What's My Franklin TN Home Worth?: Why Use a Buyer's Agent? | Franklin TN Home Buying

Why Use a Buyer's Agent? | Franklin TN Home Buying

What Does a Buyer's Agent Do for Your that You Can't Do for Yourself?The Frankin TN housing market has been crazy this year. Homes that are priced appropriately and properly prepared for sale are selling quickly. You would think that buyers would be knocking our doors down trying to find the right buyer's agent to help them buy a home.

Instead, what I am finding is a greater number of buyers want to go it alone. They somehow think if they contact the listing agent directly they'll be guaranteed of getting the house.

They aren't even contacting the listing agent to save money. They've already recognized that our market is crazy and if the house looks good, it will undoubtedly get multiple offers and probably sell for asking price or above.

Buyers don't understand the risks of not having representation, especially, given our seller's market. Besides, just because you contact the listing agent, doesn't mean you'll get the house.

Given this scenario, what does a buyer's agent do for you that you can't do for yourself?

A buyer's agent will present OPTIONS!

When you contact that listing agent, he is going to tell you about one property. This is his listing. The seller has hired the listing agent to sell his house. When you contact the listing agent, he's going to try and get you to buy that house. He isn't going to tell you what the comparable home sales are. He isn't going to tell you that there is a house with the same exact floor plan down the street priced $10,000 less. He isn't going to present you with any other options. His job is to sell THAT house. He works for the seller.

When you visit a builder's model, the on-site agent is going to tell you about the products he offers. If there are multiple builders in the neighborhood, he's not going to tell you the plan you actually are looking for is sold by a competitor. That on-site agent is looking to sell you one of his houses and his plans.

He's not going to tell you what the most resent home sold for. He's not going to tell you that the other builder has more plans available. And he's certainly not going to say that you can get a better price elsewhere. His job is to sell you HIS PRODUCT. He works for the seller.

What does a buyer's agent do for you that you can't do for yourself?

A buyer's agent will present OPTIONS!

What Does a Buyer's Agent Do for You that You Can't Do for Yourself?Last year, a young couple came to me. They had already put a $10,000 deposit down to reserve a premium lot in a new construction neighborhood. They realized that they had plucked down $10,000 and didn't know their options.

We went out and I showed them every new construction neighborhood within a 10 mile radius meeting their search criteria. They looked at a lot of homes. While they liked many of the features in these homes, they seemed to be lacking something.

I presented some other options. We switched gears totally. Maybe they could find a fixer upper and then remodel. They were young and had some available cash. Plus, Mr. Buyer was quite handy and had already helped some friends remodel their home.

We began the search for a fixer upper. One problem--the fixer uppers were always missing something or were in the wrong location.

I suggested we look at homes that already had some things updated but still gave them a little bit of latitude for cosmetic changes. BINGO! They fell in love with a house that had already completed a major bath renovation but still left them with a little to do to make it their own. And guess what else? This home was $30,000 less than the new construction home they had hoped to build of a similar size. 

What Does a Buyer's Agent Do for You that You Can't Do for Yourself?The on-site agent didn't do that for them. The on-site agent didn't show them other options. The on-site agent was looking out for HIS boss, the builder. But it was MY job to look out for MY clients, the buyers.

The point is--buying a house will likely be one of the most important purchases of your life. Do yourself a favor, hire an agent who can help you explore your options, who will look out for your interest and who will fight to get the right house for you. The best part: a buyer's agent will cost you absolutely nothing.

What can I do as a buyer's agent for you that you can't do for yourself?

I can present OPTIONS!

Tammie White, Managing Broker/Owner
CLHMS, CRS, GRI, SFR
Franklin Homes Realty LLC
Franklin, TN
(615) 495-0752 
GET REAL. GET LOCAL.
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Franklin Homes Realty LLC. Any party who uses this material without the written permission of Tammie White is subject to copyright infringement and possible lawsuit.
Comment balloon 34 commentsTammie White, Broker • August 15 2014 10:57PM

Comments

Tammie, I have seen, as a buyer's agent, we take on lot more responsibility - than just showing homes and writing offers! Yes, we present options!

