Q: What do you mean when you say: "If you have a buyers agent, call them, NOT the listing agent."
A: Crazy heah? Yep, completely counter-intuitive. "If Jane Smith REALTOR is hired to sell the house, why can't I call them for information and showings?" The reason is the listing agent is hired by the seller to work 100% for the seller's best interest. While they can not technically "lie" to a buyer, it is better for you to have your own representation via a "Buyer's Agent." The buyer's agent commission is paid for by the seller. (some debate this since the buyer ultimately brings the check to buy the house at the end of the day.)
Also if you call the listing agent, and they show you the house, but THEN you decide that you want representation, you may have a problem. Something called "Procuring cause" and your new buyer agent might end up commissionless (or you might be responsible for paying him out or your pocket). Yes, JUST because the listing agent drove out to show you the place.
You know those sign in sheets at Open Houses? Don't sign that you have no agent, otherwise the above problem can occur.
You might ask "Well if I cut out the buyer agent can't I just take their commission?" Well that answer will require a much longer explanation on a blog, but here are the highlights: Sometimes no. Sometimes the company policy forbids this (so they get paid double!! AND you get no representation). But sometimes yes. But technically a buyer can not interfere with the contract between the listing agent and the seller. Once I saw an agent say "yes you can have the 3% for the buyer agent" to the buyer. They ended up giving the buyer a 3% "seller subsidy," but the agent got the full both sides of the commission AND the buyer overpaid since they didn't have somebody representing them.
Just last week, I had a person contact me needing help to buy a place. They initially told the listing agent that they didn't need or want a buyer agent. He saw that he was over his head (bank sale, with FHA=recipe for disaster), called me, and the listing agent was pissed. Yep, pissed that she was asked to show her own listing!
You don't want to piss off listing agents, over wise they can sabotage a deal.
Q: Then why show the Listing Agent's phone number on FranklyMLS.com? A: I don't want to be like all the other websites that hide this information. While I don't recommend calling the listing agent (whether you have a buyer's agent or not), it isn't for me to decide. If the consumer wants that information, and it is legally allowed to be shown, I'll show it.
A: Well one way is to consider using one of the buyer agents on the front page of FranklyMLS.com . These are agents that have added to the Wiki MLS, by adding photos to photoless listings. When you do a search, if you find a yellow highlighted homes, that is their doing. And if you don't use them, consider sending them a "thanks" so they know people are using the site.
Got feedback? I'd love to hear from you. Feedback@FranklyRealty.NET
Written by Frank- Broker FranklyRealty.com
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