Buyers Avoid the Open House Trap
Buyers if you are in the market for a new home and you are not currently working with a Realtor contact Brett to help you find your next home as your Designated Agent. Brett will be working exclusively for you as your Buyer’s agent.
Here are a few reasons why you should not go to an open house to view homes as a buyer without being represented by a Realtor:
1. The Realtor at the open house works for the Seller and not for you. Anything you tell that realtor he or she can tell the seller. So if you tell him/her that you just have to have the house and you ask the other realtor to write the offer you are NOT represented the way that you should be. Would you ever ask a lawyer to represent both sides of a case? If you said no why would you ask a realtor to do the same thing?
2. Designated Agency came into effect in 2012 and it changed the ways that you can work with and be represented by a Realtor. Is there any reason that you can think of as to why you would not want someone working EXCLUSIVELY for you and nobody else especially when you, as a buyer, are not charged a fee for the representation?
3. Open Houses are often used by experienced Realtors as a way to meet new prospective clients and should a person arrive unrepresented and want to place an offer they are generally happy to offer to write the offer for you BUT they are not working for you. The best they can do by law is offer Limited Dual Agency to you. This is not in your best interest as a buyer.
4. Sometimes junior Realtors offer to do open houses for other experienced Realtors as a way to become better known in the area of the open house. Do you want an inexperienced Realtor providing limited help to you or would you want an experienced Realtor to help you exclusively as YOUR Agent?
It is important that Buyers understand the current law so that they can be best represented when it comes time for them to make the most important financial decision of their life. Contact Brett and he will be happy to explain this to you along with the pros and cons of being a customer versus a client and Designated Agency versus Limited Dual Agency.