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) almost 4 years ago

Good morning, Tammie..... buyer agents are there to give guidance to buyers....without one, a buyer is taking great risk that he/she will travel the right path....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) almost 4 years ago

Buyers do way better when they have a buyer's agent and it doesn't cost them a cent.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) almost 4 years ago

Tammy, So critical for buyers to know their options.  We got an email last night from someone that is either confused and thinks we're the listing agent (we have one two blocks away), or they went on our site and used the IDX solution and mistook us for the listing agents despite the identification of the actual company.  Either way, we hope they're not thinking they need to go straight to the listing agent, because the listing agent isn't going to tell them the home is priced $10-20k higher than similar homes have sold for in the last 6 months.  And in this case the listing agent is an MLS entry only agent so any dealings would be direct with the seller, and you know he for sure has no interest in making sure the buyers know their options. 

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) almost 4 years ago

Good morning Tammie. Excellent post! It is all about options and broad knowledge. Suggested.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 4 years ago

Hi Tammie - That is an excellent explanation. You make the strongest case for a buyer arming themselves with the most powerful resource they can get to accomplish their goals, no matter the shape of the market.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 4 years ago

Excellent post with a clear cut case for the importance of using a buyer's agent.  I am not aware of any buyer who ever got a better deal by going to the listing agent, whose loyalty lies with the seller.  If anyone is going to benefit from that scenario, it will be the seller. 

Posted by Susan Haughton, Susan & Mindy Team...Honesty. Integrity. Results. (Long and Foster REALTORS (703) 470-4545) almost 4 years ago

Tammie, this is exactly what happened with one of my listings just a few weeks ago.  The problem was these buyers thought that if they contacted the listing agent that they could get the commission reduced.  

Posted by Paula McDonald, Magnolia Realty ~ Granbury, TX 936-203-0279 (Magnolia Realty ~ Granbury) almost 4 years ago

Tammy, Not all agents are created equal. I know you know that. Buyers need to hire the right agent to represent them.  I see the same thing in my area. Buyers going direct to the listing agent ... then Let's Make a Deal begins. I tell buyers I will refer them ... THEY need representation even if they don't know it. So glad to see this Featured!

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 4 years ago

Tammie, right on I couldn't have said it better myself.  WHen will buyers start realizing that they still need our professionalism, education and experience?

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) almost 4 years ago

95% of our sales are list, sell, one broker. Buyers are way way more savvy than most give them credit for in small rural markets. Healthy, well stocked inventory is king. Something to sell is everything. The buyer wants the information beyond the MLS scrape and they watch the videos. See the spread on the agent, broker who listed the place's website, blog posts, video channel quickly without delay.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) almost 4 years ago

Tammie: Great post, but still there are so many buyers driving around calling listing agents off signs without realizing they are losing a valuable advocate in a buyer's agent. Too bad!

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) almost 4 years ago

The buyers may not be aware that the listing agent is supposed to be representing the listing first.  We are dealing with buyers in a fair manner, but it's usually a good idea to have a buyers agent represent you.  However, once a buyer has it in their head they need to only go to the listing agent, it is difficult to get that thought process changed.

Posted by Geoff ONeill (John L. Scott Medford) almost 4 years ago

What most buyers wanting to go it alone to save the "other commission" do not realize is that the listing agent already has an agreement in place as to what they will tkae if a buyer comes to the property unrepsresented, it is already a signed contract prior to them showing up and they also do not realize theat the buyers side agent co-op is usually built in if they come with representation and they pay absolutely nothing for this service

Posted by John Marshall - FORE!, Specializing in Golf Course Properties (The K Company Realty) almost 4 years ago

Tammie- another thing is that if you have a reall hot market, how many other buyers have contacted the listing agent?  Is it possible that agent is trying to juggle several potential buyers for their property?  What a mess that would be

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) almost 4 years ago

In Oklahoma we eliminated agency quite awhile ago and last year we moved to being a trasnactional brokerage state. Essentially it is transactional brokerage but with 10 specific core duties. In 25 years I have always believed that no matter what you call it or how you define it, we have always worked for the transaction and that is what the public has always believed.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) almost 4 years ago

You show options, as do I.  I also have gruelling weeks . . . so my clients don't have to!  LOL 

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 4 years ago

Tammie, excellent post for consumers to use a buyer's agent. Indeed, buyers agents present options for home buyers. Listing agents in dual agency may give the impression they can do for a home buyer what a buyer's agent can do. However, they are limited in options they can present.  

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) almost 4 years ago

Praful - Yes, there are lots of things we do but presenting options is key to finding the right home.

Barbara - Agreed.

Debbie - They sure do.

Bliz - Buyer don't even realize that those types of listings are in our MLS and the risk of dealing directly with a seller.

Sheila - The listing agent isn't going to do that.

