Ten Best Buyer Behavior Practices
Many things we read in the blogosphere inspire creative writing ideas. I recently read a blog post about an agent who felt so abused by the actions of a buyer she thought a "Buyer Code of Ethics" should be initiated. I too, have felt the sting of a buyer not thinking the real estate agent was a "human being" so decided to create a Best Buyer Behavior Practice list.
If you are a serious buyer and would like the BEST agent in the area to help you find the property of your dreams, then take a look at some of the Best Buyer Behavior Practices. Following the suggested behavior list can help you find the right agent to work with and be prepared to have a pleasant real estate experience. When you find the right individual and treat them with professional respect, they will do everything within their power to help you achieve your purchase goals.
Once you connect with the right person, you will have found your "agent for life" who will help you with more things that you can ever image. You will have a relationship on a higher level than just a "salesperson" and their knowledge of the community and people connections will be invaluable as you invest in the biggest asset of your life. You will have a friend you can call and ask any questions and if they don't know the answer, they will probably know someone who does.
- Determine if you are a serious buyer or just a looker. It is perfectly fine to "look" just be HONEST with the agent so they can help you create a plan of action and decide together what the best steps might be to start looking for a home. Honesty HAS to be the basis of the new relationship with a real estate broker.
- Remember you are creating a "team" to help with the purchase of a home. There will be many players so you need to have a great captain. You will need a lender, insurance agent, title company, possibly several inspectors and in some states an attorney. You need to select someone who can be there through the entire process letting you know what to expect and who can interact with the entire team to get you to the finish line.
- Make the purchase of the property a BUSINESS decision. Buying real estate is one of the biggest investments most people make. Be sure you use all your business decision making skills and take the emotion out of the process. You can fall in love with the home you select (after the inspection) but be sure you remember the entire process is still a business transaction.
- Down payment and qualifying. Before you even start looking you have to come to grips with the fact you will need a down payment and closing costs. If you do not have any down payment then selecting a real estate agent who has knowledge of the down payment assistance programs and a lender who has access to those programs is paramount in going forward. Qualifying for the loan is a MUST before house shopping!
- Identify What You Want. Actually make a list you will be giving to the agent you will be selecting to help meet your needs: Location, Size, Bedrooms, Bathrooms, Condition, Garage size, timing for closing, Special conditions.
- Selecting an agent. If you know the area you are wanting to purchase in, start with a search of that particular area to try and find a specialist. The process for selecting a real estate agent requires more business skills and link above should give information for that aspect of the transaction.
Commit to working with one agent. Once you select the agent you connect with on a personal communication level then make a business plan of the shopping process and commit to that agent with a buyer agency relationship. What does this mean to the buyer? That you are going to purchase any real estate with the agent you have selected. What does that do for you? It makes you the employer and that agent is going to do everything possible to make your real estate goals come together in the form of a successful closing.
- Respect the agents time. You are a peson and so is the agent. When doing business with a real estate agent you should think about how you would do business with any professional. If you are calling an accountant or an attorney you have to wait for an appointment most of the time. If you are connecting with a producing real estate agent who you have interviewed to help you with a purchase, you need to realize they have other clients and commitments so be understanding about your turn when it comes to looking at homes. If you are ready to buy today, have your loan approved, and want to sign a contract NOW, most agents will be prepared to meet those needs. However, if that is NOT your status then take a breath and please wait your turn and be considerate of your team.
- Disclose your agency agreement. Many times a buyer gets excited and wants to call on an ad or a sign because they might not be able to talk to their buyers agent the minute you want to know an answer. If you are tempted to call on your own.. PLEASE disclose to the listing agent you are calling that you are working with a buyers agent and just wanted to know the price or ask the question you may have. Full disclosure keeps everything honest and above board. If the property you call on is the one you end up buying and you alienate the listing agent by not disclosing you are working with an agent it may create bad vibes you will have to deal with that in the transaction. Honesty is ALWAYS the best policy. If you are tempted to go to a new home development without your agent, PLEASE stop and ask the on site policy for coming to the project without your agent. If they do not pay your agent a fee if they are not there, then do not go in. Remember, you are on a team so make the plan with your agent before you go out running around without them. A buyers agent works for YOU and has a fiduciary responsibility to protect you and your interest so let them do their job.. make a plan and work the plan.
Listen to your real estate agent. If you have done your job right in interviewing an agent to work with on a real estate investment then listen to what they have to say. You can always have respectful conversation about any subject but they are in the real estate business and have the experience needed to help steer you in the right direction to coming together with resolutions on any conflict.
Buyers, if you are looking for a DEAL, select the best real estate agent then remember:
- If the home is a good value and other people might be interested in it, you might not get the property with the lowest offer.
- Large earnest money deposits speak to the seller and the listing agent showing you are serious about purchasing the property.
- Short sales can take a LONG time to process and lots of games could be going on in the process.
- Every transaction needs to be a win/win. Find out what some of the things the seller wants and include them in the offer.
Every real estate transaction has waves..... that is almost a guarantee! If you are in the same boat rowing with your buyers agent you will navigate the waves to a smooth closing.
Implement the ten best buyer behavior practices and you are sure to be on the A team!