ATTENTION LOS ANGELES & VENTURA COUNTY HOME BUYERS: Stop Using the Listing Agent to Purchase a Home

Reblogger Donne Knudsen
Mortgage and Lending with Los Angeles & Ventura Counties in CA

 

ATTENTION LOS ANGELES & VENTURA COUNTY HOME BUYERS

This is exactly why you should have your own Realtor and why you should not be working with the listing agent as your Realtor. 

ATTENTION LOS ANGELES & VENTURA COUNTY HOME BUYERS

This is why you need to STOP calling the listing agent to show you the home and why you need to take the time to hire your own Buyers Agent.

ATTENTION LOS ANGELES & VENTURA COUNTY HOME BUYERS

Listing agents are not in the business of discounting their commission for buyers - their commission has already been agreed to and is documented in their listing agreement to the seller and does NOT include working for buyers.

Just in case you haven't gotten the message yet, listing agents are hired to represent the SELLERS!!!  They work for the SELLERS - not the BUYERS!!!

Original content by Liz and Bill Spear SAL.2002007747

BusIs Your Buyer's Agent Throwing You Under The Bus??

We're primarily listing agents, meaning the bulk of our work is done with Warren County home sellers.  Sure we'll work with home buyers, but our focus is on attracting buyers for our sellers' homes.  We'll market everywhere we can reasonably expect to find buyers for our homes.  Cincinnati and Dayton MLS both of course, our blog, websites, Trulia, Zillow, Craigslist, flyers and mailings, all for the purpose of that one right buyer that matches that home.

Now if you're an area buyer, hopefully you've realized the importance of having your own, dedicated solely to you REALTOR®!  An agent whose sole allegiance is to you and your best interests. 

SuperagentA great buyer's agent will work with you to find a mortgage expert to get you approved, help you search for candidate homes, and then take you through those homes until you find THE ONE that you write a contract on!  They'll advise you on market trends, the negotiating process, the inspection process, and what it takes to get those keys in your hand.

Wait a sec you say?  Your buyer's agent is telling you it's okay to go to the listing agents direct to ask to see all the homes you want to see, and then give them a call when YOU find the right home for THEM to write that offer on?  Maybe they're even offering to rebate you some of their commission since they're not showing you homes?  Or they're too busy to make it today but they say it's "okay" for the listing agent to show you the home?

Hear that loud BEEP BEEP BEEP sound??  That's the big ol' bus that is about to back up and flatten you!  Because when you call to ask us to show you our listings, we're going to ask if you're working with an agent.  Now if you aren't truthful and say "No", then of course we're going to show you our listing....and the fact of the matter is if YOUR AGENT calls us to make direct arrangements with us, most likely we'll honor your agent and show you our listing because our primary job is TO SELL THE LISTING!
Lebanon Ohio Home For Sale

Now ask yourself "Who do WE (Liz and Bill) work for?".  What's the answer?
  "The SELLERS!".  Period.  That initial contact forward, our responsibility is to get YOU to pay the most possible, and for our sellers to make the least possible concessions to keep the deal together.

Don't mistake our friendliness for thinking we're working for you.  We are not

If we're friendly, [because we are] you're going to relax a bit.  Hopefully, it puts you in a more receptive mindset for that seller's home.  And oh yeah, it might also mean you let your guard down.  We'll ask a few subtle questions that help us gauge whether you're a legitimate buyer, how much interest you have, maybe find out where you live, how many kids you have, why you're moving, etc.  All seem innocent enough on the surface?  Maybe, but those elements together may give us all the clues we need to know how hard our sellers can negotiate with you and your buyer's agent (you know that agent you said you DIDN'T have?).  It's called LEVERAGE.  A "buyer's" agent who advises or approves of THEIR buyer previewing homes with the LISTING agents is giving your leverage away! 

For example, we find out you've only got four weeks left to get out of your home and you don't want to do temporary housing?  THANK YOU VERY MUCH!!  Woo hoo, jackpot for our sellers!  They don't have to move too much off price....just enough to get you to sign the papers.  Now it's a week later and you ask for inspection items.  Take it or leave it....or maybe contract timewe'll advise our sellers to stand more firmly and only agree to fix minimal, simple, less expensive things just enough to keep you under contract just because we can! 

So let's take the example out a bit further.  Assume the list price of the home was $200,000 and your agent offered to give you 1/3 of their commission for not having them show you homes.  So your agent is going to rebate you a couple of grand give or take a bit.  Now with that information you provided us, how much extra do you think you paid for our listing?  We're betting more than a couple of grand more than you "saved".  Now add what you lost during the inspection phase.  The hole just got deeper didn't it? 

