Good luck with that! Because in today’s sea of uncertainty, you need someone who knows how to sail through choppy waters.
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The personal stories of one Realtor’s battles and triumphs in the highly-competitive Bay Area Real Estate Market, seeking to illuminate and humanize the very real ups-and-downs of homeownership.
On Tuesday, Sarah and I accepted offers on 111 Hazel Lane in Piedmont. This incredibly popular home seemed to check ALL the right boxes for both young families and empty nesters alike. Offering rare level living that wrapped around a sunny central courtyard, this lovely and inviting Mid-Century appealed to nearly everyone who saw it. As such, the Sunday Opens were packed and the private showings were nonstop. (We wish we had a dozen more like this to sell.)
So it wasn’t really a surprise when 12 offers were submitted come the offer date. What was, however, was the number of prospective Buyers who came through the Opens saying, “Please send me the disclosures . . . we’ll be representing ourselves.”
Really? If you are a licensed Realtor® with a good deal of local knowledge, that plan might make sense (“might” being the operative word), but if not, you “might” want to think twice about representing yourself.
Why?
Because (and I say this with all due respect), you probably don’t know what you’re doing . . . and that not only makes your offer suspect, it puts the Seller(s) at risk, which in turn, puts you at a HUGE disadvantage.
Remember, price is only one component of an offer; terms are the other, and as representatives and fiduciaries for the Sellers, we’re not only going to encourage the Sellers to select the offer that delivers top dollar, but to favor those that are going to quickly sail through escrow without taking on water . . . (nobody needs complications or unwelcome surprises). So, it shouldn’t surprise you if we pass on the layman who, quite frankly, doesn’t have a clue.
With more than 45 documents to sign in the disclosure package alone, and hundred of pages to read and digest, Selling Agents are legally unable to walk an unrepresented Buyer through the process, explain the disclosures, or flag you in Docusign which means you are going to have to pay an online document service or an attorney to assist you. In short, you are on your own. (Apart from sending you the disclosures, we can’t help you.)
You’ll need to understand the difference between a property held in trust, and one that isn’t, how to read a preliminary title report, natural history disclosure, home energy score, and permit history. You’ll need to make sense of the sidewalk, sewer, roof, structural, and home inspections (just to name a few), and you’ll have to master how to correctly fill out a California Residential Purchase Agreement, counter offer, contingency release, and any other paperwork involved.
Moreover, you’ll be competing against successful Agents at the top of their game, many who will have pre-inspected the property prior to writing so that their clients can waive their due diligence with confidence and ease. Additionally, top Agents have connections, relationships, credibility. and a track record that puts them well ahead of the competition (namely, you.)
What’s more, Buyers’ Agents know what questions to ask, create context, identify red flags, and develop winning strategies. Part guide, part seer, part detective, part cheerleader (part therapist!), an Agent’s job is to problem solve and provide the scaffolding that makes this large and substantial purchase less overwhelming and far more secure.
Still, with the bifurcation of commissions, and the real possibility that Buyers may be paying their own Agents, I understand why the average Joe believes they can represent themselves . . . however, in an industry as litigious as Real Estate, the last thing a selling Agent wants to see is a contract from an unrepresented Buyer, especially if there is a stack of other strong offers from which to choose.
As a side note, nearly every offer attached to an established Brokerage arrives with a demand that the Seller (not the Buyer) pay the Buyer’s Agent as part and parcel of the deal. In fact, Buyers are rarely paying their Broker’s commission as most Sellers understand that they are best served when offering compensation to BOTH sides on the sale of their home. If that’s the case (which it usually is), why not avail yourself to expert advice instead of trying to set the course alone? When it comes to buying your single largest investment, you may not want this journey to be your maiden voyage.
Finally, if you never prevail in the purchase, what did you actually save? (Hint: the correct answer is “nothing.”)
So before deciding to represent yourself, why not have a conversation (or two) with a few Realtors® who know the inventory, WILL alert you to off-market possibilities, WILL educate you as to the local marketplace, WILL meet and walk you through the properties, WILL identify any potential problems that might be lurking, WILL point you towards smart and savvy loan officers, WILL make sure the purchase offer is competitive, WILL know the laws and ordinances, and WILL follow the sale all the way through the close of escrow.
In a sea of uncertainty, you need someone who knows how to sail through choppy waters – not a guy (or a gal) who just stepped on the boat for the very first time. “Land ho!”
How can we help you?
Julie Gardner & Sarah Abel | Compass Realty
Not just Realtors, but consultants in all things house and home, we’re here to educate, explore, examine and refer . . . In short, you may count on us to take care of your home as if it were our own and anyone who knows us, knows we take pretty darn good care of our homes.
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