This question brings up visions of a Geico commercial for me.
There is a school of thought out there that believe buyers can save money by purchasing a property directly through the agent who has the listing, otherwise called the listing agent. While that may be true in some circumstances, it is in fact not the case in most real estate transactions. While I do not have empirical data to prove this statement, I do have the “working in the business” knowledge to support it. It just does not happen all that often.
Most of time, the listing agent will not reduce their commission when they represent both parties. They are doing double the work and have double the liability, not to mention the fact that they did their job: got the property sold.
Buyers need to know that their interest’s may not necessarily be best served by going directly through the listing agent. While the listing agent may have more knowledge about the property as well as have direct contact with the seller, a good buyer’s agent will typically do more due diligence on the property and protect a buyer’s interests. A buyer’s agent is just that, they represent the buyer, not the seller.
So, unless you are a caveman, or if you are a curious buyer, you might want to consider some of the thoughts I have in the video below.
Please enable Javascript and Flash to view this Viddler video.Like the video above? Check out other topics I have Vlogged about.
October 29th, 2008 at 7:50 pm
Thanks for stopping by Linsey.
Yes, driving while video blogging, do they call it clogging? I think it will be outlawed soon in CA
The main point of the video is to look at it from the two different perspectives. A lot of buyers think they can save money by going through the listing agent. I do agree that having less people involved improves efficiency and communication.
Do I think a buyer’s interests can be served by the listing agent? Yes, but it always depends on the agent.
I have represented buyers on my listings as well, though it is not always my first choice. I usually refer it to another agent in the office if I can.
Thanks again for the comments.
October 29th, 2008 at 7:26 pm
Are you blogging and driving?!
I agree completely, but I will say, I have brought buyers to my OWN listings. Would they have been better served with another agent? I don’t think that’s necessarily the case. I take my fiduciary responsibilities seriously.
My job IS to generate buyers for my listings and if I’m successfully doing that, it’s incumbent upon me to be serious about the responsibilities associated with that type of transaction.
But, BTW – the buyers won’t save any money just because they utilized my services as their agent. Why would I make less taking them to my own listing, than I would selling another person’s home? My sellers don’t want that and neither do I. Make sense?