Jared is a home buyer who asked this weeks top Trulia Voices question, How reluctantly do listing agents show homes? He is looking for a home but wants the freedom to search and do the homework himself. He doesn’t want to use a Buyers Agent just yet because he feels like he doesn’t want to waste their time. Since he is looking on his own, he’s been sensing some hostility from seller agents because of this. On the flip side, some seller agents prefer a home buyer to be pre-qualified first before viewing their listings. Having been in this situation before as a home buyer, seller agent and as an agent helping a buyer, I can totally relate to each point of view. It’s quite interesting to see how others feel about this topic.
Thoughts from our Trulia Voices Real Estate Community:
Real estate agent Bill Eckler from Florida was the first one to respond and said, “Don’t feel you are wasting an agents time, believe me, we understand the process and accept the fact that it is like a journey. Some longer then others but never lose sight of the home in the end.”
Fred Rodriguez is a home buyer and home seller from Canton and he says, “My answer is from a buyer’s perspective. I too have the same feelings. I know that a buyer’s agent is there to help as long as it takes, but as a buyer you feel that you have to make a decision in a reasonable time because be it real or not, you feel that the agent could be helping someone else. I prefer to do the homework myself, the internet is a great thing, and trulia.com is a tremendous tool. Once I find the home I like to make an offer on then is when I call the agent to represent me in the negotiations and the many details for a successful closing.”
Doug is a home buyer who is just looking in Brooklyn and he said, “I have already been searching for a home for two years. I have been represented by two different agants at consecutive times because some agents get impatient for a quick sale. Buying a house is a journey and being unfamiliar with the process, one normally gets an education along with the looking for one’s dream home. I do not have patience for agents who want a quick sale.”
Brian Sereny is a real estate agent from Miami Beach, Florida who says, “As a listing agent, I am always excited when I pick up the phone and have a buyer without an agent calling me on the line. Although I agree with the points listed below regarding the value of working with a buyer’s agent, working directly with a buyer presents greater opportunity.”
Real Estate Agent TNI Le Blanc says,”I think you are taking the good informed approach - but don’t expect most agent’s to love you for it! As a buyer’s agent, I appreciate my time not being wasted. As a listing agent, I would have no problem with you being up front with me. I would simply have you come by at an open house or after another showing with an active buyer so my time remains well spent. Nothing is wrong with taking your time.”
Deb Madey, a real estate broker from New Jersey says, “The listing agent’s job is to represent the seller. That means finding them a buyer, and not wasting their time, or intruding upon their schedules, and into their privacy and homes with unqualified buyers or tire kickers.”
What do you think?
As a seller agent, do you think Jared should be working with a buyers agent? Would you show your clients home to him or any other home he wanted to see even though he does not have representation? Does he need to be pre-qualified first? Do you think he’d be wasting your time if he had neither?
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July 7th, 2008 at 10:51 pm
I can’t imagine not welcoming the opportunity to show an unrepresented buyer one of my listings. Hopefully the buyer likes the house and I get to point out all of the positives rather than hoping that their buyer’s agent puts a positive spin on the house.
My job is to sell the house. Most of the time I don’t have any way to pitch the property directly to a potential buyer. It is worth the possible inconvenience to me and my sellers if it turns out that this is our buyer.
If they don’t care for the house, it gives me a chance to see for myself how buyers are reacting to the property. Hopefully I will have had a chance to show the buyer my candid and transparent style. Maybe they’ll decide that it’s time to start working with an agent and it will be me. I’ve had it happen several times.
Demanding that they come see the house for my convenience, not theirs, and to jump through hoops for a pre-approval before I have showed them I am someone they can trust, is a sure way to definitely lose them as a future client.
July 8th, 2008 at 5:51 am
Hi Rudy,
I call these people the ‘quick fix’. Because they are calling to quickly eliminate the possibility of purchasing the home.
If you step back and think about it, if this person is really a serious home-buyer, he would make the effort to have at least get pre-approved from the bank and representation from someone who he can trust and work with.
Also, by not understand and respecting the true value of a buyer’s agent who’s commission is paid by the seller is disrespectful if you ask me.
Here is how I would handle the situation:
Buyer: Yes…I’m in front of 1234 Anystreet and wanted to know if I can see the inside.
Me: Sure, are you working with an agent?
Buyer: No… I don’t have an agent because I don’t want to waste their time and I want to just look.
Me: Are you qualified to purchase a home in this price range.
Buyer: Yes… I have good credit and some money so there is nothing to worry about.
Me: OK, so you don’t mind if we start you off in the right direction and get you pre-approved for a home loan.
Buyer: Not at this time… I’m just looking and don’t want someone to run my credit.
Me: The first step is to get pre-approved. I can have my senior loan officer call you or you can get a letter from your bank. Your choice.
Buyer: Why won’t you just show me the home?
Me: Here is how I do business. First, we get you pre-approved. Then, we schedule a time to view this home and others like it in the area. I’m only able to help people who are ready to buy now. Are you ready to purchase a home now?
Buyer: Well.. I’m just looking and don’t want to wast anybody’s time.
Me: Then I wish you the best.
End.
July 8th, 2008 at 10:12 am
If I took Richard’s advice, I wouldn’t be getting the contract this morning that I am expecting on one of my listings. I got an email last week from someone that saw one my Realtor.com ads. She lived in the same area and was probably just browsing, not really motivated unless she found the perfect house. Guess what - my listing turned out to be that perfect house.
She didn’t have an agent, so I met her and her boyfriend at the house the next day. We spent a lot of time talking building rapport, and it was obvious she wanted the house. We talked about about getting a mortgage, and I’m comfortable that if she can’t get qualified, her boyerfriend can (and will). I explained that I don’t do dual agency. I could assist her with the paperwork but not give her advice, could recommend a good agent, or she could get one of her own.
Yesterday she showed the house to her kids, then I got a call from an agent. She decided to get her own representation. Good for her. It’s what I would tell a friend to do. I’m supposed to get a contract in a couple of hours.
What would have happened if I had started demanding info from her before she fell in love with the house…she may have just gotten ticked off and decided to move on. And I would have lost a sale. Where is the duty to my sellers then?
I see my duty to my sellers as to follow up every possible lead that could get them a good contract on their house. My job is to be inconvenienced. That’s what I’m being paid for.
July 8th, 2008 at 3:22 pm
Hi Karen!
Thanks for making some really good points. In my opinion, if a buyer is unrepresented or hasn’t been pre-qualified yet it’s a great opportunity to help them get to the next step. Sure, we should have some standards and basic requirements when dealing with buyers and sellers but there’s also room for us to do some hand holding rather than sitting on a high horse. From my experience, being flexible when working with consumers can go a long way.
July 8th, 2008 at 3:31 pm
Hi Richard!
Thanks for introducing me to some new lingo - “quick fix”. I totally see your point. However, some people aren’t as informed as we would like them to be when it comes to real estate matters. I wouldn’t hold it against them. Rather, I would try to help. Sure, it may take some extra effort but it may be worth it.
The example you provide is a good one and sounds like a pretty common scenario. The great thing about being an independent contractor is that you decide how you operate and how you deal with people. Some, may deal with the situation just like you, while others may do the complete opposite. Different strokes for different folks.
July 8th, 2008 at 6:56 pm
Congrats Karen! I’m glad you were able to connect!
July 9th, 2008 at 11:21 am
Pre-checking the buyer’s ability to buy a particular before showing hime the one brings down a lot of general visits.