Every now and then someone comes along and offers up an anecdote that really cuts to the chase of why certain things are important, such as buyer agency--and most importantly--exclusive buyer agency. Carla Muss-Jacobs is an EBA in the Portland area, and she has written such an anectdote in her article entitled, "What Buyers Do Wrong." While she presents the scenario in a general and non-specific manner through her character "Betty Buyer," she clearly describes the common mistake that many homebuyers make when divulging too much information to representatives of the seller--often times not realizing how they have compromised themselves, and their negotiating position:
“The Tale of Betty Buyer: Betty goes out on Sunday just to get the paper. But while out, she sees an Open House sign in the neighborhood and drops in. The listing agent greets her, and Betty seems very impressed with the place. She tells the listing agent that she lives in the neighborhood and saw the For Sale sign go up a week ago. The agent tells Betty this is the first Open House, and it’s going really well – quite a few people have been in to tour...Betty didn’t seem to find any flyers outside, and wondered how much they listed the place. The listing agent tells her, and Betty is surprised....‘WOW – I can afford this! I just got qualified online. But, I’m good to go for $50,000 more!’...Yeah! It happens just like this. A buyers’ anxious, nervous energy can get the best of them. They talk too much. Not only did Betty show an interest in the home, but she also told the listing agent she can buy it . . . and not only that . . . but can spend $50,000 MORE!”
Cite Source: "What Buyers Do Wrong" by Carla Muss-Jacobs, EBA in Portland Oregon.
“The Tale of Betty Buyer: Betty goes out on Sunday just to get the paper. But while out, she sees an Open House sign in the neighborhood and drops in. The listing agent greets her, and Betty seems very impressed with the place. She tells the listing agent that she lives in the neighborhood and saw the For Sale sign go up a week ago. The agent tells Betty this is the first Open House, and it’s going really well – quite a few people have been in to tour...Betty didn’t seem to find any flyers outside, and wondered how much they listed the place. The listing agent tells her, and Betty is surprised....‘WOW – I can afford this! I just got qualified online. But, I’m good to go for $50,000 more!’...Yeah! It happens just like this. A buyers’ anxious, nervous energy can get the best of them. They talk too much. Not only did Betty show an interest in the home, but she also told the listing agent she can buy it . . . and not only that . . . but can spend $50,000 MORE!”
Cite Source: "What Buyers Do Wrong" by Carla Muss-Jacobs, EBA in Portland Oregon.
Carla also suggests two rules for buyers to live by:
"Rule #1 as a Buyer: You Have the Right to Remain Silent!"
And...
"Rule #2 . . . obtain a BUYERS AGENT, and if you really want to do yourself a favor, obtain an EXCLUSIVE BUYERS AGENT!"
For more information, check out Carla's full article,"What Buyers Do Wrong."
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