I Can’t Stand Realtors!!!

If this is the first thought that comes to mind when thinking about starting your home search you may want to reconsider your approach. Yes, like any industry there are a number of inexperienced, morally bankrupt people in the real estate profession, but there’s also a number of seasoned professionals who take great pride in servicing their local community. If you’ve had a bad experience with a realtor in the past, I would challenge you to try a new approach to working with a realtor this time around…

Here are a few common mistakes buyers make when beginning their home search…

Mistake #1:Working With Multiple Agents

Why It’s a Mistake: You may get lucky, but in most cases if the realtor knows you’re calling 5 different agents to show you 5 different properties they’re only going to be as dedicated to you as you are to them – which means not at all. They’re not going to spend time doing in-depth research to help you determine true market value or make you aware of the individual properties market history, price changes, etc. because they know they’ll probably never see you again and they have to manage their workday, dedicating their time to clients who have committed to working with them. A Better Approach: Ask friends and neighbors who’s opinions you trust for a professional referral. If they had a great experience you’ll be sure to get the same five-star service.

Mistake #2: Avoiding The Conversation About Commissions

Why It’s A Mistake: Knowing where a person’s interests lie is the foundation for any healthy relationship. When you don’t fully understand how a realtor earns their commission it makes for an uncomfortable interaction. A Better Approach: Very simply, just ask, “How do you earn your commission?” A professional is always happy to answer this question, but often realtors make the mistake of thinking the general public understands all the inner workings of the real estate industry. Just ask!

Mistake #3: Thinking You’ll Get a Better Deal If You Don’t Use a Realtor

Why it’s A Mistake: In theory it makes sense that if a seller doesn’t have to pay your realtor you can negotiate a better deal. But in fact, the seller has already agreed contractually to pay a commission to both the listing agent and buyer’s agent. As a buyer without a realtor the listing agent simply makes double the commission and you’re left without a realtor to help guided you through all the nuances of the process negotiate on your behalf from initial offer to closing. A Better Approach: Commit to a working relationship with a realtor you trust and you’ll have an advocated throughout the entire process, saving you time and money!

Mistake #4: Going At It Alone  

Why It’s A Mistake: Most people don’t realize that the listings on websites like Trulia & Realtor.com are not in real time which, means you could miss out on your dream home because you saw the listing long after it hit the market. Many of the existing listings on these sites are also old, causing you to waste your precious time researching homes no longer on the market. Additionally, when it comes to home values a website can’t take in to consideration if the property is located next to a garbage dump or the condition, finishes, etc. Their values are often off by 15% or more, making them irrelevant by professional standards. Additionally, buyers often don’t realize that by visiting a new construction building solo for the first time prevents them from utilizing a realtor ‘s services to facilitate their transaction if they should choose to buy there at any point in the near future. Developers are happy to pay realtors and have pre-arranged commission agreements with the brokerage community, but they can only honor those agreements if your realtor accompanies you to the building upon your first visit.  A Better Approach: Entrust a pro with your home search and let them guide the way based on your specific needs and desires. They can put their local knowledge and resources to work for your benefit! A seasoned pro will likely have inside knowledge from past sales in most buildings which will help you at the negotiating table. Realtors also help to manage the expectations and needs of both parties throughout the process to make sure things go as smoothly as possible and you can benefit from their long-standing relationships with trusted attorneys, home inspectors, mortgage brokers, etc.

In summary, be selective in who you work with, ask questions, trust the process, and demand great service. And remember, buying a home should be FUN!