As someone fairly new to real estate (3 years), I have only ever worked with a Buyer Representation Agreement. (B.R.A.)
Sales reps that have been in the business for years tell me that before the B.R.A. everyone was supposed to be working for the seller. The Hamilton market is strange right now, with not a lot of inventory but a lot of buyers. It seems that we as seller’s sales reps can put almost any price on a property then try to convince the buyers that it is worth it. It raises the question, as a buyer’s representative, are we really working for the buyers best interest or are we all working for the seller, if we follow this practice.
When I reflect on my past career experience as a Regional Director for a retail chain, I realize that my focus is ultimately customer service. I feel as though the bounty of real estate can be won from participating in up front open discussions on expectations between Clients and myself. In a way, setting boundaries. Some expectations can’t be met for some clients and you have to agree to disagree on occasion.
Protecting the buyer’s interest?
Let’s take home inspections for instance. In my opinion, while a home inspection can identify a potential issue, it also can be an investment in education in the home for the buyer. There are a lot of would be home inspectors given the number of television shows that people can watch and believe it is a career for them. Remember that no house is perfect, and even a house built by a top developer is going to have a few flaws and/or imperfections. I believe that the purpose of a home inspection is not just to search for potential issues that could affect the deal, but also to educate the buyer about ways to care for the house in the future.
And that’s what most home inspections discover, items that can be fixed at a nominal cost. These don’t always affect the deal in one way or another but rather identify things that can be dealt with easily, and for the most part inexpensively
So here is what I think … the Hamilton market is a seller’s market that sometimes Sales Reps with a B.R.A., forget that they are supposed to be working for the buyer.
Buyers are advised to sometimes offer more than what they would normally offer, and not include the clauses to protect them ie the home inspection. We should always remember who we are working for and make sure we do the best for our clients even if that means waiting for the next “perfect house”. We must remember that we are helping people find their perfect home!
If your wish to contact Bonnie, please either leave a comment below, or contact her at her office 905-522-1110 or email at Bonnie-McAuley@coldwellbanker.ca.