The Home Buying Process Has Changed
The home buying process has changed
Over the years there has been a slow shift in the way buyers interact with their agents. The traditional value of a buyer’s agent has been both about finding a home, and about guiding clients through the process.
Advancements in technology have made the agent’s role in finding a home less important. Through networking an agent can find listings that are about to come on the market to give their buyer an advantage, but that’s tough to do at scale. Care needs to be taken with that strategy not to violate listing cooperation rules as well.
A recent study showed that about 79% of home buyers found some element of their agent’s guidance to be the most important value provided. Guidance can pertain to both navigating potential legal pitfalls, as well as the continuously evolving complexities of the marketplace. The dynamics around these elements in real estate transactions have changed substantially over the years, care should be taken to navigate these issues as successfully as possible.
In recent years it’s become increasingly common for home buyers to commit to a buyer’s agent with only a superficial meeting, perhaps even on zoom. These potential buyers start viewing homes, perhaps at open houses, saying they’re represented and yet they barely know the agent’s name. Their agent rarely, if ever, show them homes and the lead agent’s assistant often walks the buyer through the inspection process.
To some, it might not be immediately obvious what’s wrong with that arrangement. However, an experienced agent going through a home with a buyer is going to be better placed to provide guidance than if they had never been through the home. One’s understanding of a home is much better when they actually see it in person.
If an agent is going to do their fiduciary responsibility of truly representing a client’s interests they should take the time to do what’s needed in order to make that happen.
I’m available to talk real estate from 7:45 – 9:00am at Well and Good coffee at 7357 SW Beveland, Tigard or give me a call to set up another time! We can talk about your real estate hopes and dreams and what it would look like to actually have good representation.
Over the years there has been a slow shift in the way buyers interact with their agents. The traditional value of a buyer’s agent has been both about finding a home, and about guiding clients through the process.
Advancements in technology have made the agent’s role in finding a home less important. Through networking an agent can find listings that are about to come on the market to give their buyer an advantage, but that’s tough to do at scale. Care needs to be taken with that strategy not to violate listing cooperation rules as well.
A recent study showed that about 79% of home buyers found some element of their agent’s guidance to be the most important value provided. Guidance can pertain to both navigating potential legal pitfalls, as well as the continuously evolving complexities of the marketplace. The dynamics around these elements in real estate transactions have changed substantially over the years, care should be taken to navigate these issues as successfully as possible.
In recent years it’s become increasingly common for home buyers to commit to a buyer’s agent with only a superficial meeting, perhaps even on zoom. These potential buyers start viewing homes, perhaps at open houses, saying they’re represented and yet they barely know the agent’s name. Their agent rarely, if ever, show them homes and the lead agent’s assistant often walks the buyer through the inspection process.
To some, it might not be immediately obvious what’s wrong with that arrangement. However, an experienced agent going through a home with a buyer is going to be better placed to provide guidance than if they had never been through the home. One’s understanding of a home is much better when they actually see it in person.
If an agent is going to do their fiduciary responsibility of truly representing a client’s interests they should take the time to do what’s needed in order to make that happen.
I’m available to talk real estate from 7:45 – 9:00am at Well and Good coffee at 7357 SW Beveland, Tigard or give me a call to set up another time! We can talk about your real estate hopes and dreams and what it would look like to actually have good representation.
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