The difference between a Lookie Lou and a serious home buyer.
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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.
“I wanted to let you know that my daughter and I saw some people in the house earlier today,” the elderly neighbor conspiratorially whispered at my Sunday Open, and when we asked the Agent if we could come inside, he said, ‘I can’t show you the house.'” (He’s right; he can’t.)
“He was rude,” she added, clearly bent out of shape.
With new rules and regulations in place governing how Agents can (and cannot) conduct their business, Realtors® can no longer casually escort people inside without a signed Representation Agreement in place. So even if you’re standing on the porch looking longingly through the windows (as this mother/daughter duo undoubtedly were), Agents are no longer allowed to invite you to tag along with other showings.
Open Houses are for the Lookie Lous
But to be completely fair, this Agent was conducting a private showing with his clients BEFORE the Open House, precisely so he, and they, could have uninterrupted time in the property. BTW – irrespective of the new requirements, it’s unlikely he would have shown you the house just for kicks and giggles. (That’s what Public Opens are for . . . )
There was a time, not long ago, when Agents could have – and likely would have – jumped at the prospect of meeting unrepresented strangers on the street, but that time has come and gone. According to NAR (the National Association of Realtors®) Realtors® are now required to “vet” interested parties first to make sure they’re qualified to buy. So, if Sunday Opens are your hobby, get ready to sign in at every home you view, OR may I politely suggest you take up pickleball instead? (Evidently, everyone loves it.)
Moreover, according to new guidelines, Agents are not able to meet prospective Buyers at a property without bringing along a Buyer/Broker Representation Agreement, or alternatively, having the Buyers sign an agreement that allows for the showing of that one specific property alone. In other words, you need to align with a licensed Realtor – sooner, rather than later – if you’re shopping for a new home and hoping to make any real progress on that front.
Realtors® are for serious home buyers
If Agents were once the conduits to the MLS, (Multiple Listing Service) which alerts the market to new listings, price corrections, and sold information – among other vital information – that previously proprietary data is now available to anyone and everyone at the touch of a key via any number of Real Estate website search engines. But if you mistakenly thought that the wide dissemination of such information would render Real Estate Agents obsolete, you’d be wrong.
In fact, I’d argue that our expertise and experience is more important than ever. (Of course, I may be biased.) In practice we’re not seeing many self-represented Buyers prevail, precisely because they tend to put the Sellers at risk, and Sellers hate uncertainty (as do their Agents). No one wants a deal of this magnitude to fall apart because an unrepresented Buyer dropped the ball or didn’t understand the rules of the road . . . .
But let’s assume you ignore my advice and choose the solo route (good luck with that), even if you locate the property on your own (which is almost a given with internet access), you won’t be able to book a private showing OR cross the threshold without representation. In short, Agents, quite literally, hold the keys to the castle. (Not even Zillow can run us out of business, although they’re trying!)
So, while I appreciate the heads up, you should know that this particular Agent wasn’t being “rude,” he was just following orders. Like it or not, welcome to the brave new world.
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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