Don't Hire Two Realtors
If you really want to annoy a Realtor ask them to help find you a home and then buy the home through a different Realtor. Like many agents I have been burned this way in the past but not so much anymore.
I was recently contacted by someone asking for help in buying a home. One of the questions I ask everyone is, "Are you represented by a Realtor?" This person said, "Yes, I have been working with a close friend." Not everyone knows how real estate works so I explained to this person how the real estate process works and how that they need only hire one good Realtor to represent them.
Mid Florida MLS
All Realtors who pay their MLS fees have access to the Mid Florida MLS which contains all properties for sale. This is a big database of properties listed by any real estate broker. Aside from a few exceptions all properties are listed in the MLS.
This means that all Realtors have access to the same properties. If a buyer tells Realtor 1 that they want to know what is for sale on Bird Key they will provide you with the same homes that Realtor 2 will come up with. So there is no need to hire more than one Realtor.
No One Wants To Work For Free
How would you like it if you went to work everyday for a company and they decided not to pay you? When you ask a Realtor to do some work for you they are doing it for free. Realtors are not paid salaries. We are only compensated when we facilitate a transaction. If you hire more than one Realtor to do work for you then someone is not going to get paid for their time and effort. It is kind of like you going to work and not getting paid. That would stink wouldn't it?
Hire a Good Realtor
I can understand talking to more than one agent if the first agent you spoke with does not know the market or is doing a poor job. Often times there is just a break down of communication. Perhaps the Realtor is not sending you the right homes because they failed to ask you the right questions. Sometimes, buyers need to be brought down to reality and some Realtors have a hard time doing that. I recently had someone ask me to find them a condo on Siesta Key beach with a dramatic water view for $250,000. I told them right away that those properties are far more expensive and did not waste their time thinking that it might be possible.
If you are looking to buy a property all you need to do is hire one good Realtor. One that is professional, knowledgeable and hard working. Experience does matter.
Some people think that that if they hire more than one Realtor that it will motivated the agents even more to find them a home. I think the opposite happens. You end up getting a half hearted effort from two agents because one of them is going to end up working for free.
Give DWELL Real Estate a call if we can help you buy or sell in the Sarasota area.
It is amazing that many people still do not realize this. It is always nice to work on a Sunday when you would much rather spend time with your family and find out your potential buyers bought through someone else on Monday, or they just don't even respond to emails and calls after you show them property for a few days.
Amen Marc! I just had a very similar conversation last week with an out of town buyer. It was her belief that two heads were better than one. In her case, like many others... when you are looking for bottled Perrier in the desert and can't find it (because it's not there) they feel the more people searching the better. They must not get paid on producing results.Setting realistic expectations from day one is not only respectful but our job. Keep up the great blogs!
Nice post Marc! I will not work with a buyer without a Buyers Representative Agreement. IF they don't want to sign off then they are not trustworthy. I've left many appointments because a buyer elected not to sign my agreement. Most likely this caused me business but its worth my time and money.
Gentleman, I had to take a moment to respond to this blog posting and the replies. I completely respect your opinions and agree in theory with your concerns over buyers who choose to utilize multiple agents. However, I've utilized this practice myself for a variety of reasons to determine:
1. Does this agent understand my housing needs and style preferences?
2. Will we work well together over the phone and through email?
3. Does the agent respect my time line and decision making process?
4. Am I looking in the right area?
As a potential out of state buyer, I've been looking at Florida for over a year with the same dreams as many people in the colder regions. I've found it could take several interactions before you really click with an agent - just like anything else in life.
While I agree their are people who may take advantage of certain services, you will find those who will make a lifelong commitment should you exceed their expectations.
Keep things positive, balance the family and good things will happen...all the best!
Thanks for the email. I understand needing different Realtors for different areas. However, there is no need to have more than one agent run around doing work for you unless one of those agents is not doing the job.
I have tried a 'Buyer's Broker Agreement' as well. However, at this point I sense I am losing less. This is a funny business so you never know if it costs you more to force buyers to sign them or if you lose more by not insisting.
You've a few useful pointers! This is a well written article. Cheers
True everyone, including Realtors love to be paid for working.Some Realtors however might have knowledge of homes for sale that are not listed on the MLS, so choose your Realtor wisely.
Great article, juxt wwhat I needed.
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