Thursday, November 10, 2016

Why Buyers Should Call the Listing Agent - Myths and Realities

Some prospective home-buyers I have spoken with over the years called me about one of my listings.  One of the early questions I always ask is whether they are working with another real estate agent.

Sometimes the answer is no.

Sometimes the answer is yes.  If a caller already has an agent I send them back to their agent in a very nice way.

Having an established relationship with a buyer's agent prohibits the listing agent from interjecting them self into that relationship.  If a listing appeals to a buyer, call your real estate agent.  A buyer's relationship with their real estate agent is not open to interference by another real estate agent.

By placing a property in the local multiple listing service (MLS) system listing agents have agreed to pay a buyer's agent a "coop fee."

Remember, it does not cost a buyer anything to have their own representation (don't call the name on the sign out front!). 

Sometimes the purpose of the call is try to get a better price.  However, thinking "I can get a lower price by working with you because you know what the seller will take" is flawed.

First of all, even if I knew what the seller would take for the property, I would not disclose that to anyone.  Listing agents work for the seller - not a prospective buyer.

Sometimes the call is motivated by thinking the listing agent will lower their commission because there is no other agent involved.  This reduced cost can then be passed on to a seller in the form of a lower selling price.

Listing agents have a contract with their sellers.  That listing agreement already has a predefined payment.

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