Should I be booking directly with the listing agent?
The answer is absolutely not! NO! The listing agent only has undivided loyalty to the seller. Not you as the buyer. If after a showing the listing agent reaches out to you directly even though you have made it clear that you are represented, this is unethical and inappropriate. Let us know! We will report him or her.
Communication between listing agents and buyers can lead to negative outcomes for you as the buyer. If you misspeak or give them any additional information (which can seem very insignificant at the time) this may be used against you later based on their fiduciary duty to the seller.
What if the listing agent asks a bunch of questions at an open house or showing?
General small talk is okay. You will get a lot of questions like “what neighborhoods are you focused on” and “how long have you been looking”. It’s fine to be polite but generally less is more. For example, your budget or motivation to buy is none of their business. The more the listing agent knows about you and your situation the more power they have in negotiation.
Have a poker face (even if you love the apartment and it is the one!). It is in your best interest. Most agents have years of experience reading people and body language so make sure to keep your cards close to the chest.
What if the listing agent wants to represent me?
Both the Vancouver Real Estate Board and Fraser Valley Real Estate Board have issued warnings against consumers entering into a dual agency relationship. In fact is no longer legal to do and the agent could lose his or her license.
When buyers come unrepresented, they not only potentially waive some of their rights and consumer protections, but they also will not benefit financially. When sellers sign a listing agreement with their agent they agree to pay a hefty commission. This commission is generally set regardless of whether the buyer has a buyer’s broker or not.
Some buyers believe that making an offer unrepresented helps make their offer more attractive. Unfortunately, this is not the case because sellers receive no benefit from you being unrepresented. It generally just means that the whole commission will go to the listing agent. Its not a sellers market anymore and you do not have to try extra hard to get a home you love. It technically is up to the seller to come down to what you will feel is the right value for the home you are interested in. Working with a buyer’s broker not only gives you unbiased expert advice from an licensed agent that has only your best interest in mind, but when working with Ryan you can also get back a kick back which could cover all your legal fees and more (value of up to $2500!).
Can I attend open houses on my own?
Many of Ryan’s clients actually enjoy going to open houses on their own and make a day of it! If you are represented by Ryan’s Team, this is totally okay! At the open houses make sure to sign in as represented by Ryan as your agent and make this clear in the course of conversation if it comes up. Maybe drop a card off at the open so this is abundantly obvious. This can help avoid some serious headaches later.
Listing agents use open houses as a tool for customer lead generation. If you don’t make it clear that you are represented, you may end up getting unsolicited phone calls and emails from the listing agent trying to get you to work with them.
Who should book private showings?
What if you can’t make the open house or want to get in right away? Private showings are a good alternative to open houses. It is usually a best practice to book a private showing and to do so through Ryan Taylor or a member of his team.
Reach out on to Ryan on one of his website platforms or to one of the agents directly and we will be happy to schedule your private showing for you.
Be aware! New developments may be different
Despite having eye-catching showrooms, new developments many times require you to visit the showroom with your agent the first time, otherwise your agent isn’t eligible to receive a commission. So if you are interested in a new development unit, let your agent make the first contact to schedule the appointment.
New developments can be the trickiest deals to do because extra education can be meaningful financially as it relates to new development closing costs and negotiation points. Having a smart agent with experience is a must here.
If you have any questions please feel free to reach out to the Ryan Taylor or a member of the ream.