Dick - It's risky in any market but especially in a seller's market.

Susan - You are absolutely right. There is NO benefit to using the listing agent.

Paula - They don't realize that commission was negotiated with the seller when we listed the home. It has nothing to do with their purchase whatsoever.

Kathleen - It is always better to have representation.

Sybil - Some recognize our contribution, others don't.

Andrew - Sorry, they should still have their own agent. You are working for the seller.

Norman - I'm doing what I can to get the word out.

Geoff - Boy, do I know.

John - I'm not sure how to communicate this better.

Margaret - Excellent point. The listing agent could use one buyer to drive another buyer's price up for the property.

Joe - But that isn't true anymore. Buyer's agency isn't sub-agency.

Carla - That's right. Negotiations can be a bear without a buyer's agent.

Pamela - Their job is to sell the listing, not present options to buyers.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 4 years ago

Such a good post, Tammie. I can't imagine thinking of going it alone in a deal - although, I see it all the time. So stupid. It's greed that continues to prompt agents to act as duel agents - I don't see the value for anyone.  I don't care if it's a tiny market, or a big one, each side will be best represented by having their "own" agent. Period. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) almost 4 years ago

Tammy- It just makes sense.  When you're getting ready to make, in all likelihood what will be your largest investment you've ever made, don't go it alone.  Hire a professional who will represent you and show you your options.

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) almost 4 years ago

Buyer's agent is a most and a most for myself if I'm considering a purchase outside my local area of knowledge.

Posted by Pete Xavier, Outstanding Agent Referrals-Nationwide (Investments to Luxury) almost 4 years ago

I agree that a buyer's agent give a buyer options with professional advice about different issues like the comps for a buyer to make an objective decision. 

Posted by Gerard Gilbers, Your Marketing Master (Higher Authority Markeing) almost 4 years ago

Someone recently told me that they think buyer's agents will disappear in the very near future because of Z, T, and R.  HA!  I don't think so.  

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) almost 4 years ago

A team that takes on the handling of hundreds of thousands of dollars moving around is necessary...Many find out after the fact...DON'T!

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) almost 4 years ago

A good buyer's agent will present options and information that is priceless. Those looking for a Franklin TN Realtor need to look no further than Tammie White!

Posted by Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker, RVA Home Team - Winning with Integrity. (RVA Home Team) almost 4 years ago

Great points here to enlist a buyers agent. You are well aware Tammie that good representation is key to success. Have a great rest of your weekend.

Posted by Brian Olsen, Cooper Jacobs Real Estate Group | Keller Williams (Portland, Lake Oswego, West Linn & Dunthorpe Neighborhoods, Waterfront, Luxury & Floating Homes) almost 4 years ago

Lately I have been contacted by buyers that want me to lower the commission if they write an offer with me. Here in Florida you turn into a transaction broker if you have buyer and seller. Lots of rules governing that. Most importantly dealing honestly and fairly with both parties.

Posted by Bill Reddington, Destin Florida Real Estate (Re/max Southern Realty) almost 4 years ago

Choosing any agent, a client have to make some research. And it is not about the number of closed transactions, but how well this agent will serve your needs. A great buyer agent will help you to save a lot of time, money and nerves.

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Los Angeles CA (Barcode Properties) almost 4 years ago

Tammie, this is a great way to show buyers why they need representation.  I agree completely!

Posted by Karen Feltman, Relocation Specialist in Cedar Rapids, Iowa (Cedar Rapids/Iowa City, IA KW Legacy Group) almost 4 years ago

I always present more Options. More Strategies.
I never present answers.

Sure, sometimes after lots of discussion, we end up at the starting point.  But then, they know surely they've considered all alternatives and are clear to proceed.

Posted by Claude Labbe, Realty for Your Busy Life (Real Living | At Home) almost 4 years ago

Hi Tammie, "I think I am going to be my own dentist too". This is not a good decision and going it alone in a real estate transaction is not either. Having representation does make better sense.

Posted by Ted Glover, ABR in Moultrie, Georgia 229-854-5422 (Alderman Classic Realty, LLC) almost 4 years ago

I completely agree with you, Tammie. Buyers unknowingly submit themselves into a situation in which the seller alone is the winner. The buyer's interest is not the priority in this situation. 

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) almost 4 years ago

Great post Tammie, if only buyers knew everything that went on behind the scenes from contract to close!

Posted by Brian Force, Work With the Best! almost 4 years ago

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