Admin

Buyer Representation ~ Working as a Team

By
Real Estate Agent with Westcott Group Real Estate Company

Over the course of this series, we have explored many aspects of buyer representation.  If you've missed any of the earlier segments, and would like to get caught up, you will find links at the bottom of the page to each previous post.  In the last post, the various methods of compensating buyer agents were discussed.  As important as it is to understand the compensation methods, it is equally as important to understand the role that each person plays during the course of the home buying process.

 

A successful transaction will occur when the buyer agent and the buyer clients work together as a team to achieve a common goal.  The home search should be a proactive process by everyone involved, which makes communication essential.  The more information that a homebuyer provides to a buyer agent, the more likely the homebuyer will be in finding the right home at the right price in the shortest amount of time.  In today's day and age, homebuyers have the ability to help guide the home search by spending time looking at homes online, and also by driving around neighborhoods of interest.

 

While it is the duty of the buyer agent to provide buyer clients with a list of homes that fit the homebuyer's criteria, it is quite possible that the homebuyer will discover homes of interest on their own.  It is important for homebuyers to remember to pass along any pertinent information to their buyer agent so that the buyer agent is given the opportunity to do the job that they were hired to do.  If a homebuyer with a buyer's agent does decide to view homes on their own, there are some simple rules that should be followed:

 

 

[1]        DISCLOSE YOUR REPRESENTATION - As a homebuyer, it is possible for you to walk into an open house that is being held by another agent, or even a "For Sale By Owner."  If you are represented by a buyer's agent, you should let the person holding the open house know that you have representation, and provide them with your buyer agent's business card.  At this point, they may or may not allow you to tour the home.  Even if you are allowed to tour the home, it is likely that you will need to return to the home with your buyer's agent before making any offers.

 

 

[2]        DO NOT DISCLOSE PERSONAL INFORMATION - Any agent holding an open house will have a fiduciary responsibility to the seller.  Agents are trained to ask leading questions to gather information, but you are not required to give any information that could hurt you in negotiations.  Seemingly harmless conversation can result in the agent learning information about the homebuyer that must be disclosed to the seller.  In the case of a "For Sale By Owner," homebuyers should also avoid providing any information that could be used against them in negotiations.

 

 

[3]        CURB YOUR ENTHUSIASM - This is the title to a clever TV show, but it also sound advice for all homebuyer, especially those that are viewing homes without their buyer agent present.  Aside from keeping personal information close to the vest, homebuyers should also keep an even keel when viewing homes.  If the agent representing the seller or the "For Sale By Owner" sees a great deal of enthusiasm about the home, they are likely to use this information when it comes time to negotiate.

 

 

 

 

[4]        GATHER AS MUCH INFORMATION AS POSSIBLE - Once a homebuyer has disclosed that they are working with a buyer's agent, and the person holding the open house has allowed the homebuyer to tour the home, the homebuyer is well within their rights to try and gather information that can help themselves in negotiations.  The key question is finding out the motivation of the seller.  A savvy listing agent will not disclose this information, nor will a savvy "For Sale By Owner," but there are a number of each out there that will offer up helpful information.  Any information learned should be passed along to the buyer agent.

 

 

At times, a proactive homebuyer will feel that they are doing the work of the buyer's agent, which may lead to questions as to why they even bothered to hire the buyer's agent in the first place.  In the next post in the series, homebuyers will learn that that most of the work that the buyer agent does takes place after a home is found.

 

 

Previous Posts In The Series:

Buyer Representation ~ CLIENTS vs. CUSTOMERS

  

Buyer Representation vs. Dealing Directly with Listing Agents

  

Buyer Representation ~ Finding the Right Home for the Right Price

  

Buyer Representation ~ Research & Disclosure

  

Buyer Representation ~ Addressing Buyer Concerns

  

Buyer Representation ~ Compensating the Buyer Agent ~ Myths vs. Reality

  

Buyer Representation ~ Methods to Compensate the Buyer Agent

Show All Comments Sort:
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee Californ

Great list Adam and educating buyers is a Big part of our responibility as finding the right house is the easy part. Our major work begins at that point.

Sep 22, 2008 09:26 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Adam some very sound advice of course. I would expect nothing less coming from you especially when it comes to Buyer's Agency.

