e. you must be able to prove in advance of showing that you have six times the purchase price in liquid funds and the buyer's agent must accompany the buyer to all showings.  These are rules by the co-op, not the listing broker. 

If the buyer chooses different representation- so be it, but to view in some buildings a buyer may have to submit confidential documents just to get in the door and trust that broker to some degree. Buyer's Representation agreements are not a thing here- so even if the broker does accompany a buyer to a showing- it does not mean any type of commitment is required beyond that showing. 

Jan 19, 2021 08:55 AM
Barbara Todaro

well, that's the Manhattan way..... that wouldn't work in MA....

Jan 19, 2021 10:00 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

I appreciate your viewpoint. I've had buyers who looked at new construction open houses before they contacted me, knowing they wanted to be represented.

Wonder if that must accompany policy is ok with the builder/developer

Jan 19, 2021 09:46 AM
Barbara Todaro

I imagine there are builders who do not know what the agent is doing to secure their own business.... builders are building...that's why they hire agents.... and as long as their homes sell, they don't care.... little do they know, they're losing deals because of the bad reputation their agent is creating for them....

Jan 19, 2021 10:02 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

I often think these agents are not greedy for themselves but for the builder, and do not serve the buyer in any way. I do not do dual agency, and tell all my clients this when I list and when i sign them to a buyer agency agreement. They are my client and only them as far as that agreement is concerned. If there is a confilict of interest I need to let them know immediately so we can work out how to handle it so everyone has representation. And that may actually mean me removing myself from the equation completely.

Jan 19, 2021 03:44 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Barbara:

You are spot on here!

Most builders I have seen in our area include the phrase in their listings in the MLS (not all are listed there of course) that the buyer agent must accompany the buyer on the first visit and get registered, or some variation.

Jeff

Jan 21, 2021 11:05 AM
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

I wish it were that simple!  Here in our huge (about 500 square miles) county with over 4.6 million people, listing agents at new construction neighborhoods stand firm on the buyer's agent being present from day one.  Having the conversation with my buyers each time helps them to understand my value proposition in new construction.  Just this past weekend, Facetiming a client in Tennessee who is relocating here and under construction, the thrill on their faces to see their home being built was so cool.  I slowly drove from around the block so the could see the "green belt" across from their home and then walking the house, looking through every window, they could imagine owning their very first home!  Retiring from the military with 20 years of service, I'm so happy to help them.  Their excitement is contagious! 

Jan 26, 2021 08:35 AM

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