Buyers Show The Way To The Money Today For Agents
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A few years ago the focus was all on getting the listings for real estate agents. If you have the home listing you were almost guaranteed the money.
Now having a listing can be a curse. With an over-saturated housing market and an expectation to invest in marketing the homes for sale, listing agents are often spending money on homes that can not sell.
Meanwhile if you can find a buyer it is often worth the price of the gasoline driving them around town. The expectation that they will buy is much greater than the expectation of a home selling in todays market.
Of course, for agents the most important two questions for the buyers are now;
Do you have a home you are trying to sell? (You could be driving someone around who can not sell their home even when they want to buy.)
and…
How is your credit? Can you qualify for the homes I am showing you? (With tightening lending standards, qualifying for a loan is much tougher than it was previously.)
So before one gets away — along with a potential commission — broker Wayne Frankel wants buyer’s agent contracts signed, and he’ll give an agent one point toward a yearly prize for each loyal house hunter.
It’s like nabbing a house listing, except here, the contract sets up a fiduciary relationship between the buyer, who agrees to exclusive representation for a period, and the agent, who commits to the buyer’s interests.
“Sellers are a dime a dozen,” said Frankel, the broker owner of Exit Realty Premier in Massapequa Park. “There are not enough buyers out there. Think of it like this: For every 10 homes, there are two buyers. No matter how well-priced the other homes are, eight of them are not selling.” via Newsday.com
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Comment by Melissa | Talk San Francisco Real Estate on 12 August 2008:
I completely agree about the “Qualified Buyer’s” being worth their weight in gold, and hmmmmm being worth the gas prices as well. Although, I have to say that I am a Realtor in San Francisco, and properties are still moving. The key is to have a great listing that is staged and priced well. I like how you pointed out the buyer potentially having a house to sell and possibly not being financially qualified. It is so crucial that an agent not take someone to look at houses that does not have their financial house in order yet. This is not only for the agent, but for the client as well. What if a buyer finds the house of their dreams only to realize that what they thought they could afford is not what they could afford at all. Get a full pre-approval first!