Is Your Agent Costing You the Deal?
Updated: Mar 29, 2021
Why Are Your Offers Not Getting Accepted?
It can be frustrating to be a buyer in this market. You can offer 10% over list price, waive all contingencies, and still not have your offer accepted. If your offers are strong and you keep losing out, could it possibly be your agent that's holding you back?
What Is An Agent Hired To Do?
If you think your agent is getting paid to just unlock doors and type your offer price into a contract template, you haven't had the opportunity to work with a rockstar yet. A rockstar agent can make the difference between a horrible home buying experience and an enjoyable one. They can also be a huge factor in your offer being accepted. Here's why:
Rockstar agents get deals done. If your agent has a reputation of knowing how to bring a home purchase from contract to close with minimal speed bumps, that will help your offer get accepted. Sellers want to know they have as close to a "sure thing" as possible when accepting the best offer. The highest price doesn't always win.
Rockstar agents are expert communicators. From my experience, less than half of the agents who submit offers on a home ever call the listing agent. Their client is being underserved. Why is this so important? Well, how are you supposed to know what is important to the seller without your agent having a conversation with the listing agent. So much valuable information can be gained from that call. You may be focusing submitting the highest offer when the seller really just wants a fast closing.
How To Know If Your Agent Is Helping or Hurting Your Offer
If you want to figure out if your agent is doing the best job possible for you, you just have to ask. Below are some things you can do to see if your agent is really the rockstar they say they are:
Offer Emails. Ask to be bcc'd on the offer email when they send it to the listing agent. If the email has grammatical errors, too many attachments, looks unorganized, or doesn't emphasize the benefits of your offer in a clear and concise manner, you may want to rethink who you've hired to represent you on one of the biggest purchases of your life. Ask yourself, would you be impressed as the listing agent and seller if you received that email? Would it stand out at above the rest?
Phone Calls. Ask your agent if they've had a conversation with the listing agent about the sellers wants and needs. How they speak to the other agent and the questions they ask have a significant impact on your offer being accepted or not. Again, rockstar agents are expert communicators.
Strategy. Is your agent allowing you to search at the highest end of your price range? They may be doing you a disservice to allow you to see houses than you can't be competitive in offering on. Your agent should be able to lay out a clear strategy for you that makes you as competitive as possible. If they are just winging it, they may not be best for you in this market.
Overall, this is some of the lowest inventory the U.S. has ever seen. Buyers are at a disadvantage already, without the disservice of a lackluster agent. Do yourself a favor and hire a rockstar, you will thank yourself later!
If you or anyone you know is looking for an agent to be help you be competitive in this market, click here and we will be happy to help you with your home buying needs!