How Smart Home Sellers Work Smoothly With Buyer Brokers To Result in a Sale

Copyright © 2014- 2019  AUTHOR: Paul R. Marino, REALTOR®, e-Pro®

 

“Brokers are my friend. I need them.” Repeat the mantra. They however, need you. Statistically speaking (and in all likelihood, according to any credible analysis of the subject), it is they who will bring you a viable Buyer. You in trade, have something they want – the perfect home for their client. Everybody wins – YOU, because you sold your home (on your terms) - the Buyer (who is excited to be moving in), and the Buyer Broker, whose hard work brought this whole process together.

 

This article is written especially for those home Sellers that have wisely chosen to explore the vast array of “new options” out there when it comes to real estate brokerage services. If you don’t know what I am referring to when I say “new options”, I strongly encourage you to visit the following US government web site and brush up on the latest developments. A lot has changed on the legal front – especially in the past 5 years. Sellers are finally taking control of the transaction. In a nutshell, “This ain’t your grandpa’s real estate market.”

 

Having worn most hats in the real estate business over the past 26 years (broker, appraiser, investor, auction and estate buyer, as well as housing renovator), I’m here to be your guide. For starters, when I refer to a “Buyer Broker”, I am referring to a licensed real estate broker that has agreed to represent a Buyer in the purchase of a home. Buyer Brokers are obligated by law (through a legally binding contract with the Buyer), to protect the interests of the Buyer in every respect, and act in a fiduciary capacity (pledging loyalty, obedience, confidentiality, and diligence).

 

This is serious stuff here folks. Why anyone would buy a home without someone in their "corner" (i.e. a Buyer Broker), is beyond me. But people do it all the time. They'll see a sign in front of a home they like, then jump on the phone to get hold of the Listing Broker to ask an inane question like, "How much are you asking?" (just go to the search function on THIS website, Realtor.com, Zillow, Trulia, or countless hundreds of websites if you need this information, or just scan the QR code with your cell phone) . The sign on the front lawn does have a QR code doesn't it?  It should have.

 

Hate to clue you in people, but the Listing Broker works for the Seller. Wouldn't it make sense to work with a Buyer Broker that has pledged allegiance to YOU? From the perspective of a Seller, the Buyer Broker should be viewed as someone you can build a cooperative relationship with – not an adversarial one.

 

Though you are not on the same team, this does not mean the relationship can not be cordial, and professional. This should be foremost in your mind with every Buyer Broker you meet. Because word travels fast in the broker community (and brokers are great at social media.) Pull some underhanded stunt (like telling them you have sole authority to negotiate a Purchase Agreement, when you really need the approval of a separated spouse), and you have lost something that is difficult to get back; your credibility.

 

It’s no secret that some Buyer Brokers are at times, not particularly fond of working directly with Flat Fee MLS home Sellers. Why? Because some Sellers fall into one, or possibly all four of the following categories:

 

1] Uninformed;

2] Unprofessional;

3] Unprepared; or 

4] Unethical.

 

Don’t be one of them. Act like a pro, and you’ll be treated like one. So, let’s briefly address each of the four categories, one at a time.

 

1] Be informed. Do your homework. Know your home and the specifics of each major system. When asked by the Buyer Broker, “Do you know roughly how much it costs to heat your home?” Don’t give them a deer in the headlights look and reply, “No, but not much”. Instead, say something like: “Yes, we heat with natural gas, and in 2017 it costs about $2,100. I have kept my heating bill receipts over the past year, and I can email those to you if you like.” If you don’t know something, don’t fake it. Simply say, “I don’t know, but I will find out and let you know by tomorrow.”

 

2] Be Professional. Treat the Buyer Broker and the Buyer’s like you would like to be treated yourself. If you have a showing set for 2:00PM, don’t send them a text at 1:50PM saying, “Today’s not going to work. Can we reschedule?”  Have respect for other people’s time. And remember, first impressions matter. For you ladies out there, you certainly don’t have to be dressed to the “nines” for a showing, but try not to arrive at the door in curlers and a bath robe. And guys - pay attention - no “wife-beater” tee shirts and a five day old beard. Be friendly, but not “chatty”. This is not to say you shouldn’t engage in small talk and friendly banter if offered, but let the Buyer Broker or Buyer take the lead. Designate one person to be “The Presenter” and have the other person stay out of the way. If you know you’re somewhat of a cranky “wisecracker”, by all means turn the job over to someone else.  A Buyer may or may not like your home (and the smallest offending event may turn them off), but don’t give them a reason not to buy your home simply because they dislike you personally.

 

3] Be Prepared. If you can’t see yourself “prepping” the home, tidying up, and taking an active interest in making everything in and around your home “just-so” for every single showing, then you really don’t understand that presentation is critical to your success.

 

4] Be Ethical. If you know your home has a physical deficiency, get it fixed before you place it on the market. Knowing that the roof leaks in the northwest corner bedroom, do you really think it’s a good idea to do a quick ceiling drywall repair in the hopes the Buyer Broker or Buyer won’t notice? Would you like it if you were told there were no roof leaks and during the first rainstorm in your new home, you see a puddle of water on the bedroom floor?  Be honest without being extreme. There is certainly no need to say things like: “You know we tried to fit a queen sized bed in this room once, and it was way too crowded, so we couldn’t use it as a bedroom.”Bummer. Look, no need to be a “goodie two shoes” here. For this level of minutia, let the Buyers figure it out for themselves.

 

In a nutshell, realize there is a very high likelihood that the Buyer of your home will be introduced to you by a Buyer Broker participating in the local MLS system. And a very low probability that you will sell the home completely without the assistance of a broker on the off chance the perfect cash buyer just happens to drive by and say: “Hi, we saw your sign out front, like your home a lot, and would like to buy it for cash. Can we close tomorrow?” Ain’t gonna happen my friends - ain’t gonna happen.