Flat Fee is great! Said no Buyer's Agent ever
This is exactly what a Buyer's Agent feels about the flat fee MLS listing model. While sellers and investors appreciate the savings of this transaction, the Buyer's Agent dread it. And the reasons are understandable:
1. Low communication between the parties
Buyer's Agent's want communication on the property at hand. However, their Brokers always instruct them to contact the Listing Agent. This is not merely a suggestion, but a regulation. So questions get submitted to the Listing Agent, and no answers frustrates the Buyer's Agent.
2. Buyer's Agent Inexperience
Not all Buyer's Agents are inexperienced. But the first thing to do as a newly licensed agent is to be a Buyer's Agent. This means that your experience is low, and that agent's current Broker is usually very busy. It doesn't help that most Brokers who work with Agents hold a high amount of agents. Really, the ones that can survive the first two years stay doing Real Estate for longer.
3. Buyer's Agents feel they work for two agents
Buyer's Agents believe that dealing directly with the seller always means that they must explain so many aspects of the transaction to the seller. This means that there is double the work, for half the amount. And the wrong advice of a Buyer's Agent to a Seller may be considered misrepresentation.
This is why our company deals with the Buyer's Agents directly if the seller so desires. We also show our ExpertWayRealty.com on all our Flat Fee MLS Listing information. This is so the Buyer's Agents feel comfortable that this is their typical transaction.
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Will Puente, MBA