This business of being a real estate agent is ever changing. There are more styles in this profession than any other. Agents not only come in all shapes and sizes....they all bring their baggage with them.
Now I will admit that I have neglected signing on and sharing thoughts lately. I have been busy. Spring has sprung and many of you have made the move to buy.....now. I don't know what they put in the water in this area, but some of those unidentified chemicals must have created buyer urgency. You know who you are and you have been sipping the kool aid.
Not a bad time to storm the DC market. Lots of inventory out there. Lots of over priced inventory. Lots of undervalued inventory. Lots and lots of houses, townhouses and condos for sale. Did I say...lots of them?
In recent weeks, there have been multitudes of buyers doing the price range and location procession. You may have seen them. They form the unstructured caravan travelling from one open house to another on Sundays.
They rush from door to door, computer print outs of listings in hand, hoping to discover "home sweet home". Don't see many agents. Don't understand that.
It is one of those things that made me go......hmmmmmmmm. 
So I decided to investigate just what are these people thinking. I made up a little checklist and positioned myself outside a popular open house (I am sure the agent loved having me out there...but it was a free sidewalk, and I only talked to folks as they left and I never once shared that I was an agent and God knows I told no one I was the Naked Realtor).
I heard some very interesting things. Some of you have an agent(?). Really? And your agent told you to go out and visit open houses and if you found something you like...give the agent a call. What part of no representation don't you understand? You are walking into home after home, heart in hand, dreams in your eyes, unarmed in quagmire of legal issues that quietly put you at risk. You are spending the better part of 20 minutes to determine the quality and value of the largest purchase of your life. You carry the false belief that on your own, you can evaluate the merits of homes.
Let me share a secret. Everyone selling a home has done as much as possible to put lipstick on that pig and make her the belle of your ball. You are ravished and they are offering all the sizzle your senses can bear. A pretty red door may suit feng shui but it is no indicator of the energy efficiency of the home. Those new stainless steel appliances may gleem in the kitchen, but they are no indicator of anything other than the sellers ability to polish up the area. All that glitters is not gold. Do you realize that the agent sitting at home, watching t.v. is supposed to be representing you, ferreting out fact from fiction?
Some of you have decided to go it alone. You have read all about buying a home online and you have heard that you can strike quite a deal if you don't have an agent. You might be able to get the seller to reduce the price of the home a bit because they don't have to pay an agent. Sounds like a plan.
Of course, the listing agent is the one that has to make the concession. In Maryland, they can write up the offer for you. They can promise that things will be as smooth as silk. There may be a scintilla of truth in that statement. They represent the seller. They can not represent you. They can not say or do anything that is not in the best interest of their client.........the seller. They can not negotiate for you. They can not advise you. They can just smile......maybe make a little less for their effort..........and smile all the way to the bank. You get the keys and absolutely nothing else.
Now that sounds like a plan when making the biggest purchase of your life.
Actually, running out on your own and reporting back to your agent(?) is pretty stupid. Your agent works for you. They will be paid fairly at the close of the transaction. Don't you agree that they should earn the money? I do.
Taking your best shot on your own, with no representation, is absolutely the riskiest way to go about purchasing. Most agents will represent you and be willing to accept the commission offered by the seller. That arrangement seems like a win-win to me.
Of course, I am just the naked realtor, I do this for a living. If you want to receive further information or send hate mail or ask a question or maybe you can tell me..where the hell is your agent?...you can write me by clicking on this link.
Tell me what you want to accomplish, I will listen, counsel and encourage you. I will work with you every step of the way until the transaction is complete. First time buyers and military welcome.
Books and things I can't put down or part with........
How much is that bathroom in the corner?
Changes in rules will reduce your buying power in Spring 2008
There is more behind the door of that "Open House"
Single Family Homes in Montgomery County for $400,000 and lower???
I have asked before...why rent when you can own
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I hosted a home buyer seminar last Saturday and of the 40 some odd people there only 2 had agents. THe remainder had no clue they could have representation and furthermore had no idea that the seller paid a buyers agent commission. I thought we were doing a better job educating the public than that.
LOL!! I love the way you think! There is a epidemic of ignorance when it comes to buyers. Many have no idea what they are getting into when they start to look into the purchase of a home(not just first time home buyers!) and many think that they know more about purchasing a home than their Realtor(and are certain they could do it better themselves!). Everybody is a real estate expert these days.....I love this job for the educational aspects, no one tells you this when you get your license. When the client already thinks they know everything, I have no problem with showing them the door....Good luck, they are just asking for trouble! Keep the great blogs coming!
John, it always amazes me that buyers will run around town without a buyer's agent. Many of them don't realize the fact that there's no out-of-pocket cost to have an agent represent them. While I never advocate that my clients head to open houses on their own, from time to time some of them do go, but not because I'm sitting at home watching t.v. and sipping a beer on Sunday -- it's because I'm with one or more of my other buyers just about every Sunday. I have tried unsuccessfully to clone myself, but that experiment ended in disaster.
Simple. Buyers don't want a "pushy" agent driving them around. So they go it alone into the arms of the "pushy" listing agent.
Don't you just love the irony??
June - I think all the big guns are focusing on what to do about the proliferation of information and over looking that they should be promoting our skill sets and not our smile.
Donna - fingertips can be hazordous to the buyers health and wealth. access to information should not be misconstrued with actually understanding the information. Thanks for your kind words.
Brian - There is a difference between sending folks out as the norm and having a full plate. The down side of having a market full of buyers is that you can not always make schedules work. You and I both know of the sleaze artists that sit home and wait for unsuspecting buyers to come home to roost.
Lenn - the next big realtor gizmo will be a device that programs the buyers gps. you will be able to sit back and drink pina colada's while directing your buyers from home. i will not be surprised to see agents begin to have a blank offer signed with the agency disclosures. save time...just call me with the address and how much you feel like spending.
and they wonder why we look like greedy dopes to the consumer.
go figure.
I actually love it when their agent is not with them at my open house. I have a sure fire way of bringing them in to work with me instead of the absent agent. It's all about painting the perfect picture.
At the open houses I have done not one person came in with a buyer well i have only done 10 or so so far so maybe thats not enough to go by yet
I am an associate broker at an exclusive buyer's agency and I have noticed that many buyers are coming to us after they have already done a lot of searching on their own. Many buyers believe that the listing agent will refund them the coop commission if they do not use an agent of their own. They are shocked when it doesn't work that way.
I wish buyers would realize that they are the ones bringing the money to the transaction and should have an agent who is working for them and not for the seller.