Buyers Brokerage
So I previewed a few open houses today for my clients and of course (as social as I am) I made new friends & hopefully new clients while chatting with other perspective buyers. One question I did ask anyone (just curious, not trying to sell anything) was that if they were using a buyers agent to help them find their new home.
The answer: none of them were at that point in time which totally caught me by surprise.
So why no buyers agents involved Well, most of them said they wanted to do most of the work on their own. Hmm, I can understand that totally, I would do the same. Some of them also said they would most likely just try to do it themselves or call Zip Realty or Redfin when they were ready to buy. Ahhhh…..now your talking.
The point to this post is that we all need to do a better job educating the ‘buying’ public. It does not cost you a thing to work with a buyers agent so their is NO reason not to have an agent on your side, sending you properties and researching information for you and when you are ready to submit an offer, your agent will be able to plow through the paperwork, make sure your proper contigencies are there to protect you and help negotiate the best possible price for you!
But…
Another great reason to use a buyers agent is to SAVE $$$. (and I am not just talking about getting you a better deal on your offer price).
You now have options…as two companies I listed above offer buyers rebates or refunds back to you at closing as we do too (we have the biggest refund on the market today!)
Ok, how does this work, right?
When a seller lists a property 9 out of 10 times he lists with a full service real estate agent which charges a 6% fee to sell the property. So if the seller sells the property direct, the listing agent gets a big whopping 6% commission check (thats 30k on a 500k purchase), not bad right….well that hardly happens.
Most sales include both the listing agent and a buyers agent. Now here is where WE come in as your buyers agent. As your buyers agent, when we submit an offer for you, we are entitled to 50% of the listing agents commission (so we would recieve 3% of the 6% or $15,000 in this example).
The Good Stuff…
Now…not only are we going to work exclusively for you, do all the grunt paperwork and negotiations, BUT, we are also going to GIVE YOU most of our commission. See here in Boston, no matter what the sale price is or how much the commission is, we only KEEP $5,000 and we REFUND you the remainder.
Sound crazy? Well, it kind of is…but it who we are and what we do!
Want to know how we do it? Check out this link…
CondoDomain Buyers Agent vs. Traditional Buyers Agent
Want to learn more…watch this movie.
Condo Domain,
Your method is quite striking and an excellent model. I think that many individuals in the Northeast, in particular Boston, have a very a difficult time letting go of control and trusting. Most of your clients, as professionals, who have independently had to go through their education and work having done things for themselves take time to build a relationship with a buyers agent. I think as times shift, and more and more young people get dependent on the internet to do most of their communicating and learning, they will take it upon themselves to figure out things for themselves. I can imagine they have a hard time letting go of the control and fear of things going wrong, especially when they are new homeowners or anxious about their senses of responsibilities.
Probably the most important aspect of having a buyer’s agent, which young people need to be advised of, is the recommendations and linked support that comes with this buyer’s agent – including recommendations for great support and services – whether it be hiring a good attorney or hiring a solid set of folks to take care of business.
Most of your clients would probably find helpful a one or two page summary of all of the unanticipated demands and resources that will come up in the process. As smart and as professional as they may seem, many of these homeowners can be naive and completely misjudge their lack of knowledge.
Control and independence are hard to give up – clients just need to know they have full and complete trust, and transparent communication.
Tony,
Thanks for the write up. Hope to see you soon.
Mario
Mario – Absolutely!
Suggestion – Thank you for your comment and we will absolutely do that..its a great idea…I look forward to getting that posted asap!
Very interesting model may have to take you up on it.
Interesting responses from the condo buyers.
These days with the internet certainly a lot of people are doing their own research. On the other hand we don’t see a lot of people being their own lawyers and their own doctors. Or even their own car mechanics.
Jon Boyd
Exclusive Buyer’s Broker
The Home Buyer’s Agent of Ann Arbor, Inc.
Hey Guys just catching up on the Blog post responses. I plan on getting to this one this week. Stand by. I appreciate your comments and look forward to responding!