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I do not want to sign on with a buyer's agent just to view a property. I know exactly what I'm looking for and I do meticulous searches online before even considering asking for a viewing. I'm not a casual looker. I want to be able to phone a listing agent for a particular home and, if after viewing it, I'm not interested in that particular property, that's it. I'll wait till the next interest comes along, and that may take weeks.
I guess services like Redfin try to service this type of buyer. I've never used them, but looked into them. They work as a team, so the person showing the home is paid to just show the home. The person that writes up the offer is a different person. They are salaried and don't work on commission. I guess they also refund the buyer a portion of the commission. I've read that traditional agents don't think very highly of these new services, so I decided against using them.
That would be a headache as most agents are in a localized area.
There are going to be rude agents. I would call and say, "I am from out of state and a cash buyer. I am interested in viewing this property listed at X address. May I make an appointment to view it?" If they ask if you are represented by an agent just say clearly, "I prefer not to have one. May I make an appointment?"
Be dry and to the point. And playing devil's advocate, they probably get tons of calls from people that aren't qualified or approved or just want to see and trying to deal with only serious buyers. We get tons of complaints on this thread from sellers that are tired of showing their homes to non buyers and blame their agents for not weeding out the buyers.
However that agent sounded rude and hope you don't encounter any more.
Thanks for your perspective. I'm simmering down a bit. I just haven't encountered this before; I assumed that if one really wants to see a property that the agent would assume s/he is qualified to purchase. It did not occur to me how many folks are just casual lookers and many unqualified.
I think I'll go the route of getting a signed bank letter and offering that in my initial call, though I still feel miffed at having to do so. But if that's what's required....
I will still resist having a buyer's agent until (a) I've pinned down the general locale, and (b) I know the agent well enough to trust that he/she's good.
The problem remains that when I want to see a property, I want to see it right away (in my price range and preferred locations, homes go fast)—there's no time to investigate how good the agent is in terms of signing on with him or her. I've dealt with some uncommunicative, some unmotivated/deadheads, and some fairly curt realtors who seem to know little to nothing about public relations and customer service.
Don't hire an agent whom you would not trust in dual agency.
There's no way to tell, ahead of time, whom to "trust." Everyone starts out nice and motivated, but some go downhill fast in terms of how and what they deliver. I've had several referrals from friends ("he/she's the best!") that I considered duds on interviewing as a seller. As a seller, I want to see an agent's marketing plan with other homes in action; I want to know that they do something beyond listing me on realtor.com and MLS (something I can pay to have done on my own), and one paltry open house (something I can do on my own). The most effective thing I did on my last home, as a seller, was to have DH create a blog and promote it through social media. Not one realtor mentioned doing that. We sold on our own.
As far as dual agency, I just don't trust it. You can't objectively and fairly represent the devil and g-d at the same time, lol.
I know this is off topic on my own thread, but case in point regarding dual agency.
The one time I had a dual agent (in the Midwest), the potential buyer was dissatisfied with something in the attic and insisted on extending the inspection period (beyond the usual 10 business days) by two weeks at the height of the selling season (she wanted to bring in a string of specialists).
"Our" mutual agent calmed my concerns and strongly sided with the buyer, ending up with a three week inspection period beyond the 10 business days.
In the end the buyer left me high and dry, pulling out of the deal based on the inspection reports, which of course I did not see and did not expect to see (she paid for them, they were her reports). In my state, the potential buyer gets the deposit back by just saying that the inspection was not satisfactory.
I returned her deposit but in the meantime, two other buyers had been waiting in the wings to make decent offers and I lost those during the delay. I should not have listened to the "dual agent" but should have declined the losing offer based on an obviously nervous and on-the-fence buyer.
Your last paragraph, other than that consumers should consider the pitfalls of dual agency, is pretty much BS, IMO.
Any agent who thinks they cannot provide proper dual agency functions as described in law, regulations and rules, is probably too inept or too ignorant of agency requirements to hire them for any function.
And, you should not quote other agents' fee schedule, or assume you know how other agents bill.
Sorry Mike, you are all wet on this one. Soaking wet and glistening under the Springtime sun. Your opinion is incorrect, but typical of the party line. And this is what is wrong with our industry. We define ethical conduct in the law to suit our own need to make money at the expense of consumers trust and respect.
The law is wrong, and you are wrong for following it if you think you can ethically represent both sides of a real estate transaction. You cannot. It is not possible. ADVOCACY IS ILLEGAL UNDER DUAL AGENCY.
You are of little or no value once you cannot advocate for your client. One becomes a double-dipping pencil pusher at that point. Getting more pay for less work and more risk. My clients depend on me for UNDIVIDED LOYALTY. And so do yours, or so should yours. Undivided loyalty is OUT THE WINDOW once you are a dual agent. Why would you do that to a client? Expediency? Easy money? Yes, I know the law allows it. But we need to go further and act above the law when it is logically absurd, as it is here.
Most real estate lawsuits arise from dual agencies. Why? Why not? It is fraught with irrational greed and moral compromise. The deal becomes the GOD, with a double paycheck at the end of the rainbow, and no loyalty to anyone, and no advocacy to anyone. Just get the deal done and collect. THAT, ladies and gentlemen is what dual agency is all about.
Dual agency is one of the primary reasons that real estate salesmen are classified with used car salesmen as putrescent charlatans.
And by the way, you hedged your bet when you earlier admitted and stated that agents who pursue dual agency are making a mistake. You accidentally were correct there as you danced around the issue. It is a mistake. It is a mistake that we are allowed to make. Indeed, it is a mistake we are encouraged to make! It is a mistake that the real estate interests wrote into the law to make it legal to do the unethical.
I won't sugar coat it or spray paint it or fake it. Dual agency is unethical period paragraph.
In order for the public to defend itself properly, which we as an industry will not do, I have designed some guidelines to follow:
1) As a seller, when you list your home, instruct your agent that you insist on UNDIVIDED LOYALTY and FULL ADVOCACY FOR YOUR INTERESTS throughout the transaction. And therefore, if the agent procures a buyer for the house, he should refer that customer to another firm, not an agent in the same firm, WITHOUT A REFERRAL FEE, and without further compensation or obligation.
2) As a buyer, instruct your agent that you want UNDIVIDED LOYALTY and FULL ADVOCACY FOR YOUR INTERESTS throughout the transaction. And therefore, if the agent wants to sell you one of his own listings, he should refer you to an agent in another firm, not another agent in the same firm, WITHOUT A REFERRAL FEE, and without further compensation or obligation.
I will only address these obvious cases, as they most frequently end up with a double dipping agent and a client asking a horrible question: whose side is he on?
There is another aspect to dual agency with respect to other agents in the same firm, however, while the pitfalls are similar, the functional intensity is reduced because the money is split between agents, and there can be some expectation of improved confidentiality. However, this varies by office and the consumer has no objective way to know where he stands. If you are in a state where the law precludes advocacy once dual agency arises, I would, as a consumer, insist on outside representation, even if 2 different agents in the same firm are to handle the transaction. There is very little confidentiality inside a real estate office, and there is gossip and common access to internal files.
Bottom line: As a consumer, keep it simple. If you never consent to dual agency, you'll protect yourself from the problem and will get to keep the 2 most important things you want from your agent: UNDIVIDED LOYALTY and FULL ADVOCACY.
Most agents have been brainwashed by their training that the solution they have created at the state level is ethical. It is NOT. It is expedient and allows the practice of one individual representing competing interests and serving 2 masters. It is preposterous really, and unfortunately the consumer is responsible for learning the realities and protecting himself or herself from this nightmare. Because we, as your agents, generally will not do it.
DO NOT CONSENT TO DUAL AGENCY.
Last edited by Marc Paolella; 04-27-2015 at 07:37 PM..
There's no way to tell, ahead of time, whom to "trust." Everyone starts out nice and motivated, but some go downhill fast in terms of how and what they deliver. I've had several referrals from friends ("he/she's the best!") that I considered duds on interviewing as a seller. As a seller, I want to see an agent's marketing plan with other homes in action; I want to know that they do something beyond listing me on realtor.com and MLS (something I can pay to have done on my own), and one paltry open house (something I can do on my own). The most effective thing I did on my last home, as a seller, was to have DH create a blog and promote it through social media. Not one realtor mentioned doing that. We sold on our own.
As far as dual agency, I just don't trust it. You can't objectively and fairly represent the devil and g-d at the same time, lol.
You have an excellent handle on this situation. Unfortunately, as an industry, we do not.
There's no way to tell, ahead of time, whom to "trust." Everyone starts out nice and motivated, but some go downhill fast in terms of how and what they deliver. I've had several referrals from friends ("he/she's the best!") that I considered duds on interviewing as a seller. As a seller, I want to see an agent's marketing plan with other homes in action; I want to know that they do something beyond listing me on realtor.com and MLS (something I can pay to have done on my own), and one paltry open house (something I can do on my own). The most effective thing I did on my last home, as a seller, was to have DH create a blog and promote it through social media. Not one realtor mentioned doing that. We sold on our own.
As far as dual agency, I just don't trust it. You can't objectively and fairly represent the devil and g-d at the same time, lol.
But, that remark indicates your misunderstanding of dual agency is very similar to Marc's.
Dual agency is not a fiduciary relationship to either party, but a neutral function with neither party favored.
Don't agree to dual agency if you only want advocacy, and that approach is seldom a mistake, but disallow dual agency from a position of clearly understanding the dual agent's role.
Good practice of Agency is a skill, whether as a buyer's agent, seller's agent, or dual agent. That skill is taught throughout licensing classes and continuing education for anyone interested in learning.
When an agent unequivocally states they are unskilled in practice of agency, why would anyone ever hire them for any agency role?
OTOH, when you go to view for purchase (peruse) virtually anything else in this world, you do not have to show proof of funds or be so committed that you'll sign with some kind of agent. Seems like agents may be doing less and less, compared with the "old days"?
Every car I've purchased (there have been 3 brand new ones), I have had to give my driver's license to even test drive a car. One dealership requested my car keys while I was gone with their car. Sometimes a sales agent went with me and other times they didn't.
The old days are gone. There's too many wackos in the world now. Far too many crimes have been committed as well.
That's how we met "our" realtor who we have been dealing with for well over a decade now.
Saw a house while we were out driving around, called his # on the Weichert sign, he showed us the property the next day. We have bought and sold many properties from/with him since.
He was a top realtor in the state when we met him (didn't know that at the time), he didn't demand to know our "status" before showing us the property. He got that out of us while we were checking the place out. We were fine with it. We were also cash buyers.
We have referred him to everyone we know - including family members. Recently he sold a family member's house in 6 weeks and held their hand through the purchase of a short sale (as buyer's agent) that was a little ridiculous of a process, to say the least. My family member has nothing but great things to say about him and has also referred him to friends.
Good realtors don't do what the chick who you spoke to did.
You could have turned that conversation around on her and asked the grumpy cat listing agent how long she's been a realtor, how many listings she currently has, what awards she has won (if any), how long does it take her to sell a house on average, what her average annual sales $$$ are.
How happy do you think her sellers would be to know how she treated a potential buyer? Not very!
Its such games between brokers that keep houses sitting on the market for months, while buyers and sellers can't get their properties sold. The agents literally think they own you and your property while they play with the commissions.
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