My thinking is: I am going to find you the highest quality property that meets your needs for the lowest possible price, and do it in a way that makes this transaction a positive experience for you that you will refer my services to all of your friends and family when they need to satisfy their real estate needs. (I have referred to this in the past as Raving Fan service – JD) As a buyer you should be especially vigilant that your buyer broker is really out there to assist you, and is not just trying to make another sale.
(Click Through for Video) A comment on Charlottesville’s Bubble Blog the other day is the inspiration for this video. There are houses out there, with people willing to sell them. take your time be patient,…
Another packed hour with Coy Barefoot on Charlottesville Right-Now! last week – I love doing radio. The time always seems to fly by so fast – – The referenced discussion with Michael and Greg. –…
They didn’t invest in an ATM; they’re not getting a HELOC to finance their burgeoning real estate investment club, and I suspect they won’t be pulling money out of the house to buy a new car to keep up with the Jones. … All I can do as a Buyer’s Agent is advise my clients as to the current state of the market, what the comps ( more active and under contract than sold ) indicate is a fair price, and manage and guide them through the transaction.
I’m not saying that we haven’t hit the bottom, but that calling it as such with so many unknowns and new variables in the equation would be the wrong thing to do right now, despite Lawrence Yun’s statement – ” Without Forecasts, we don’t look credible .” The Realtor update (1): 1st half 2005 : 115 had more than ten sides, 296 had more than five sides, 679 had at least one, with about five hundred or so not having a single transaction 1st half 2006 : 107 had more than ten sides, 285 had more than five sides, 740 had at least one, about four hundred fifty not having one. 1st half 2007 : 73 had more than ten sides, 232 had more than five, 687 had at least one, about four hundred with zero 1st half 2008 : 44 had more than ten sides, 169 had more than five, 619 had had least one, leaving about seven hundred with zero transactions so far this year. (out of 1201 sold residential properties) From the DP on Saturday : Many real estate agents may not manage to weather the moribund market before it solidly rebounds, Savage said.
Last week’s article in the Daily Progress was good, but as I told the journalist at the time – there is so much more I wanted to go into that article, and newspapers are so limited by what they can offer in print. They deal in inches, and for better or worse, bloggers don’t have those limitations. With that preface, this is one of things that didn’t make it in the article due in part to space limitations – My advice to buyers in the Charlottesville area –
Choose the right representation. Choose the right buyer’s agent. Choose someone whom you trust and get along with and like – not just because you met them at an open house, or because they have a blog, or because they are your sister’s husband’s friend who is just getting started and needs a break. Choosing the wrong representation is not just not worth it.
A good (great) buyer’s agent is someone who will advocate 100% on your behalf – simple. Contrary to public opinion, a good buyer’s agent is focused on the client’s needs more than their own. If you feel that “your” Realtor is focused more on the “sale” than your best interests – tell him.
“Finding a real estate agent is kind of like dating. You have a small window to make an impression and then you’re with that person for a long time.
Here is my business philosophy when I work with buyers – I want to sell their house when they move. Every buyer client represents a minimum of three transactions –
1) The house they are buying right now.
2) That house when they move (everybody moves, even if “this is the last house I am going to buy”)
3) At least one of their friends or family when my clients proselytize for me
I work with Buyer-Broker agreements with my buyers for a variety of reasons – first and foremost because we negotiate my fee upfront, and I am free from the perception that I am not showing unrepresented sellers’ (FSBO) houses or those houses that are offering lower commissions in the MLS than many Realtors are used to. And – it formalizes the contractual relationship that I have to my clients and that my clients have to me.
You can find a sample (although a bit dated) Buyer-Broker Agreement here.
Updated – this is a current sample Buyer-Broker Agreement. Note that it takes two sections to warn/educate about Dual Agency.
My advice is this – do your due diligence. If you have questions about the process, what questions to ask (or if you have an experience you would like to share) please contact me anytime.
And the coup de grace with regards to what blogs have over print – here are a bunch of very relevant links to help you get started in your research: