Buyers

Buying Strategies

Avoid the pitfall of working with just any agent

As a potential home buyer, your choice of agent means closing a transaction or not, and will potentially make you, or cost you, thousands of dollars in your transaction.

A significant consumer pitfall is finding your own home and then working with whichever agent happens to be advertising or showing the property you are interested in.

It is highly recommended to place your financial future in the hands of a qualified professional of your choosing before you find your home.

Buyer representation is an industry specialty. Tracy’s Buyer Representation is based on accredited training. Tracy has earned the prestigious Accredited Buyers Representative (ABR) – a national real estate industry designation.

For a detailed look at Tracy’s buying strategies, please call or email for your FREE copy of her Home Buyer’s Advantage Guide.

Ask potential agents to clarify their qualifications, services and strategies in these key areas:

1. Agency: Who do you represent?

The agent showing you a property may be listing agent who represents the seller. Are they practicing dual agency (representing both the buyer and seller in the transaction)? They may or may not be offering you buyer representation. You have the right to know.

It is important to determine who the agent represents before divulging personal information about financing or other circumstances.

Tracy chooses not to practice dual agency, preferring to represent only one party to each transaction. For this reason, when Tracy shows a home as the listing agent, representing solely the seller, her practice is to inform potential buyers: “please know that at this moment in time, I represent the sellers, so I caution you not to tell me anything you wouldn’t want the seller to know.” Later, if the home is not chosen by the potential buyer, Tracy then offers sole buyer representation to those clients when looking at properties listed by other agents.

In the case of agents who practice dual agency, the agent may earn both the listing and the selling side of the commission and may have placed their own best interest ahead of yours. As a consumer, do you want your agent practicing dual agency? Or is sole representation best for you?

2. How will I know if I’m offering too much?

Your agent should apply themselves to ensuring that you do not overpay for the property.

3. What is your strategy when there are multiple offers?

The best agents can provide specific strategies.

4. What strategies do you recommend during an inspection negotiation and which form do you use?

Have the agent show you their choice of form and explain why they use it. Some forms give more flexibility than others for the buyer to walk away without risking their Earnest Money.

5. Can I see a sample of how you track a transaction to closing?

The best agents have follow-up systems in place to ensure smooth closings.

6. Do you provide a Buyer Agency Agreement?

Forms vary; get copies in advance and read the fine print carefully.Consult an attorney if there are any questions.

7. What is your method and frequency of communication?

Can you provide references? The best agents can easily provide you with a handful of ready references. Call them.

8. How do you choose your clients?

Agents who choose their clients wisely are the most successful and diligent in follow-through and service.