"Bother Me Please!"... The Unintentional Consequences of Being Thoughtful :)
As a Professional Real Estate Broker, I love any opportunity to talk real estate! Eagerly sharing my insights and experiences with anyone showing even the slightest hint of interest! And... I'm rather unapologetic about it. Haha~
Perhaps I'm speaking personally here, but I honestly believe as real estate brokers, we are not merely passionate about the properties themselves, but about our clients, their families, their dreams... knowing the myriad differences we make in their lives.
Through upheavals and celebrations, we become personally connected; our business relationships, often growing into more personal ones as the years pass. We stay connected and attempt the fragile balance of being there for our clients, with not being in their way.
So it is easy to imagine the heart-sinking dismay we feel when we cannot help our clients; when we cannot look out for their best interests, when we cannot make that offer...
When it is simply, too late.
Sad music incoming 🎵 ...
Client: “We know we should have called you first... We called the listing broker directly just for a quick question for a little information and wanted to pop in for a fast visit. We drove past the house and saw the sign and we know how busy you are. We just didn’t want to bother you until we were absolutely sure we loved the house, and OMG it’s amazing!!! Could YOU make an offer for us?”
As innocent as it was, that short call and that quick visit to the listing broker’s property, came with unintentional consequences for you; an implied commitment (for this property) for you to work with someone whom you did not necessarily choose and whom you likely may not even know.
Not a bad thing... but it is what it is.
Certainly, the Listing Broker is a professional. He or she can write up an offer for you; however, they are strictly forbidden to do any more than that. They cannot tell you how much to offer, what conditions to include, draft protective clauses, or provide any pricing information or strategy; nor can they discuss what number the sellers will take, or negotiate your offer on your behalf. So, that's...
Not very helpful is it?
The Listing Broker cannot represent you, protect your interests or help you to obtain the lowest price possible for his property. In simple terms, the Listing Broker cannot represent you, the Buyer. They want to help you, they really do, but they are legally obligated otherwise.
Buyers need to understand that the Listing Broker is under contract, obligated to his Sellers to obtain their highest possible price and best conditions for the Sellers. Did you hear that?
The Sellers... Not You.
Additionally, in multiple-offer scenarios, as per strict OACIQ rules, a listing broker who brings a buyer, is forbidden to discuss any pricing strategies or promote their offer over another in multiple-offer scenarios, as it represents a serious conflict of interests... and for a buyer, that’s a rather important part of the equation, don’t you think?
Being considerate (you were) and having the right intentions (you did) by not “bothering your Broker” aka “not letting them work for you”; by not reaching out to your Broker for more information about that property... what was the result of that?
Unfortunately, it lost you your opportunity to be represented by your Broker... the Broker you had intended to represent your interests, negotiate on your behalf, and to obtain the lowest price possible and the best conditions for you. And now, that implied commitment to continue all interactions for that one property, with the Listing Broker with whom you’ve contacted and had interaction, is firmly in place.
It’s not your fault; you just didn’t know... Now you do.
A large part of being a buyers’ broker is listening to our clients’ needs, helping them scour through the properties they don’t want, almost as much and discovering the ones they do. We guide and assist and walk our buyers through the process; holding their hands and helping them navigate the process making it seamless, informed and enjoyable! And the best part? Your broker works for you.
Brokers (wait for it)... Want to be bothered!
Of course, you may feel hesitant to contact a broker, out of fear of being pushed, particularly when you are not certain yourself if you are even ready...
Speaking for myself, I expect my Buyers to reach out to me day or night with their property questions and Centris numbers. It's honestly what I do. It's not a bother, it's my service.
Timing is everything in real estate.
Helping my buyers right from the start is imperative to avoid costly mistakes. I am an involved broker who protects my clients from day one. So, when that perfect home finally becomes available, we will be prepared to act!
Representing you, we begin with research, questions; scouring the documents, visiting the property... perhaps even twice before discussing a possible offer, strategy, and price.
Remember, a buyer’s broker can do all these things for you while protecting your interests. A buyer's broker's obligation is solely to you without any conflict of interest.
In contrast, the listing broker’s obligation can only ever legally be, to his seller... and if you make an offer direct with the listing agent, all they can legally do is act as an order-taker; providing no representation, no safeguards; no pricing, no strategy, no protective clauses. In essence, when you go direct to the listing broker, as a buyer, you are in effect, going it alone.
Beginning June 2022; the OACIQ and REBA made significant changes to the Real Estate Brokerage Act; stating that double representation is prohibited and moreover for a Buyer to be represented by their own Broker, it is now mandatory to have a Buyer’s Contract in place.
This protects the interests of the Buyer and ensures your Broker has no conflict of interest and is legally permitted to work solely on your behalf, allowing them to;
Protect your interests with pricing knowledge and offer strategy;
Strategize your offer with the goal of obtaining the lowest price possible within the conditions that are right for you;
Draft appropriate protective clauses in offers;
Personally present your offer;
Have the hard conversations after problematic inspections with the Seller’s Broker;
Negotiate price and/or conditions after inspection if needed;
Fulfill the obligation to inform, verify and advise you throughout the entire transaction through to closing at the notary.
It's about time. It has taken both buyers and brokers alike, a bit of getting used to, but when explained well, buyer's contracts make good sense, protect everyone and offer many benefits. Have questions about buyer's contracts? Reach out, and I'll be pleased to elaborate in detail.
When should you “bother” your Broker? (aka Me)
You’re at that daydream stage; that curiosity stage; that we’re not really ready stage... You don’t need to go it alone and in fact, you shouldn’t. Call me.
You’re just starting to think about buying a house and are uncertain about the process. Do you sell yours first? Do you speak with a mortgage advisor yet? Do you make an offer conditional on the sale of your home? Call me.
You’ve seen a house on Centris, or notice an Open House sign and wish to pop-in for a quick peek. Call me first.
You’re merely curious to know how much your home is worth. You are too smart to rely on out-of-context automated algorithms on the internet, or worse, what your neighbour says your home is worth. You know your broker has continuously updated professional tools, statistics, and real-time experience to accurately provide you with the best information regarding the market value of your property. You know what to do... Call me.
Considering home improvements? Kitchens and bathrooms; even extensions will increase a home’s value... however, be careful here. Make sure the cost of your renovations and your choices of aesthetic, will bring you the optimal market return on your investment that you are anticipating. Don’t wait until all the renovations are completed. Call me.
Maybe you need accurate information and professional real estate advice; advice that will provide you with the information to answers you need, now when you need them... Call me.
And, If you are not under contract with a Broker, and wish to
buy real estate, I invite you to call me...
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