Buyer Representation Means You Represent The Buyer

By
Real Estate Agent with Online Real Estate Agent Training

Buyer Representation Means You Represent The BuyerRecently I have had several instances where the buyer's agent either went AWOL or didn't understand their job.

Buyer's Agent Job Description

If you are working as a buyer's agent, your job is to actually represent the buyer...your client.  And as such you are to do the following, at the very minimum:

  • Show them houses that meet their criteria, regardless of the commission percentage
  • Understand what's in the contract and explain the contract to them so they have a better understanding of what they are getting into
  • Explain to your client that there will be some "bumps in the road", but most can and will be resolved
  • Present their offer to the listing agent, in person if at all possible
  • Process the contract (sending it to the settlement company, lender, etc)
  • Get all required inspections completed in the allotted time frames
  • Make sure your client understands all of the time frames
  • Communicate with the listing agent regarding the progress of the loan
  • Schedule the settlement and final walk through

People Don't Like Surprises

I have found more and more that real estate agents have done a very poor job of explaining the home buying process to their clients.  As a result, the buyers are "surprised" when there is a "bump in the road" to settlement.  And often times when that "bump" occurs, the buyer's agent stops communicating with the listing agent.  What they fail to understand is that the listing agent has a duty to keep their client abreast of the status of the transaction.  So when something comes up, the listing agent usually needs to be kept in the loop.

Everyone Is Anxious

This is especially true as you get closer to settlement.  Everyone is anxious and needs reassurance that the transaction is progressing towards the settlement date.  When phone calls and emails go unanswered, the listing agent and seller start to speculate as to what is going on, that's just human nature.  And 9 times out of 10, they think the worst. I often hear agents say, "But I didn't have anything new to tell you".  But what they fail to realize is that, no news IS news.

As a buyer's agent, your job doesn't stop when the offer is accepted...that's when the real work begins.

Related Articles

Real-Life Real Estate Training – The Training You Need, When You Need It

  • Have you struggled turning contacts into clients?
  • Are you working hard, but hardly making any money?
  • Are you beginning to think you made a bad career choice?

If you answered “yes” to any of these questions you are in the right place!  The Real-Life Real Estate Training program was designed to transform you and your business so that you achieve your goals.  It doesn’t matter what stage in your real estate career you are in…new, experienced, or somewhere in between, our systems will help you focus your time, energy and effort on the right areas of your business.

The Real-Life Real Estate Training program was designed by an active real estate agent, so our program is totally realistic, doable and easy to put into action immediately.

My name is Candy Miles-Crocker and I’d love to talk to you if you still have some questions or need additional information.  Fill out my online contact form or give me a call at (202) 669-1924.  Check out what our valued clients have said about us on our testimonials page.

Let’s Go to Work!

Posted by

Candy Miles-Crocker

Real-Life Real Estate Training

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Groups:
Real Estate Rookie
Diary of a Realtor
Selling Soulfully
REALTOR LIFE
Coaching and Mentoring
Tags:
training tips for real estate agents
new real estate agent training tips
real estate agent training tips

Comments 16 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the music-note to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
1,205,897
Carla Muss-Jacobs, Principal Broker/Owner
Buyer Focused ~ Buyer Results
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time

As a practicing Exclusive Buyers Agent, I only wish buyer would be a tad more selective with their representation.  I couldn't agree more with the duties you've outlined and sadly agents drop the ball.

October 09, 2012 07:09 PM
Rainer
72,187
John J. Woods
Aardvark Appraisals

 

   I've never understood why so few buyers use their own agents.  Why would you not have a professional on your side of the table to represent your best interests?

 

October 09, 2012 08:04 PM
Rainmaker
155,521
Carolyn Kolba
Keller Williams Realty- Mentor, Ohio
Serving Mentor, and all of Lake County, Ohio

Candy:  It is very, very true that No News IS News.  And usually, when you don't hear anything... the mind goes in the direction of suspecting the worst has happened.  This is not a good thing.

October 09, 2012 11:59 PM
Rainer
51,252
Lucas Taylor
Keller Williams Miami Beach
Thank you for the great education. I learned so much from your post.
October 10, 2012 06:14 AM
Rainmaker
473,426
Chris and Dick Dovorany
Broker/Associate at Premiere Plus Realty
Homes for Sale in Naples, Bonita Springs and Estero, Florida

Good post.  Right now I have a situation where the buyers agent has been on my ass and the banks for months now (short sale).  All of a sudden the bank has requested something from her LAST Thursday and she has gone AWOL.  After the attorney, the owners, the owners daughter, and me working on this deal to close it quickly (now 7 months) the buyers agent has gone AWOL.

October 10, 2012 08:55 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the chair to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
122,874

Candy Miles-Crocker

Realtor - Real-Life Real Estate Training
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: