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I see a lot of agents posting how you need to trust your agent and if you don't it's a problem and probably should get a different agent. If you are an agent that is requiring an agreement and a pre-approval letter there doesn't seem to be much trust going in the other direction.
OK then guys ... when you become a seller .... you won't mind if all these "disreputable" lacky agents trapse every Tom, Dick and Harriet through your house on their whim.
As for signing a Buyer's Agency agreement, professional Realtors do not ask every Tom, Dick and Harry to sign one. Only after we've qualified them, and after we know they are serious buyers and understand the difference between buyers' agents and sellers' agents pursuant to the laws of each state.
Realtors aren't waiting for buyers to fall out of the sky and fall in love with each other at first sight. There is a lot more that goes on at the first meeting when a buyer and agent sit down and go over the buyers' wants and needs. More often than not, it is the agent who decides who to work with, regardless of price range.
As a matter of fact, buyers most of us have worked with over the years in the near or over million dollar range have always been referrals either through their financial advisor, their lender, another Realtor, a friend who used my services before (personal referral) ..... or their human resources department. Million dollar buyers don't choose an agent by playing pin the tail on the donkey.
OK then guys ... when you become a seller .... you won't mind if all these "disreputable" lacky agents trapse every Tom, Dick and Harriet through your house on their whim.
As for signing a Buyer's Agency agreement, professional Realtors do not ask every Tom, Dick and Harry to sign one. Only after we've qualified them, and after we know they are serious buyers and understand the difference between buyers' agents and sellers' agents pursuant to the laws of each state.
Realtors aren't waiting for buyers to fall out of the sky and fall in love with each other at first sight. There is a lot more that goes on at the first meeting when a buyer and agent sit down and go over the buyers' wants and needs. More often than not, it is the agent who decides who to work with, regardless of price range.
As a matter of fact, buyers most of us have worked with over the years in the near or over million dollar range have always been referrals either through their financial advisor, their lender, another Realtor, a friend who used my services before (personal referral) ..... or their human resources department. Million dollar buyers don't choose an agent by playing pin the tail on the donkey.
Seriously, where do you work? Sellers on these boards complain about not enough or no showings more then anything else... I've bought and sold over the years and never heard of anyone being "turned down" by an agent. I'm sure it happens, but in extremely rare cases taken as a percentage of overall relationships.
The worst part is that you contradict yourself between you qualifying clients and how "million dollar buyers don't choose an agent by playing pin the tail on the donkey". So what - a 500k buyer does? They have to dance to be accepted by an agent?
Seriously, where do you work? Sellers on these boards complain about not enough or no showings more then anything else... I've bought and sold over the years and never heard of anyone being "turned down" by an agent. I'm sure it happens, but in extremely rare cases taken as a percentage of overall relationships.
The worst part is that you contradict yourself between you qualifying clients and how "million dollar buyers don't choose an agent by playing pin the tail on the donkey". So what - a 500k buyer does? They have to dance to be accepted by an agent?
I could only see an agent (and I've known quite a few) turn down a prospective client if they're sure they have no chance in hell of being approved for ANY mortgage and/or they're frightened of the person in question due to that person saying something particularly weird.
I mean, if Charlie Manson got out on parole and strolled into a local RE agent's office, they might want to decline.
Otherwise? No. Why would anyone who works on commission flat out decline a potential buyer?
Spend less time with one that's a looky-loo (or in our case, someone who is very particular about area, and only asks to see a house once in a while)? Yeah, I can see that.
But, you gotta know that sooner or later, that person is probably gonna buy a house. If they're cool with you not driving them around all day for weeks on end, why ditch'em?
Seriously, where do you work? Sellers on these boards complain about not enough or no showings more then anything else... I've bought and sold over the years and never heard of anyone being "turned down" by an agent. I'm sure it happens, but in extremely rare cases taken as a percentage of overall relationships.
The worst part is that you contradict yourself between you qualifying clients and how "million dollar buyers don't choose an agent by playing pin the tail on the donkey". So what - a 500k buyer does? They have to dance to be accepted by an agent?
Feel free to check my profile, and I don't need to engage in horn blowing with anyone.
The million dollar buyer comment is tongue in cheek. An agent can never tell what type of a buyer will walk through the office door. Some are highly qualified and some are not. Everyone gets treated with the same respect; and everyone goes through the qualification process by a reputable agent. You miss my point, that as a Realtor gains experience and a good reputation, they don't rely on walk ins or the phone; they get personal referrals from several areas. I should have used the phrase "high end buyers". You want to throw around your qualifications, and surely you know the meaning of high end / million dollar buyers etc., yet your question seems to indicate a need for validation as well as lack of respect for Realtors.
And yes, because we are self-employed and run our own businesses, there are some buyers and sellers that we choose not to work with for various reasons. It is the exception rather than the rule, but it happens. Many times they are not qualified; their wants and needs are unrealistic; they are not ready to buy within a few years maybe; they may be just picking your brain; or it might just boil down to a cocky attitude.
Feel free to check my profile, and I don't need to engage in horn blowing with anyone.
Ah, ok - you don't work so it makes some sense to me about where you're coming from now. When you were active is likely when things were still exploding. Seems you timed your exit great. Well done!
I couldn't find a location, though. CA is my guess?
Quote:
The million dollar buyer comment is tongue in cheek. An agent can never tell what type of a buyer will walk through the office door. Some are highly qualified and some are not. Everyone gets treated with the same respect; and everyone goes through the qualification process by a reputable agent. You miss my point, that as a Realtor gains experience and a good reputation, they don't rely on walk ins or the phone; they get personal referrals from several areas. I should have used the phrase "high end buyers". You want to throw around your qualifications, and surely you know the meaning of high end / million dollar buyers etc., yet your question seems to indicate a need for validation as well as lack of respect for Realtors.
And yes, because we are self-employed and run our own businesses, there are some buyers and sellers that we choose not to work with for various reasons. It is the exception rather than the rule, but it happens. Many times they are not qualified; their wants and needs are unrealistic; they are not ready to buy within a few years maybe; they may be just picking your brain; or it might just boil down to a cocky attitude.
I'm really confused by this "qualification process" you and a handful of others keep talking about... Like I said, I've bought and sold RE - I've only ever had agents qualify themselves to me and never once had to be "qualified" myself. Over the years I've seen everything from copies of awards, colored brochures, Powerpoint slideshows, and endless statistics all concluding that this agent in front of me is a gift brought down from above to help me close my RE deal. So this isn't me looking for validation, just stating facts. I've interviewed perspective listing agents to list my home, I even bought and sold my second property through a referral to an agent. These weren't "high end" properties, but you seem to indicate that I should have been treated equally anyway. At no point did I produce a single financial statement, give my SSN, or submit to a blood test to get into a car seeing properties.
So it is mind blowing to me that you turned this whole game around to where perspective clients are the ones who are under the larger scrutiny. You've yet to explain what am I missing and how these agents weren't "capable of doing their job" or worse - you seem to indicate that I have never worked with a "reputable agent" since they didn't "qualify me"?
Where were you in 2005 when anyone with a pulse could get a loan? I'm sure you were turning away business then for the good of the cause!
Ah, ok - you don't work so it makes some sense to me about where you're coming from now. When you were active is likely when things were still exploding. Seems you timed your exit great. Well done!
I couldn't find a location, though. CA is my guess?
I'm really confused by this "qualification process" you and a handful of others keep talking about... Like I said, I've bought and sold RE - I've only ever had agents qualify themselves to me and never once had to be "qualified" myself. Over the years I've seen everything from copies of awards, colored brochures, Powerpoint slideshows, and endless statistics all concluding that this agent in front of me is a gift brought down from above to help me close my RE deal. So this isn't me looking for validation, just stating facts. I've interviewed perspective listing agents to list my home, I even bought and sold my second property through a referral to an agent. These weren't "high end" properties, but you seem to indicate that I should have been treated equally anyway. At no point did I produce a single financial statement, give my SSN, or submit to a blood test to get into a car seeing properties.
So it is mind blowing to me that you turned this whole game around to where perspective clients are the ones who are under the larger scrutiny. You've yet to explain what am I missing and how these agents weren't "capable of doing their job" or worse - you seem to indicate that I have never worked with a "reputable agent" since they didn't "qualify me"?
Where were you in 2005 when anyone with a pulse could get a loan? I'm sure you were turning away business then for the good of the cause!
Maybe I can, or will try, to unconfuse you because you base the entire process only on your own experiences. Everyone will have a different experience, and most do not question it because they are fairly represented.
First of all, you won't get a resume from me; but I have been a Realtor for over 23 years in 3 states, and none in CA. For the past 10 years in NC. When I was active there were several different markets, some up some down. I was also active in the late 70's through the late 90s which takes in the damage done by our old friend Jimma Cah-tah and prime rate was 19.5%. At that time we sold many homes at 13 and 14% ARM rates because that was a great deal and folks who stayed put ended up with 7-9% mtgs. after awhile. That's where I'm "coming from". No explosions anywhere, you work just as hard in a buyer's-side market as in a seller's-side market. Just on a different side.
The way they do things on Long Island NY has nothing to do with how things are done in the real estate profession at large; but it may have something to do with how you were treated by agents in that market locale from time to time and how you and other NY'ers formed opinions of Realtors.
Brokers don't "turn away business" if it is genuine business. The reasons for not working with certain clients is fairly general among Realtors. We don't want to work with people who don't want to work with us, or who have unrealistic wants or needs; or have bad attitudes due to third party hearsay or other experiences; or are simply know it alls. Our time is valuable and there are no "causes".
In 2005, the market began a slight increase, and kept going until the actual bust of 2009/2010 when I decided it was time that I could afford to "make my exit". Whether a good market or a bad market, you don't really think about it until April 15th each year. But you do keep track of where your business comes from.
Unfortunately, our conversation has come to an impasse Mikey; there is plenty of information just in this topic by other top producing agents who all made a serious attempt to give some insight to posters here into why and how buyers need to be qualified, and at what point the seller needs to know. The remainder of this conversation is going off topic and we have not heard from the original poster. We seem to be simply bantering back and forth without knowing how the OP is doing with our advice.
But I thank you for your interest so far. Have a super day! and hug your Realtor because they truly have your best interest at heart.
I think you are misunderstanding...the realtor does not need to know or even care to know what limit you are qualified up to.
They just need reassurance that you ARE indeed qualified to be looking at homes in a certain range so they aren't wasting their time or the sellers time.
This ain't rocket science, just good time management!
There is something wrong in this picture...oh there is really no picture.
First you said realtors do not need to know or even care to know the limit you are qualified up to....but then they just need reassurance that you ARE indeed qualified to be looking at homes in a certain range so they aren't wasting their time or the sellers time.
I could only see an agent (and I've known quite a few) turn down a prospective client if they're sure they have no chance in hell of being approved for ANY mortgage and/or they're frightened of the person in question due to that person saying something particularly weird.
I mean, if Charlie Manson got out on parole and strolled into a local RE agent's office, they might want to decline.
Otherwise? No. Why would anyone who works on commission flat out decline a potential buyer?
Spend less time with one that's a looky-loo (or in our case, someone who is very particular about area, and only asks to see a house once in a while)? Yeah, I can see that.
But, you gotta know that sooner or later, that person is probably gonna buy a house. If they're cool with you not driving them around all day for weeks on end, why ditch'em?
LOL...I probably turn down 1 buyer per year and about 2 to 3 sellers per year!
The last buyer that I "declined to work with" wanted "an agent that would drop everything the minute he called, in case he was out riding around and happened upon a house that was for sale".
I asked him if he thought that was acceptable business practice, considering some of my clients that are relocating call weeks in advance to make sure I'm available for them. He said he didn't care. He wanted someone to be at his "beck and call".
I laughed. Told him he really had the wrong agent and left. His poor wife was mortified!
The last seller that I declined to work with had purchased his home in 2006 and proceeded to tell me that it was now (2010) worth $50,000 more because of the designer WALLPAPER and paints that he had added.
I work hard but I work smart. And for those clients that work with me and appreciate all that I do to help them, I will take their calls and emails whenever I can and help them as much as I can!
There is something wrong in this picture...oh there is really no picture.
First you said realtors do not need to know or even care to know the limit you are qualified up to....but then they just need reassurance that you ARE indeed qualified to be looking at homes in a certain range so they aren't wasting their time or the sellers time.
WTH...
Those are two entirely different concepts. If you are asking to see $450,000 homes, but qualified up to $700,000, I only need to believe that you are qualified in the $450,000 range, without knowing your top limit.
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