Human Relationship Management
I recently heard someone say, “The client can find their own home now, so the agent really isn’t needed.”
I had to pause and regret the mistake many of us have made for allowing the consumer to think that all we do is find the house. Real estate reality TV has fed into the myth, and we have not done an effective job of educating everyone on how we secure our hard-earned money.
The best part of being a buyer’s agent is searching for and touring homes. While that takes a ton of time, that is not the real work.
REALTORS® do not put obstacles in the way of a closing. It is our job to help people avoid the obstacles that history and lawsuits have placed in the way. While we are not attorneys, we understand how to navigate these minefields. While it took me 120 hours to learn about grammar, composition, business and communications in my pursuit of a bachelor’s degree; I’ve spent over 300 hours learning about buyer’s representation.
What happens when a seller doesn’t complete the repairs we agreed to in the contract? What if the utilities are not on or available, or all areas are not accessible for inspection? Was the house clean, or were there any damages? Does the property have a leased fuel tank that is only half full? Was it made clear what stays with the property and what goes? What about the other 100 possible situations?
How do you navigate OVER 50 due diligence pieces in a buyer’s transaction?
What happens when your lender drops the ball and you miss an appraisal deadline?
What happens when the closing costs are being disclosed and you didn’t realize what you were supposed to pay and what the seller was supposed to pay?
Do you know the appraisable price, the market price, the offer price, the after-inspection price, the threshold price, the competitive price, the comparative price, and all the other data pieces you should know in order to make a sound decision on what you should pay for?
Do you understand the consequences of not understanding market and economic conditions, and how it may affect your future investment?
Do you understand the restrictions and covenants that could hinder your quality of living and/or ability to resell?
Do you understand the tax breaks you could get around your property if you have a change in occupant status?
Do you know your rights if something goes wrong during the inspection, and that the pathway to minimize your risk is clear?
I could honestly write this over-and-over again, but I think you get the picture. REALTORS® are in classes; reading various books and articles, and participating in one-on-one coaching to learn these answers. These problems do not go away with the internet. Real estate buyer representation is human relationship management. Human relationships get really, really messy. No algorithm, formula, or app can fix that, only a human can.
It is painfully clear that a buyer paying a buyer’s representative to ensure their safe navigation and landing is money well-spent. Without a buyer’s agent, I can only imagine the legal mess and bills that consumers would experience.
I know you understand why REALTORS® get paid what we do. It is not about the cost we incur, it is about the knowledge that has taken years to perfect. It is about the years it will take us to stay on top of an ever-changing human marketplace, because, #ThatsWhoWeR