To be clear, buyer’s have a right to representation. They also have a right NOT to have representation. Why a buyer would not want full representation is beyond me, but it’s their choice. As a buyer’s agent you have an obligation to represent them fully. It doesn’t matter how you feel about them, what they are doing or how they are treating you.
Buyer’s Agent Job Description
If you are working as a buyer’s agent
, here’s the bare minimum you should be doing for your client:
- Show them houses that meet their criteria, regardless of the commission percentage
- Understand what’s in the contract and explain the contract to them so they understand of what they are getting into
- Explain to your client that there will be some “bumps in the road”, but most can and will be resolved
- Present their offer to the listing agent, in person if at all possible
- Process the contract (sending it to the settlement company, lender, etc) in a timely fashion
- Get all required inspections completed in the allotted time frames
- Make sure your client understands all of the time frames
- Communicate with the listing agent regarding the progress of the loan
- Schedule the settlement and final walk through
People Don’t Like Surprises
As a buyer’s agent you need to meet and explain the entire home buying process to the buyer. Because they have watched a few reality television shows and read about real estate online, they often feel they know what to expect during the transaction. Nothing could be further from the truth. They need to hear the steps and the pitfalls from you at the very beginning of the process. Help them understand how much money they will need upfront for the earnest money deposit, the appraisal and the various inspections. No one likes surprises…especially when it comes to their money. Lastly, review some of the “bumps in the road” that occur between finding the perfect house to settlement. As the buyer’s agent you will also need to regularly communicate with the listing agent to keep them abreast of the process of loan and title work. Remember, when there is a bump in the road it’s not about you, it’s about the buyer or the seller. You and the listing agent are simply the middle men.
Everyone Is Anxious
No matter how many times your client has purchased a house, the process is still quite stressful. It is imperative that you stay in constant contact with your buyer, the lender, the listing agent and the settlement company. This is especially true as you get closer to settlement. Everyone is anxious and needs reassurance that the transaction is progressing towards the settlement date. When phone calls and emails go unanswered, the listing agent
and seller start to speculate as to what is going on, that’s just human nature. And 9 times out of 10, they think the worst. I often hear agents say, “But I didn’t have anything new to tell you”. But what they fail to realize is that, no news IS news. As a buyer’s agent, your job doesn’t stop when the offer is accepted…that’s when the real work begins.
Enjoy less stress by having smoother transactions by implementing these simple strategies today!
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As an active Realtor licensed in three jurisdictions, I approach real estate training from a different perspective. With over 18 years in the real estate business, I teach agents what it’s really like to be a real estate agent.