Being A Buyer's Agent Is A Whole Lot More Than Getting Paid Commissions

Charles Hanes
January 13, 2012

Far too often I see buyers thinking that they are doing a Realtor a favor by using them to buy a property, and possibly in some instances that may be true, but not with me or anyone that works for me.

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The single most significant thing that made me so successful over the past decades has been my total disregard for commissions.  I don't even look at what commission is in a transaction for me.  I've talked with other Realtors who search for properties on our mls using the criteria of commissions being offered as their primary search criteria.  I never did that and, as I said, I don't even look at what is being offered.

Buyers have got to realize that they are not looking for a cab driver when it comes to buyer's agent!  If the Realtor does not have a thorough knowledge of a building or its developer then they are acting more like a cab driver than a buyers agent and I would suggest that you are better off paying for your transportation if necessary and making sure that you use a hands-on experienced buyers agent that is qualified to give you the due diligence analysis that you need before plopping down those hundreds of thousands of dollars required to buy or make an investment in this field.

I've been working with a prospective purchaser from Canada looking to buy a property in South Florida and in the process I've researched the market and found some qualifying properties and have lined up a private lender for her as her income in non-conventional and she does not qualify at a bank for a mortgage but she has the funds and income to afford such a purchase.

It takes time and effort to search properties down here.  Our initial search delivered over 165 properties.  I then had to go through each and every property to weed out the ones that required club memberships that add up to tens of thousands of dollars up front and over $10,000 a year in annual dues.  She didn't want to pay HOA ("Home Owner Association") monthly fees so I then went though all of the remaining properties and weeded out those with HOA fees.

This narrowed down our field to about 25 prospective properties.  I sent up the list by email to the buyer who was scheduling her trip to Florida.  Two days before she was scheduled to come down I had not heard from her for three or four days.  Now, the job takes on a whole new dimension of work load when it comes to booking viewings.  In Florida you book viewings more with the listing Realtor than contacting their office like we do in Toronto.  Telephone tag follows and eventually to settle on a day and time when the Realtor is available to show you the property.  In Toronto we use lock boxes in the majority of listings and it's much easier and less time intrusive.

Not having heard back the client I was hesitant to have my associate down here book viewings as far too frequently clients drift off at the last minute without even the courtesy of a phone call telling you that their plans have changed.  If they are a no-show, you've then got to call each of the appointments that you've managed to arrange and cancel show the Realtor doesn't show up and you don't (how rude and totally unprofessional)!

Well, with only two days for the client to arrive, we've put the search on hold until such time as we've heard from the client in Canada.  She had sent me an itinerary setting out her arrival but I have sent two emails asking her to confirm her arrival and letting me know where she was staying and have not heard back from her.  Until such time as I hear back from her, I cannot have my associate waist her time and energy and that of the listing agents.

I'm hoping that I hear from her right away so we can put this program back on track.  I also hope she just doesn't show up and expect all these viewings to have been set.  You see, being successful at this takes teamwork between all the Realtors and between the client and the buyer's agent.

The income that is paid to a buyer's agent is income that is well earned when the job is done right!  So, if you are working with a buyers agent either in Toronto or anywhere else, be sure to be a team player and keep them informed each step along the way.  They are working hard on your behalf and are due the courtesy of effective communication.

I'm Charles Hanes