Wednesday, April 9, 2014

Follow Up: Why You Need a Good Buyer's Agent

This is a follow up to my previous blog about buyer's agents:  http://blog.davidbarrhomes.com/2014/03/case-study-why-experienced-buyers-agent.html

The real estate world is always changing, but sometimes the changes can be confusing for prospective home buyers.

There are three competing business models nationally which are shaping how consumers buy and sell real estate:

1) Zillow and Trulia:  Non-licensed: what we in the industry call "portals".  They exist to generate visits to their websites and sell advertising. Participating agents pay to be featured in certain geographical areas;
2) Traditional brokerages, such as Re/Max and Keller Williams with their national real estate sites, where buyers can search for homes and get funneled to one of the company's featured agents;
3) Redfin and Movoto:  Licensed brokers, but without physical brick and mortar presence in local markets.  These companies partner with established local agents when a home buyer or seller expresses interest in a property.  These two companies have sales volume and customer feedback standards when partnering with an agent.  Full disclosure:  I am a partner agent with both Redfin and Movoto.

Research shows home buyers search these major national websites first, to get a general feel for a local real estate market.  Sometimes, a home buyer registers on these sites to get listing updates or to create an account to save favorite properties.

This is where the confusion begins.  When you register on one of these sites, you are not bound to have a particular agent on that website represent you in the purchase of sale of property.

Home buyers should not feel locked into a particular agent or website.  I recommend buyers research local agents with full service websites (such as my website, www.davidbarrhomes.com) before signing any representation agreement.  

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