May 16th, 2011 8:45 PM by Wendy Thomas
It's been quite a while since I've blogged... Been trying to keep up more with my Facebook fan page (www.Facebook.com/wendythomasrealtor) and my Twitter account (www.Twitter.com/Realtor_Wendy) but need to get back on track with this blog as well.
One major bone of contention with me currently is the lack of loyalty that I've seen from several different buyers recently, so this subject deserves attention!
In real estate, you have agency. Agency is knowing how your agent works for you, whether it's as a buyer's agent, seller's agent, dual, or designated agent. The problem that I've had lately is with buyers who have no loyalty and/or refuse to sign a buyer's agency agreement.
I could show you 20 houses, all without you signing a buyer's agency, and you could go out the next day and find another house, call the listing agent, and buy the house from that agent. I would not make a dime, and there would be nothing that I could do. No loyalty to me from you, the buyer. So how do you expect me to work for you in the best possible way, always watching for the perfect house for you, and negotiating in your best interest when you DO find that perfect house?
During these days of gas prices being over $3.60 a gallon, why also should I spend my money on gas to ride you around and look at houses, knowing I may never be able to make any money back by selling you a house?
So I require a couple of things of my buyers. I want for you, the buyer, to speak with a lender and get a pre-approval prior to going to look at houses. Think about it: if you don't get pre-approved, and you've found the perfect house, you've wasted the seller's time in preparing the house to be shown, my time and yours, and you've raised your hopes to a level that can only be let down.
After you get the pre-approval, I want a buyer's agency agreement to be signed between you and me. This protects you and keeps all of your information confidential, and allows me to work for you in the best possible way. It also states how I will be compensated, which is 99% of the time my being paid out of the transaction-- not by the buyer! If we don't quite click, or something changes in your situation, you can "fire" me at any point, with no obligation, but I need to know that I'm the agent that you are calling, not every other listing agent as well, and then I'll be totally "in the game" for you, finding you your dream home. I need that protection as well.
Whether you are a buyer who has "done all of your homework" or you are a buyer who is just starting to look and wants to learn, I would love to work with you! I just would love the loyalty FROM you that I look forward to giving TO you. ;)