For years I have thought of those who contact me through this blog not as leads but as people who want to have a conversation about real estate. So far, that’ worked pretty well.nullFew things are more de-personalizing than referring to someone and their family as a “lead.”
Browsing Category Buyers
Representing two buyers on the same house?
Don’t do it (in Montana)I have been in this situation only once and I disclosed my situation to both buyers. Both sets trusted me and felt comfortable with my going forward submitting offers for both of them on the same property. I don’t remember whether either got the property, but I do remember the gratitude I felt that they both trusted me to represent their best interests ahead of my own.
Clarifying my stance against Dual Agency
I have long argued against Dual Agency, and need to slightly redefine/clarify my opposition – My beef is with Single Agent Dual Agency where the same agent represents both sides of a transaction. In principle and practice, Dual Agency, also known as Designated Agency, when practiced by agents in the same firm should be legal and ethical.From the Virginia code:”Designated agent” or “designated representative” means a licensee who has been assigned by a principal or supervising broker to represent a client when a different client is also represented by such principal or broker in the same transaction.”Dual agent” or “dual representative” means a licensee who has a brokerage relationship with both seller and buyer, or both landlord and tenant, in the same real estate transaction.
Representation isn’t free
Jonathan’s chronicle of getting burned by a buyer client of his (as well as on AG) is worth reading – for both Buyers and Realtors.Realtors have created this situation for themselves, and Dingo’s comment on this thread about ZipRealty on BHB highlighted a simple problem – most buyers have no idea what Buyers’ Agents do.From a buyers point of view, we could not care less about the running of the organization…. Driving, negotiating, assessing, knowing what questions to ask, know when to ask, knowing zoning, political influences, legalities, contingencies, and on and on and on. There is no substitute for experience.Buyers have been told that a buyer’s agent’s services are “free” because the “seller pays.”… (more on this in a post later today)If you are searching for a Buyer’s Agent, please start here -Being Selective, or how does Buyer Agency/Buyer Brokerage/ Exclusive Buyer Representation benefit the agent and the the Buyer?Rolling the Dice with BuyersWhat exactly is a Buyer-Broker?Here are a few questions to ask your prospective representative. I take what I do seriously, and put my clients’ best interests ahead of mine (and sometimes my family’s).If you’re a Realtor who chooses not to use Buyers’ Agency agreements – why not?Update 4 December 2007: Athol posts a great suggestion that the NAR could/should be marketing exactly what Buyers’ Agents do.
Whither false blame?
Readers of real estate blogs – buyers, sellers, consumers among them – already know the how wrong the claims made in the article are (as do the commenters on your blog).The word “disappointing” keeps coming up in comments referencing the Wharton article.dis·ap·point·ingfailing to meet expectationsThe clear lack of knowledge and awareness about the real estate profession indicts the entire article.Misdirected blame and clearly wrong arguments from prestigious institutions and leaders such as Wharton do great disservice to all involved – the Realtors, the buyers and sellers, the lenders and I would argue themselves and their students as well as policy makers who may trust such business education leaders’ opinions – and then we all may suffer.Thanks to Greg for sending the traffic and to everyone who commented here on yesterday’s post about the article posted at Wharton’s blog, The Subprime Blame Game: Where Were the Realtors?Seeking to level blame on some Realtors is one thing – there are unscrupulous individuals in every profession…. There is plenty of culpability to go around, but to argue that all 99% of Realtors were advocating on behalf of the Sellers is liable to give some apoplectic fits.Greed is the primary culprit – greed that affecting the decision making ability of people in every camp – buyers, sellers, Realtors, lenders, appraisers, inspectors, title insurance companies …… Promote the interests of the buyer by” and then this – a sample Exclusive Right to Represent Buyer’s Agreement can be found here.The author and professors make one accurate argument accidentally – until the real estate industry, mortgage industry, HUD, etc. embrace divorced commissions, we have a long way to go…. Until this is fixed, the perception will exist amongst those who don’t know any better – whether by unfamiliarity or neglect (as would seem to be the case in the Wharton professors’ cases) – that true representation does not exist.I come not to condemn the professors (I have read the Mortgage Professor site for years), but to enlighten them to the wonderful world known as the 21st century and Buyer Brokerage.
So much misinformation about Realtors it’s almost comical
Comical misinformation about Realtors and buyer agency.
Question from a reader regarding Zip Realty
Plus it’s sad to see all of the listing agents trying to show us “other” houses while we are standing in the house they are trying to sell for a client (some have actually tried to give us MLS listing for OTHER homes in the neighborhood).There are no Zip Realty franchises in the Charlottesville/Central Virginia region (here are the Richmond Zip agents), so first-hand knowledge is hard to come by…. From the fine print on Zip Realty’s site:Occasionally, the seller and/or listing broker in a transaction will offer the broker representing the buyer a bonus or other additional incentive over and above the cooperating brokerage commission. Any such bonuses or other additional incentives are separate and apart from the cooperating brokerage commission actually received by ZipRealty and buyer is not entitled to a rebate on any bonus or other additional incentive monies paid to ZipRealty over and above the cooperative broker commission.This clause alone makes me distrust their model…. Transparent.After reading the question a couple of times, the question is less about whether Zip Realty is “worth it” and more whether Realtors are worth it, and why this reader’s perception is that listing agents (and agents in general) just don’t listen to the client’s needs.There are too many what-ifs and unknowns (if I’m wrong, please enlighten me).