Buyer Representation Means You Represent The Buyer

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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.

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Candy Miles-Crocker

Real-Life Real Estate Training

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Ambassador
791,534
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

And for sure the road today for buyers is a lot more bumpy than it used to be. Excellent post

Oct 09, 2012 05:48 AM #1
Rainmaker
574,501
Gary Frimann
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
California Broker and REALTOR

I agree that the more we can get our buyers informed, and let them know where the bumps are, the better off we are.  We do, as agents, control the process.  That is one of the most important parts of our jobs.

Oct 09, 2012 05:54 AM #2
Rainmaker
127,234
John Sposato, Sharon Coffini & Melanie Didier
The Arizona Home Group - Chandler, AZ
Arizona Home Group

Candy-Excellent, clear-cut checklist.  Buyers appreciate responsivness and it only takes a few minutes of time.  In the long-run, everyone is better off, including the agent!

Oct 09, 2012 08:16 AM #3
Rainmaker
728,492
Richard & Beth Witt
RE/MAX Wittney Estates 516-795-6900 www.longislandrealestatesearch.com - Massapequa, NY
Broker/Owner RE/MAX Wittney Estates Long Island NY

Good stuff Candy... Have a Great Day!!

Beth

Oct 09, 2012 08:39 AM #4
Rainmaker
151,046
Candy Miles-Crocker
Online Real Estate Agent Training - Chevy Chase, DC
Realtor - Real-Life Real Estate Training

Charlie, you are so right!  In today's market it's a bumpy road!

Gary, no one likes surprises when it comes to their money!

Thanks Melanie and Beth!

Oct 09, 2012 08:50 AM #5
Ambassador
643,624
Doug Rogers
Bayou Properties Realty - Pineville, LA
Your Pineville Louisiana Agent

One of my pet peeves as a listing agent is when the buyer's agent disappears once we are under contract. Really, you want me to meet YOUR clients for the home inspection?

Oct 09, 2012 11:11 AM #6
Ambassador
1,021,490
Alan May
Coldwell Banker Residential - Evanston, IL
Evanston & Northshore of Chicago real estate

In Illinois, we have to be very careful with the "Explain the contract" part.  We are not allowed to behave like an attorney, and we use attorneys in 95% of our transactions.

While we try to give them a sense of what they're signing (always a good thing), if they have any detailed questions, we're supposed to turn them over to their attorney for detailed answers.  it's a fine line we walk.

Oct 09, 2012 11:38 AM #7
Rainmaker
561,589
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent!

Great post.  If you are a buyers agent...then YOU ARE the buyer's agent..Period!

Oct 09, 2012 12:06 PM #8
Rainmaker
465,801
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

I couldn't agree more with you.  It's always important to utilize good communication as well as keeping the listing agent in the loop when things do come up.  

Oct 09, 2012 12:20 PM #9
Ambassador
1,355,249
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Nobody likes surprises when it comes to a real estate transaction. That includes both listing agents, and buyer agents. Communications is a two-way street.

Oct 09, 2012 12:34 PM #10
Rainmaker
200,318
Jim Mushinsky
Centsable Inspection - Framingham, MA

Fantastic blog Candy.

It seems like there are more "bumps in the road" during recession times.   In MA there must be a signed exclusive buyer's agent agreement prior to a real estate salesperson or broker recommending a home inspector.

Oct 09, 2012 01:18 PM #11
Rainmaker
1,335,606
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

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.

Oct 09, 2012 07:09 PM #12
Rainer
72,464
John J. Woods
Aardvark Appraisals - Palm Desert, CA

 

   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?

 

Oct 09, 2012 08:04 PM #13
Rainmaker
155,848
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, 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.

Oct 09, 2012 11:59 PM #14
Rainer
51,254
Lucas Taylor
Keller Williams Miami Beach - Miami Beach, FL
Thank you for the great education. I learned so much from your post.
Oct 10, 2012 06:14 AM #15
Rainmaker
531,588
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

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.

Oct 10, 2012 08:55 AM #16
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Candy Miles-Crocker

Realtor - Real-Life Real Estate Training
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