Buyer Loyalty
Why do some buyers think it’s a good idea to work with more than one buyer agent?
I can understand the logic behind “shopping” buyer agents to find a competent, responsive, experienced agent.
But, playing several agents against each other is a sure way to turn off any experienced agent.
All buyer agents have the same listing inventory to show and every home listed in MLS is available with a mouse click.
Do those buyers think one agent is going to find a property another one won’t find?
I recently caught one of those disloyal buyers in the act while I was helping him get his financing pre-approved.
To my amazement, my lender called and told me they had been asked by another agent to pre-approve my buyer.
When I called to ask the buyer what was going on, he didn’t return my call.
Now he gets to work with the other agent.
My advice?
Pick one competent, responsive buyer agent you like and trust and stick with them.
Confide in them, tell them your wants, needs, likes, and dislikes.
Then, let them do their job for you.
If you really want their best efforts and loyalty, ask them if you can sign a Buyer Representation Agreement.
You’re wasting your time and you won’t get good service from any experienced agent if they know you’re playing the field.
Loyalty matters, especially to those of us who only get paid at closing.
Phil Hoover
in Boise Idaho Real Estate, Boise Idaho, Eagle Idaho, Eagle Idaho Real Estate, Idaho Real Estate, Meridian Idaho Real Estate, Boise Idaho Home, Boise Idaho Realtor, Boise Realtor, Boise Home, Boise Real Estate, Boise Builder, Boise Foreclosure
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Reader Comments (8)
Good post Phil. Sorry that buyer did that to you. His loss.
"If you really want their best efforts and loyalty, ask them if you can sign a Buyer Representation Agreement."
You Realtors crack me up. Yeah, that's a definitely a great idea for the buyer, not for the agent at all... sheesh.
Janice -
Thanks for your comment.
You are either not from Idaho, or ignorant of Idaho Agency Law.
In Idaho, there is no agency relationship between an agent and client absent a written agency agreement.
For buyers, that is the "Buyer Representation Agreement".
If you are going to be represented, it is Idaho law that this agreement must be executed to form an agency relationship.
My point is that you will get better service from your agent if you confirm that you are working exclusively with them to find a home.
I know of few experienced agents who will devote serious time and energy to someone who isn't willing to be loyal to them.
Phil,
As you mentioned, all real estate agents have access to the same MLS properties. So if a Buyer is using 3 different agents for information he will receive 3 times the amount of phone calls and emails on the exact same information. A Seller will interview and choose 1 agent to represent their best interest in real estate. Buyers should do the same. As a Buyer, ask for referrals or find an agent that you feel comfortable and secure with. Be honest with them not only on your wants and needs for a new home but with your expectations on your business relationship.
No, Phil. I am not in Boise. But I am familiar with the market and as a real estate attorney in practice for over 40 years, I have more experience than you in these matters. A Buyer Representation Agreement is, in all instances, a 100% self-serving document for the Realtor. Witness the hundreds of web pages suggesting ways to "soft sell" a prospect into entering a BRA. Any reputable attorney will always advise their clients to sign such an agreement only as a last resort and virtually all agents will agree to work without one.
I've fired a couple of clients in these kind of scenarios this year. Looking in the same couple of blocks with three different agents. While there's a chance I passed on a commission check, it wasn't worth wasting the time on people who didn't see any value I bring to the process.
Janice - sorry but you are wrong again. Your 40 years of drafing legal mumbo jumbo does not count as real world experiance in real estate agency. Let me ask you this - how many hours of work do YOU perform for a client prior to agreeing upon billing rate and scope of work with them. Not much I'll bet. I anxiously await your reply.
The key to client "buy-in" is rapport building and setting the expections right from the beginning, before you ever set foot in your car with them. I found very early in my career that the public is generally ignorant of how realtors work. Many think that they have to call the listing broker in order to see that particular house and are not aware that we can all show them anything on the market. My first step is to do a "buyer's consultation", beginning with letting them know that I care about them and that I want to help them. I also let them know that they can fully trust me, but that I need to trust them too! I explain that every realtor works on 100% commission and that it wouldn't be fair to any of us if they were to work with more than one (especially at almost $4/gallon!!!). Consequently, I have never had a buyer stray.