Sep 22, 2008 12:24 PM
Jamie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Adam - This is one the best sources of information I've ever read about buyer representation.  Thank you so much for putting it together in one place. 

Sep 22, 2008 03:58 PM
Scott Barr
Pacific Sotheby's international Realty - Newport Beach, CA
Realtor

Adam thanks for the insightful information. Every agent could clean something from your post.

Sep 24, 2008 07:17 AM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Adam, great to see uyou back. I guess you ahve been busy in the the real world of real estate. me too but this is so well written and I like the Larry David touch. This would be a great insert for a buyer folder or email to prospective clients!

Sep 25, 2008 02:40 AM
Aloysius Donohue
Keller Williams Realty - Ridgewood, NJ
Ridgewood Real Estate

Adam - Great stuff.  I just printed this out to share with some of our agents.

Sep 27, 2008 04:30 PM
Pam Pugmire
Silvercreek Realty Group - Meridian, ID
Meridian Idaho Real Estate

This is a terrific series Adam!  I look forward to going back and reading the previous posts! 

Why doesn't Sylvia get her own blog? 

Sep 28, 2008 04:54 PM
Judy Tuscano
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional

Adam - I always find your posts to be full of good content and you have not dissappointed me here. Have you thought of writing a Buyers Agency Manuel? Thank you for this great information.

Sep 29, 2008 01:46 AM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Adam, I already commented on this wonderfully written post and jusy wanted to follow up and tell you I hope you are feeling better these days! The Cowboys losing last night does NOT help and i think ROMO owes us at least 500 push ups! (Did you notice Adam Jones recently doing hid during a game)? 

Sep 29, 2008 02:00 AM
Shannon Lefevre
John R. Wood Properties - Naples, FL
Shannon Lefevre, PA Your Naples Smart Girl

Hello dahling!  I'm getting in town late tomorrow........finally.  I'll give you a buzz this week so we can catch up.  Hope you're doing great!

Sep 29, 2008 01:03 PM
Mark Ryan
Mark Ryan Group / Re/Max Victory - Dayton, OH
Broker, CRS, ABR, CDPE

Adam,

good info but does this generate leads for you?

Oct 01, 2008 04:53 PM
Guy Berry
Real Estate Expert Witness Support - San Jose, CA
Real Estate Broker and Legal Expert

Great post.  Lots of things are obvious but easily overlooked or fogotten.  Pix make it look really professional.  Wish I had your skill

Oct 03, 2008 10:53 AM
Kerry Lucasse
eXp Realty - Urban Nest Real Estate Group - Atlanta, GA
Your Urban Nest Atlanta Real Estate Consultant

As always, great post!  I love the "Curb your Enthusiam" comment! I was working with a buyer and she was so exicited when we walked into a home and I had to ask her to put on her poker face, as the sellers were sitting outside and could probably hear everything we were saying. 

Oct 13, 2008 07:28 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Very well written post. We should give a copy to all our buyers.

Oct 16, 2008 08:53 AM
Richard & Janet OBrian
Home Based Realty - Palmdale, CA
Listing Specialist Palmdale, Lancaster CA

This might be off topic but we need some of the KW culture HELP!!!

http://activerain.com/blogs/robrian  As must for all

Oct 16, 2008 02:08 PM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Adam,

Always a wealth of useful information, thanks again my friend.

Oct 23, 2008 06:46 AM
John March
Charisma Media Group, LLC - Bluffton, SC
"Engage, connect, prosper" (Matt 6:33)

Adam, thanks for this information this is a real service to us. And, I look forward to reading the past posts on this subject which I would like to learn more about. All the best

 

Nov 02, 2008 10:50 PM
Jim Fischetti
The Fischetti Group/Keller Williams - Wake Forest, NC

Good post.

 

Well written.

 

Good luck.

 

Jim

Nov 03, 2008 05:19 AM
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Buyer representation is much more than just opening up doors and taking somebody around to property.  Having an outline of what you do for the customer beyond being finding properties which almost anybody can do now is the key to developing a relationship with your customer.

Nov 10, 2008 12:42 AM
Eric M Walls
Territory Mortgage INC - Elmira, NY

 

 

Love the post.  I  can help your buyers with Finance.  Check out my site.  I'm just updating and getting myself up on Active Rain.  Any help would be greatly appreciated.

Mar 06, 2009 08:18 AM