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An opposing real estate agent, is that even possible?

An opposing real estate agent, is that even possible?

Time and Date February 25th, 2013 User by menno@menno.ca Comments 10 Comments

When you bump into a real estate agent, it’s possible that the individual will NOT be working for you but for an opposing client. Dealing with an opposing real estate agent may actually harm your negoting position.

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An opposing real estate agent, is that even possible?

An opposing real estate agent, is that even possible?

Time and Date February 25th, 2013 User by menno@menno.ca Comments 10 Comments

When you bump into a real estate agent, it’s possible that the individual will NOT be working for you but for an opposing client. Dealing with an opposing real estate agent may actually harm your negoting position.

Generally speaking, a real estate agent only gets paid when a deal goes through. How, on earth then, could a real estate agent be "opposing" in a real estate transaction?

Generally speaking, a real estate agent only gets paid when a deal goes through. How, on earth then, could a real estate agent be "opposing" in a real estate transaction?

Meeting a real estate agent, many people will assume that he/she will be working for you. At the very least, that this person will have your best interests at heart. But … this isn’t automatic. Since it’s actually also possible that this person will NOT be working for you but for the other party to the transaction, you really should know from the get-go who is representing whom. If you don’t know or if the assume the wrong thing, your negotiating position may be in grave danger.

There is still too much confusion about  real estate agents and who they work for. Is it for the seller or for the buyer? Or is it even for both the seller and the buyer in one real estate transaction. Or for nobody at all? When working with a real estate agent, you should know who this person is working for. If you don’t, you’re stepping into a potential minefield. The real estate professional should speak with you about this from the onset – or else you should bring it up.

In our training to become a real estate agent in BC, we are instructed to always be very aware of who the client is. In other words … who do we work for. In most real estate transactions, there will be a separate agent for the seller as well as for the buyer. Confusingly, we are also taught that it’s possible to represent both a buyer and a seller, which would occur in “double ender” deals, as we like to call them. Double representation draws frequent criticism as it’s probably not really possible to actually fully represent both parties to the fullest. This has led to the accusation that real estate agents actually just work for themselves – which isn’t always a fair observation either.

Generally speaking, a real estate agent only gets paid when a deal goes through. How, on earth then, could a real estate agent be "opposing" in a real estate transaction?

It's somewhat hard to imagine that a real estate agent can be completely unbiased towards a transaction if he/she only gets paid when the deal goes through.

KNOWING WHO YOU ARE

Everybody loves real estate agents – about as much as they love politicians and bankers of course. Most folks think that sales people of any kind are to be avoided, when at all possible. We often receive people in our office with their opening line: I don’t want to talk to a salesman, I just want to (get some information – pick up a magazine – etc). Many people actually deliberately avoid sales people as if we’re contagious.

If you absolutely have to deal with a sales type, many will try to keep them “at bay”. Don’t give them too much information, like your phone number (fear of being hassled). Sales people aren’t loved or respected, generally speaking. It’s possibly even worse for real estate sales people. Why is it that we are so disliked? What are the major irritants that people complain about?

A frequently heard complaint is that one never knows what one is going to get, when hiring a real estate agent. There are some good ones, there are some arrogant ones, there are some that have insufficient time for you and there are many other observations that surface from time to time.

It's somewhat hard to imagine that a real estate agent can be completely unbiased towards a transaction if he/she only get paid when the deal goes through.

Most clients will believe that a real estate agent can only be trusted to a certain point. In the end, the hunt for commission fees is deemed a hindrance to totally unbiased service.

WHAT PEOPLE MAY SAY ABOUT REAL ESTATE PEOPLE

A lot of people appear to be seriously annoyed by the amount of money that most real estate agents charge for their services. Admittedly, the fee-for-service often comes to a significant amount of cash. A lot of people do not feel that the real estate service is quite worth its fee and this builds resentment.

Many people also say that they are offended by the attitude displayed by many real estate agents. If it’s not a quick sale, they often appear to not be interested. Since real estate agents only get paid when the sale goes through, this may be understandable. Why waste our time on non-producing matters?

Also, many people will feel irritated, more than intimidated or impressed, by a fast-talker. Generally speaking, sales people are considered to talk too much. The following is true too: whilst talking, it’s near impossible to listen. The combination of being loud and not knowing what you’re talking about can be either very annoying or highly amusing, depending on your take on the situation.

The actual competence of real estate sales people comes into question at certain times. Lawyers sometimes have a big laugh about contract details that real estate agents put out. Simple duties like holding and reading a tape measure are often messed up quite significantly. This, combined with the “making too much money” and “being loud”, can be quite irritating to some.

Most clients will believe that a real estate agent can only be trusted to a certain point. In the end, the hunt for commission fees is deemed a hindrance to totally unbiased service.

When all goes well in a real estate transaction, most clients will view the agent as a hero who significantly contributed to the success of the deal.

WHERE DO ALL THE HAPPY CLIENTS COME FROM?

It’s good to realize that most people are quite satisfied with what their real estate agent is doing for them. At least in British Columbia, real estate agents take various continuing education courses to stay well-informed about developments in the industry. Also, our Real Estate Board is highly pro-active. There are even discipline procedures for those that really break the rules. In all, there should absolutely be no reason to be dissatisfied with your real estate professional. We have the tools and the education to do an excellent job and to provide outstanding value for money. However, if there is a problem, please bring it forward so we can deal with it.

To avoid agency problems, it may be a good idea to clarify the question: “Who’s working for whom” right from the start. Some agents will not work for clients with opposing interests – others find that a pleasant way to operate. You are entitled to a detailed answer to this question – so ask it in case the agent doesn’t bring it up immediately. This isn’t something you should find out after the deal is done. You should know ahead of time.

So does a real estate agent work for him or herself? Yes, absolutely. However, our first rule is to put the client’s interests before our own. If you stumble upon a real estate professional who doesn’t obey that primary rule of our business, then you may be best advised to find another agent.

When all goes well in a real estate transaction, most clients will view the agent as a hero who significantly contributed to the success of the deal.

Real estate is much more complicated than making "quick deals". An agent has to know a little bit of many different topics. Below are some samples.

READ MORE about agency concerns and on how to deal with real estate agents in general, here are some suggested blog articles for your continued interest:

Preparing for showings: http://www.mennorealty.ca/Blog.php/ready-for-showing-1

Marketing predictions: http://www.mennorealty.ca/Blog.php/predictions-sunshine-coast

A condo strata unit on the Sunshine Coast: http://www.menno.ca/?p=20271

Ask about title insurance: http://www.mennorealty.ca/Blog.php/title-insurance

Is your agent good at pricing real estate: http://www.menno.ca/?p=20392

Knowledgeable real estate agents: http://www.mennorealty.ca/Blog.php/market-knowledge

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10 Responses to An opposing real estate agent, is that even possible?

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    February 26, 2013 at 17:00

    Top producers earn a lot more than the average real estate agent. Each real estate office sets its own standards for top producers, but it’s probably safe to say that a top producer would need to sell at least one home a month to qualify. Mega-stars earn $200,000 per year and up.

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