After reading a featured post by Donna Harris titled “NAR Reports That Only 60% of Buyers Use a Buyer’s Agent” I thought I’d share my opinion on this topic. We are listing agents. We focus on listings and representing the seller in a transaction.
We don’t participate in dual agency. We represent the seller, period. Often during our open house events, we are visited by potential buyers who are not using a buyer’s agent, and they are interested in submitting an offer on the property.
This happens frequently with our new construction. We disclose in writing and verbally that we represent the seller. There is a plaque on display that states we are agents for the seller. We also ask them if they have a buyer’s agent, and if the answer is “no” then we proceed to discuss their options.
We offer them assistance with securing a buyer’s agent, and we make sure they clearly understand that we are representatives of the seller. On occasion, a potential buyer will secure the services of a buyer’s agent, but more often than not, they refuse to do that. They understand that they have no representation. They want the property, and they want it immediately. The potential buyers make the offer through us, the seller’s agent.
Buyer agents need to do a better job of educating potential buyers. I think offering seminars for potential buyers and discussing the value of hiring a buyer’s agent would be a valuable seminar for all. I think buyers need it, and buyer agents could use the business. Forty percent of the buyers are walking into a lions’ den, and they have no idea of the financial danger that lurks ahead.
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