We receive a lot of calls from persons that want us to show our own listings but claim they have an agent that "Is sick...unavailable...busy...at a wedding...working etc!" We do not have a problem with that. "Just have your agent call us to make arrangements, and we will be more than happy to accommodate you." There is only one problem with this...there is no other agent. The buyer made that statement to totally disarm you the listing agent from asking them real questions. They just want you to open the door for them. They knew if they said they have an agent you would not ask:
Do you have a house to sell before you can buy?
- Is your home currently on the market? If so, with whom?
- How long has it been on the market?
- Are you in a lease? When does it expire?
- Are you approved for a mortgage? By whom? May I have their phone number?
- When were you qualified? What amount were you approved for?
These questions are not intrusive or overbearing - these are the mark of a real estate professional that takes their career seriously. New agents that are not comfortable with asking questions will think they can soft sell the caller and win them over. They cannot! It is a game where the caller already planned to perpetrate a lie, and for what purpose?
- Are they casing the home to rob it later?
- Are they planning to rob you or rape you?
- Are they really just nosey neighbors?
- Are they bored and curious and have nothing better to do today?
We have an obligation as real estate professionals for only show qualified buyers homes. We do not know wo they are, nor do we know what their real motives are. Not everyone needs to be allowed in someone elese home, especially when they have no right to do so, or have lied to you initially!
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Many prospective home buyers want to stay as far away from and agent as they can until they "finish thier research and find the home they wish to buy". That's one of the results of the real estate industry, the FTC, the DOJ, the NAR and too many agents making the home buying public "Internet Empowered". We wanted to show how great we were we made the public think that they didn't need us.
I believe that the real risk of listing agents showing their own properties, except on Open House, is slipping down that slippery slope of Dual Agency. Once the public gets smart enough to understand what that really means, and they do not now, they'll be more careful. We're a long way from that because at this point, the public believes that they know all they need to know if they can just look at listings or visit homes. But, if the NAR or someone every really educated the public about dual agency, they wouldn't be out there "doing it themselves".
What am I saying, educating the public about dual agency is not going to come from the NAR.
Jim: So many new buyers agents waste time, money and gas before they learn the lesson to check their buyers out fully before putting them in the car!!!
Jim, great advice for EVERYONE. This is not a game. It is business. Don't let the consumer play you as taxi driver or popcorn REALTOR ready to drive across town at a moment's notice.
Jim,
I agree that too many agents jump in the car and start showing properties before getting all the information needed from a client. Gas is too expensive for me to drive someone around that just wants to kill an afternoon or cannot qualify. Let's find out who we're dealing with before we burn that gas.
Sometimes you wonder what goes on in buyers minds. I think they feel because we don't charge them an entertainment fee it is ok just to go and show them properties because they are bored.
Lenn I disagree, showing your own listing to a buyer has nothing to do with dual agency unless you want it to. Open houses are no different.
I mispoke and thank Gene for correcting me. Let me rephrase that sentance.
I believe that the real risk of listing agents showing their own properties, except on Open House, is slipping down that slippery slope of Dual Agency
CHANGE TO:
I believe that the real risk of listing agents showing their own properties, except on Open House, is slipping down that slippery slope of Undisclosed Dual Agency.
Jim: Good post. Based on the comments it obviously has created further thought on the topic (which I believe a good post should).
Gene: Good catch on Lenn's comment.
Lenn: Great follow-up and a well worded change! I agree with you 100%!
Lenn Harley, Homefinders.com, MD & VA Real Estate Lenn as always you are right on the money! The "Internet empowered consumer" believes they have all the knowledge they need. They don't. Unfortunately most agents have less knowledge and empower them further...believing at the last moment the consumer will call them. They won't. The consumer will forge ahead with a half baked idea of what home buying should be and dig themselves into a really deep hole.
In Georgia dual agency would not come into the mix unless I had a signed buyers agency, and a signed listing agreement. The buyer is not our client. I treat them the same as the walk in on an "Open house."
Steve Homer (The HBH Group (Keller Williams affiliate)) The quicker the new agents learn the errors of their ways or leave the business for good the better off we all will be. We must be smart wiht the buyers before we waste our time, money, gas and possibly our lives.
Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty) I agree. In the early 90's it was almost routine with some agents that for soem reason or another could not accomodate their buyer. Perhaps they had a closing etc. We cooperated with one another in a very good sense, and if I had a request to show someone elses client my listing...no problem. This was even before buyers agency. The thought of stealing someone else's client did not even come into one's mind. It was done out of a professional courtesy.
Gene Allen Realtor Hampton Roads Real Estate (Resh Realty Group) They buyer believes all Realtors are fools!
Lenn Harley, Homefinders.com, MD & VA Real Estate Lenn I agree, however..the buyers believe they can negotiate or save some extra dollars by not having their own agent representing them. It is a trade off to the very ill informed. Then again, most buyers agents today are not representing their clients by any stretch of the imagination.
Steve Shatsky - Dallas Real Estate & Short Sale Specialist (Keller Williams-Dallas City Center) Thanks!
I think the Internet has created more of these buyers who want to see it NOW! However, many of us want it NOW. How many on AR complain when the servers are running slow! We've turned into an instant society, and it's not just with real estate.
With all the options for 20+ photos on internet sites, there's no reason for a buyer to need to see the home until they become a serious buyer. Besides it's just too risky for us and our seller's belongings.
Elaine Reese, REALTOR® in central Ohio (Real Living HER, Worthington Ohio) You are right. Most real estate agents empowered their own demise. Addresses, maps to the property etc. Why would anyone need an agent? They want to drive to a proerty and negotiate the commission from the listing agent. I hear it every day. I do no thave addresses on my site, maps, or MLS #'s...
This is just EXCELLENT! There are a lot of people that will waste the time of a listing agent and I like this approach!
My friend, your "experience" is showing!
Jim - Excellent article! hits the nail right on the head on this subject.
Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680) Thanks Steve.
Charles McDonald / Your Trusted Agent for Charlottesville Real Estate (RE/MAX Assured Properties) We had a person yesterday call us and demand to see our listing, but they had an agent. We told them to have your agent call us, and we will gladly show it. No calls.
Jim these are very good points to ponder, I have had Folks tell me this to try to get me to Co-Broke, with the spouse if they like the place.. so they are asking me to give them half my money "IF" they buy what a sham.. and a shame giving Realtor's a bad name..and I usually get a blank stare if I say Would you co-broker with me as an out of state licensee if I didn't disclose to you I was a buyer and will later spring my non-valid (not licensed here) want some of your money deal on you!! Steve
Alpine Lakes Real Estate I get that all the time from the Internet.
Great post. I like the last sentence. I once had a call from a buyer who said their agent , a relative is licensed in our State but lives 4 hours away. The agent was looking to earn the full commission instead of referring it. The buyer wanted to come to an open house.
Jim: Great post.... to many time agents are also telling the buyer to go find a home and them call and the will write it up. Now come on.... is that ethical ?
GITA BANTWAL, REALTOR BUCKS COUNTY, PA HOMES (ReMax Centre Realtors) That is totally wrong. In that case I say no.
Roland Woodworth "Ft. Campbell Area Realtor" (Exit Realty Clarksville) We have a discount company in town, and the word is out from the buyers...if that company shows those buyers more than 5 homes, they do not get their rebate on the commission. The discount company then tells the buyers to contact...REMAX agents and when they identify the home, do not return the REMAX agents but contact the discount broker that will write it up. How is that for ethics?
It is a game - we caught on along time ago - a simple request to fax over their agents info for our showing log along with a pre-approval letter and then we will schedule it....this usually causes a long pause or a quick WHAT? LOL
Imagine calling another doctor and saying I have a doctor already I go to - but he's not available - could you see me now, (without knowing if I am even insured - qualified) , but I'lll pay my doctor if I like the visit. LOL
Great blog
Sincerely,
Grace
Jeff & Grace Safrin-SpousesSellingHouses REALTORS, F.C.Tucker Company, Indiana (F.C.Tucker/Advantage Realty) I really love your idea! It's cool, smooth and professional!!!!
Roland, my wife sells new homes and runs into that all the time. The buyers are under contract and the agents tells them to go and look at homes until they find the one they want and let them know so they can write it up.. Some builders are very harsh with that but if push comes to shove just showing a home to a buyer is not procuring cause.
Gene Allen Realtor Hampton Roads Real Estate (Resh Realty Group) I fully agree. That is an old trick in real estate.