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THE BUYING PROCESS

or WHY WORK WITH A SINGLE AGENT?
 
Some homebuyers contact several Realtors thinking that they will find an additional property or a special deal that they have missed. This is a major mistake that is usually attributable to a first time homebuyer. The question is, Why work with a single agent?
 
When you contact a Realtor to see property that Realtor will ask you a few questions about what you want, your time frame, and your ability to buy. Once the Realtor knows a little about you they will do a search of the MLS (Multiple Listing Service) to see what is available in your price range. Every Realtor has access to the same listings. A listing on the MLS may be under contract waiting for some type of approval before the listing agent changes it from "current" to "pending". Therefore, a Realtor must call the listing agent for each and every property that matches your requirements and inquire if it is available. The listing agent will say. "Tell me something about your buyers.". If the Realtor fails to answer the following questions the listing agent will require answers before they will ask their seller to clean and vacate their home for a showing. The questions will be:
  • What is your buyers name?
  • How soon are they planning to buy?
  • Exactly what are they looking for?
  • Do they have a home to sell?
  • Are they pre-qualified?
The listing agent is obligated to sell the property, to obtain the highest price possible, and to inconvenience the seller as little as possible. If the listing agent does not feel that you are a ready, willing, and able buyer they may refuse to show you the property. Once your Realtor knows which properties are available they will mark the location of each listing on a map and do a preliminary itinerary. Your Realtor will begin the process by calling each listing agent again to request a time to show the property. This time the listing agent will ask your Realtor if they are aware that a second Realtor is working with this buyer. The inexperienced agent will be happy to spend their time working with you as they have nothing better to do and it is part of the learning process. The experienced Realtor (they ones recommended on this site) will call you and recommend that you work with the other agent. When the second agent calls to schedule an appointment they too will discover that you are working with someone else. Again, if they are any good they will be busy and they will call and recommend that you work with the other agent. The best Realtor's work 70 to 90 hour weeks and their success depends on how well they manage their time. Time wasted on a buyer who is not loyal keeps an agent from working with someone who will buy through them. It a matter of priorities - its good business.  
 
Today, it is estimated that 85% of the knowledgeable homebuyers choose to be represented under a buyer-agency agreement. The buyer-agency agreement assures a Realtor that if you buy in the area covered by the agreement, you will buy through them. It assures you that your Realtor will allocate the time required to accomplish your objective and that once a property is located they will be working for you.
 
Remember, If the Realtor is not working for you they are working for the seller.