And the bad thing?  You don't even realize that you and your buyer's agent cost YOU money.  You may cuss us and our sellers out for negotiating so hard, but you know what?  We're okay with that.  WE WORK FOR THE SELLERS.  Our seller's opinion is the one that counts to us.

This is another case of being cheap, being expensive.  Hire a good buyer's agent.  Have your agent take you to ALL homes if you want to make sure your confidential information stays confidential and your interests are the ones being served and PRESERVED. 

The FIRST time you meet us as listing agents should be at the closing table!

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

The Liz Spear Team
Elizabeth & William Spear
RE/MAX Elite:  Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Office direct: 513-248-3660
  Liz direct:  513-265-3004
Bill direct: 513-520-5305 Fax: 866-302-8418
      EHO

MailTo: Liz@LizSpear.com  Our Website: Warren County Ohio Homes

 

 

 

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Ambassador
1,490,301
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Donne, Thanks for the reblog!  And YES, we work for the SELLERS, and only the SELLERS when we're in one of our listings.  You know how to tell if we work for you?  OUR sign isn't in the front yard :)

Jan 10, 2012 02:40 PM #1
Ambassador
832,663
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

One of these days, Buyers are going to get it!!!   Gone are the days where calling the listing agent is going to get you a deal!  

Jan 10, 2012 02:55 PM #2
Ambassador
1,539,674
Tammy Lankford
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Your Lake Sinclair Expert (706-485-9668)

Recently a Listing Agent gifted me a buyer by not returning an email.  When I explained to the buyer about them being represented they were glad that agent didn't call them back.

Jan 10, 2012 06:09 PM #3
Rainer
41,126
Constina M. Baylor
REMAX Gold Coast Realtors Oxnard - Oxnard, CA
Broker Associate - Oxnard Homes, Oxnard Beach and Marina

Donne...you tell em, girl!  Now if they would only listen!

Jan 11, 2012 12:35 AM #4
Rainmaker
1,100,916
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Good Afternoon Donne, you picked a good article to reblog. Liz and Bill sure now how to say it like it is. How are you liking your entry into Real Estate? I think having a background with mortgages helps one as an agent with that extra knowledge. have a great day

Jan 11, 2012 12:23 PM #5
Rainmaker
598,880
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

BLiz - This was such an excellent portrayal of why buyers need to be working with their own Realtor and not the listing agent.  This is not a slam towards listing agents either but listing agents do not represent buyers - they represent the sellers!  One would think that message would be loud and clear with buyers but it's simply not.

Susan - Personally, I have never seen any of my borrowers get a deal when they have chosen to use the listing agent to represent them.  NOT A SINGLE ONE!!!

Tammy - It really is that simply and it's just mind boggling that buyers simply do not understand this.  Obviously, buyers agents need to be doing a much better job of getting the message out.

Constina - I am prepared to repeat myself as often as necessary.  As long as I can get the message across to the buyers that contact me, I'm a happy camper.

Scott - This was truly the perfect way to get the message across.  As for my transition - it's been an interesting time so far.  I feel like I have a brand new pair of glasses on.  LOL  :)

Thx for stopping by everyone; I really appreciate it.  Have a good day too!  :)

Jan 11, 2012 01:53 PM #6
Rainmaker
413,607
The Scott Loper Team Lansdale & Harleysville PA Homes
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Donne,

Yep, this is how it goes.  But so many buyers don't seem to realize it. Thanks for the reblog and trying to help get the message out there.

Lisa

Jan 19, 2012 09:23 AM #7
Rainmaker
1,100,916
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Donne where are you? hopfully on vacation somewhere warm? It is not like you to not post for so long.

Jan 19, 2012 12:06 PM #8
Rainmaker
1,286,610
Carla Muss-Jacobs, Principal Broker/Owner
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% o... - Portland, OR
Buyer Focused ~ Buyer Results

This was a great post and a good re-blog.  Love the way you made it your own!!

Jan 22, 2012 01:57 PM #9
Rainmaker
598,880
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Lisa - It's crazy that so many buyers just don't get this.  I just try and do what I can by trying to educate and inform my own clients.

Scott - I've been so slammed this month with my transition into real estate.  I have new buyer clients and they are literally keeping me so busy.

Carla - I really didn't do much to it because BLiz really said it all.  I just wanted to remind my own market that it's no different here either.

Thx for stopping by folks; I really do appreciate it.  Have a good night and a wonderful weekend too!  :)

Jan 27, 2012 01:01 AM #10
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Donne Knudsen

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