#5 Myths About Having a Buyers Broker in Portland
Before debunking the myths I must confess that as one of Portland’s Buyers Broker Agent I can’t imagine ANY buyer in the Portland area believing ANY of the 5 Myths I’m about to write about. But, sadly . . . buyers in Portland without an agent think the myths are real.
Portland’s Buyers Agent Myth #1
I don’t need a Portland Buyers Broker Agent to search listings for me — I can look up listings on the Internet.
That is not a myth and is actually true. Buyers in Portland can look up listings on the Internet and many do.
The myth comes in to play when consumers and the general public think that listings on the Internet are current, active listings.
- PENDING even SOLD listings do not get removed by either the listing agent and/or third-party real estate aggregate portal
- Listings on the Internet can be stale . . . they are not even current
- Listings on the Internet can be scams
When I work with Buyers, I take great care to find listings that meet their specific wants and needs. Many agents have automated services that send listings out, almost spamming Buyers. When I work with Buyers, I spend countless hours scouring the listings. I keep track of:
- New Listings
- Price Changes
- BOM (Back on Market)
When I study the Portland real estate market with current and accurate property information? So my clients don’t have to! They aren’t bombarded with automated updates ad nausea. When I send listings out to my Buyer clients they are cherry picked possibilities of possible properties that might work for them.
Related: Have Your Realtor® Do It!
Portland’s Buyers Agent Myth #2
I don’t need a Portland Buyers Agent to get all the information I need — I can contact the listing agent
Many consumers and folks in the general public like think they know what they’re doing. They have a question and who wouldn’t be the best source to answer, but the listing agent?
When it comes to answering general questions, sure they can tell you things such as: year built, lot size, zip code.
What they don’t have to tell you is:
- Did the roof ever leak?
- Why are the sellers moving?
- Will the sellers take less than list price?
Listing agents are UNDER CONTRACT with the sellers and the listing agent (and all the other agents in that brokerage), have a fiduciary duty to the SELLERS — NOT to YOU! Listing agents and the listing brokerage have a duty to get the best terms and conditions for THEIR CLIENT: The Sellers!
Related: What is a Fiduciary?
Portland’s Buyers Agent Myth #3
We don’t need a Portland Buyers Broker Agent to negotiate a better price — we’ll contact the listing agent and we’ll work out a deal to reduce their commission, so I can save money!
If you think this . . . you could be sued for interference in a business contract.
Let’s keep it simple for sake of this article.
A little FACT: A Listing Agreement is a CONTRACT.
Another one FACT: The parties in that contract are: the sellers and the listing agent/brokerage
Yet another FACT: You, the consumer/buyer are NOT a party to that listing contract
One more . . . FACT: All terms of listing the property for sale are mutually agreed to
FACT: Any commissions agreed to be paid have been mutually agreed to by the parties in the contract (again: the consumer/buyer is not a party to the listing agreement).
If you, the consumer/buyer INTERFERE, or attempt to interfere, with provisions already legally binding and mutually accepted in the listing contract, that may be viewed as tortious interference.
Portland’s Buyers Agent Myth #4
I don’t need a Portland Buyers Agent to write up an offer — I can get the house by going directly to the listing agent.
In some local markets when there is a short-lived “Sellers Market” buyers can get really panicked and think that they house they love will be more easily attainable if they just went to the listing agent. They feel that they’re offer will be more favorable if written up by the listing agent.
The listing agent will review the offers received with their clients, the sellers. They will discuss the pros and cons of each offer, and if yours doesn’t pass the sniff test, they will reject it.
If a consumer/buyer has never written up and offer, or has represented Buyers in a real estate negotiation, they do not know what a “good offer” is and chances are, if they rely on the listing agent they still may never know. The listing agent who has BOTH buyer and seller for the same transaction has LIMITED duties according to the State of Oregon Real Estate Agency — the licensing body for agents in the State.
The offer that is prepared by the listing agent is only as good as the Buyer’s instructions. The listing agent in that situation: Disclosed “Limited” Agent . . . CAN NOT favor one party over the other, they can NOT negotiate for either side, and they CAN NOT instruct one side over the other.
Portland’s Buyers Agent Myth #5
I don’t need a Portland Buyers Agent to — run a comp for me The listing agent can do it.
When a buyer is ready to purchase, and the listing agent is handling BOTH sides of the transaction, it would be a conflict of interest if the listing agent ran comps for the buyer and discussed the recent sales in the area if such actions would be to determine a better price to offer on their listing, or otherwise impinge the sellers standings.
There can not be conflicts of interest in a real estate purchase. The listing agent CAN NOT suggest sales price to a buyer, they CAN NOT run comps for the buyer, they CAN NOT assist in writing the offer in the buyer’s best interest, they CAN NOT point out reasons not to buy, they CAN NOT protect the buyers’ best interests. They CAN NOT prepare a property value study.
What a Savvy Buyer Knows
The savvy buyer in the Portland Metro area knows one thing: They Want Their Own Agent!
Savvy buyers in the Portland Metro area knows: Having a Buyers Agent Does NOT cost them anything
A savvy buyer in the Portland Metro area knows: Having a Buyers Agent May SAVE them THOUSANDS of DOLLARS