Getting the most from your Realtor
by Hugh Hardy
Today I'd like to talk about what you can expect from real estate salespeople. It's interesting to me that there are so many different ways that people deal with Realtors. I think a lot of it has to do with how these people see Realtors - how they expect that they will be treated.
Some people feel that Realtors are pretty much like "used car saIesmen". As a result, these people tend to avoid anything more than casual contact. Of course, they never leave names or phone numbers for follow-up. As a result, they tend to deal with a different Realtor each time they make an inquiry - or perhaps 3 or 4 Realtors in rotation. This acts like a self-fulfilling prophecy. This type of customer has his feelings about Realtors confirmed - because the Realtor is never able to look in depth at the customer's situation, is always treated with suspicion and is not allowed to develop a rapport that allows the Realtor to serve the customer most effectively. Dealing with these people can be frustrating for a conscientious and naturally helpful Realtor.
Now, I'm not saying that there aren't a few "bad apples" amongst Realtors who have little respect for their customers. But, for the most part, the average Realtor is a true professional with service in mind. After all, that's how we establish repeat business and thus longevity.
I should clarify that it is natural for someone making the most casual of inquiries to deal this way with salespeople. I am not referring to that type of person here. I'm referring to potential Purchasers who are very serious about purchasing a home, but still remain "stand-offish". I've seen it so many times. These people usually don't even realize that they are not working in their own best interest!
Let me explain that what we are talking about here is specifically how potential Purchasers deal with Realtors - not Vendors. This is because Vendors, by necessity, must establish an on-going relationship with a Realtor. This relationship is created with the signing of the Listing Agreement. The Listing Agreement is the "glue", the contract, in which the Vendor offers exclusive representation for the marketing of his or her home, and contracts the Realtor to act in the best interest of the Vendor.
Now, it turns out that the way to increase your chances of finding the most suitable home, and in negotiating to your best advantage, is by using one competent Realtor exclusively. It is only natural that customer loyalty creates Realtor loyalty. These days, that relationship is often manifested legally, in that, it is now commonplace for Purchasers to sign a "Purchaser's Agency Agreement" with the Agent. This allows the Purchaser to have the same level of commitment from a single Realtor that the Vendor gets when signing a Listing Agreement. In most cases, the Purchaser's Agency Agreement specifies that the commission will still be paid by the Vendor of the home that is ultimately purchased. So it's a free service to the Purchaser too!
Having your own Agent means that she/he can do all of the following things for you: calculate what you can afford to purchase; show any listed houses to you; draft an offer; negotiate with the Vendor on your behalf; watch for suitable new listings as they come up; share "grapevine" information; help you find a bank or a home inspector if you don't have one; buy you lunch (this may create serious repercussions from all my past clients!); help you sort out the pros and cons of a particular property; etc; etc.
This is not a complete list of the duties of a Purchaser's Agent, by any means. But I hope you get the "drift". Working with one Agent on an on-going basis is definitely the best way to get the most in the long run.
Mortgage Calculator