Are you in the market to purchase a home? Your friend informs you that his Aunt Nancy is a buyers agency, and therefore you get into a deal with her. After that, you don’t hear from Nancy for two weeks. Finally, she returns the call with the “ideal” house: a ranch-style home. However, you informed her that you want a colony. Additionally, it exceeds your budget by $100,000!
Or are you considering selling your home? You decide to give ol’ Vern a try after a coworker informs you that her relative Vernon just obtained his real estate license. Rewind a few months. Vernon has hosted a few open houses and listed your home on his website, but no one has been to view it. You search Zillow and Trulia and discover that the property is not listed on either site.
In each of these instances, you engaged an ineffective buyers agency. Because some real estate brokers are just lousy at their jobs, it’s critical to recognize the warning signals. We’ll categorize them by buyer and seller agents. That way, you’ll know what to look out for and how to exit any potentially dangerous scenario.
Signs That Your Buyers Agency Is Incompetent
Purchasing a home is one of the most significant transactions you can make—so choose an agency you can trust. The following are five indicators that you have a lousy buyers agency:
Issues with Communication
One of the most often expressed grievances by property purchasers about their real estate brokers is their inability to contact them. The purchasers contact us. They write. They communicate through email. And what do they get in response? Crickets. This is particularly concerning in a competitive property market, where it is critical to act promptly when you locate a house you want. Inadequate communication could result in you missing out on possibilities to purchase the home of your dreams. Accept no less than an agency who ignores you.
We’ll confess that it takes a certain amount of confidence to guide a house buyer through (what is almost certainly) the largest transaction they will ever make. However, this does not imply your buyers agency should forget who is in charge. You. Are. In. Charge. An agency who pushes you to purchase a house you’re not sure about or one that’s out of your price range is more concerned with their fee than with your best interests.
On the other hand, a buyers agency who is only a yes-man and provides no direction is the polar opposite of this. You want an agency who will provide you with candid advise based on their knowledge and experience—even if they are aware that you may not agree with their recommendations. A wishy-washy buyers agency may lack the knowledge necessary to negotiate a favorable price on your new home—or they may just be unqualified for the position.
As previously said, you want your buyers agency to have faith in their talents. However, this does not give them permission to be a jerk. Regardless of how many questions you have or how elementary they are, your buyers agency should be patient enough to answer each one without bombarding you with technical language. Additionally, you must have confidence in your agency’s ability to act professionally on your behalf. It’s straightforward: You are not required to put up with an arrogant, condescending, or just unpleasant buyers agency.
You Are Making No Progress
Months have passed. You are no closer to purchasing a house than you were when you began. That is a significant issue. Now, if you’re being too critical of the properties your realtor shows you, this may be your problem. However, if your agency is not showing you any properties at all or, worse, continues to show you homes that you have previously said are not a good fit, they are wasting your time.
If you’re nodding along as you go through this list of warning signals, or if little light bulbs are flashing in your mind, it’s definitely time to recruit someone new.
Signs That You Have a Dishonest Sellers Agency
A qualified sellers agency (sometimes referred to as a listing agency) is critical when selling a home. The following are five indicators that your listing agency is falling short of the mark:
Experience with less than two years of full-time work
This is a deal-breaker for a listing agency. An inexperienced agency lacks industry relationships and (in certain cases) the know-how necessary to manage the home-selling process. A misfiled document or a missed deadline might potentially jeopardize the sale of your house. You’ll want an experienced negotiator on your side—both for the selling price and for any repairs that may become necessary after the house inspection. Additionally, experience cannot be fabricated.
Your Representative Ignores You
You should not be waiting for your buyers agency to contact you. Your agency may communicate with you in a variety of ways. If you find yourself constantly requesting updates from your agency—or if you get no responses—this is a huge red flag. Your agency should make it a point to keep you informed, even if nothing significant has occurred.
Your agency’s objective is to entice as many prospective buyers as possible to visit your home—which entails much more than just placing a sign in your yard and uploading a picture to their website. This is referred to in the business as “Post and Pray.” It’s when you place a sign in front of a house and hope it sells. While we believe strongly in the power of prayer, we also believe in the importance of marketing and hard work.
Inquire about your agency’s marketing strategy for your house. Ascertain that you understand why they choose certain venues over others. They may have a valid explanation, but they must explain it to you.
When it comes to an agency’s compensation, the arithmetic is very straightforward: the more costly the home, the larger the fee. However, such fact should never be considered when an agency represents his customers. Is your realtor considering you as a “lesser” customer just because your property is more expensive? What to look for: a lack of communication, tardiness for appointments, a lack of patience when answering queries, and even pressure to lower your asking price without providing proof to back the choice.
Nothing Is Happening
The bottom line is this: Real estate is a results-driven industry. If weeks have passed with no showings, no calls, and no interest, it’s time for your buyers agency to have a “come to Jesus” meeting. Your realtor should bring some fresh ideas for enticing buyers to this meeting, and they should be prepared to explain how those ideas will help you sell your house. If they do not, or if they promise to do so but the situation remains, terminate your relationship with the ineffective buyers agency.