We listed a sweet Highland Park home and received twenty-seven offers. As the Harb and Co. Team typically does, we held it open on Saturday and Sunday. Only a handful of the potential homebuyers viewed this home with their real estate agent. A few of the agents had previewed the home when it was first listed and then sent their buyer to the open house. Most of the buyer’s visited the open house because they found the home online (on their own). They had lots of questions and apparently weren’t discussing them with their agent.
In multiple offer situations, I am hoping for a buyer who is emotionally attached to the sale. Not one who is overly analytical. The buyer in love with the home is going to close escrow and be less drama for my client, the home seller. Home buyers should have a list of questions to address to their agent. Their demeanor at the open house is similar to a job interview; I am interviewing them for the role of the ultimate home buyer.
What is the role of a buyer’s real estate agent?
Just because a home buyer can find homes online does not mean that he shouldn’t seek the advice of an experienced real estate agent. The buyer’s real estate agent must see the home in order to properly advise their client as to how much they think the home will sell for. In this competitive price range, getting an offer accepted is challenging. In this instance, twenty-six home buyers lost out. A buyer needs every advantage.
When I sort through more than 20 offers, I start with price. However, price is only the beginning. I also want to know that the buyer’s Realtor has personally seen the home. In this case, more than half of the agents who submitted offers had never viewed the property. The Realtor who submitted the highest offer had not seen it either. So, before I sent a counteroffer, I insisted that he tour the home.
After seeing it, he decided the home needed too much work for the price he offered. That was valuable information. It was much better to learn that before opening escrow. So, I moved on. I had other strong contenders. However, one of the other top offers came from an agent who was not responsive. I called her at 11 a.m. She did not return my call until 8 p.m.
When I asked why, she said she had been attending a seminar. I asked whether the seminar ran until 8 p.m. She then explained that she had a family commitment after the seminar. Unfortunately, she could not take five minutes to return my call. With more than 20 offers on the table, I had plenty of options. Therefore, I saw no reason to open escrow with an agent who had already shown poor communication.
On another of the highest offers, the buyer’s Realtor has been licensed for less than a month. The buyer was not prequalified; they were late getting to the offer stage.
So, what is the role of a buyer’s real estate agent? First and foremost is to see a home a buyer wants to write an offer on. Then we should run comps – check values and advise what offer our client should make. Next, we need to know how to submit an offer: Preapproval, verification of down payment, letter from buyer to seller. In addition, when it’s a client I know, I include a letter to the seller’s Realtor explaining my relationship with the client. If they are someone I have known for years, I want the agent and the seller to know I didn’t just meet them at an open house.
After an offer comes in, I make myself available to answer questions. I expect the same from the buyer’s agent. After all, this is our job. It really should not be that difficult.
I am amazed that so many home buyers have such low expectations of their real estate agent. Not all agents are created equal, yet for the most part we mostly are equally compensated.
Related Post: That slacker real estate agent can cost you the sale
