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

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.

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

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

Morning Barbara.

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

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

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.

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".

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

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

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

Great post Barbara. Integrity usually wins the day. 

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!

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

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

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

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. 

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

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.

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

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!