Potential Problems with the Traditional Purchase Process
(Who's really looking out for the buyer's best interest?)
Many potential buyers of real estate begin their search without understanding or giving much thought to how the TRADITIONAL REAL ESTATE BUSINESS operates.
They initially may see a property of interest displayed on the internet, in a free magazine, or by actually driving by the property and seeing a Realtor "For Sale" sign.
Unsuspectingly, they call the listing brokerage firm to get more information or to schedule a viewing. As long as they initially have some degree of rapport or confidence in that agent, they proceed to pursue the listing of interest or continue to look for others with that agent.
N.H. law requires the Listing Agency to disclose that they must represent the seller fully or partially on any in-house sale. The purchaser, may end up being well served, however, there are many inherent dangers in taking this approach when buying real estate.
First, you may end up seeing the perfect property with an inexperienced, poorly trained and possibly even offensive sales representative. The agent cannot represent your best interest, even if he were highly competent to do so. Remember that the real estate industry experiences high turnover with an abundance of new agents constantly entering the field, often on a part-time basis. It is also commonplace for agents to push their own listings first, their firms listings second and other firms listings third. The bottom line is that real estate agents often lack objectivity on what might be the most suitable property for the client/customer.
Most of the top real estate professionals believe that your interests are best served by taking the time to hire the most capable buyer representative there is. This is especially true when considering the sum of money involved in a luxury home purchase.
In almost all instances, an exclusive buyer's agent will also be compensated in the traditional fashion receiving a percentage of the selling firm's commission at time of closing. Thus, you receive exclusive representation without having to pay for it. Why do buyers often still work with the sellers listing agent or firm, receiving only limited to no representation for themselves?
If this makes good sense, you first need to find the right real estate professional to represent you. Unfortunately, finding the right agent is often not an easy task. Real estate office internal systems tend to hinder your efforts in figuring out who would be the best individual to assist you when considering the specific type of property you are interested in.
Well intentioned, successful agents may have little time to devote when it comes to providing assistance specifically tailored to your individual buying criteria. They must rely on their own support personnel (team concept) who may be far from proficient when it comes to representing you. Furthermore, they might be providing you with recommendations for lenders, attorneys, title companies, inspectors, etc. It would be worthwhile to ask "Are they really recommending the best people available to help protect your interest throughout the buying process."
The New Hampshire Real Estate Market is "very local" in nature. The Lakes Region is currently extremely soft with a serious oversupply of available properties (remember the Lakes Region has a large number of vacation homes). The Seacoast, on the other hand, has held up well. Properly priced homes still go quickly while the overpriced ones remain on the market.
If you decide to look for a luxury home in a somewhat depressed market area, such as the Lakes Region, real estate agents may be "desperate" for sales. Even when you hire a Buyer's Representative, they may be more focused on making a deal than protecting your best interest. You want an individual who can objectively guide you and not be afraid to speak frankly when they feel you are contemplating any unwise moves.
A competent, seasoned advisor is the most important decision in this process.
ONE LOOK AT BuySmart NH AND ALL THE ISSUES MENTIONED ABOVE ARE ALLEVIATED.
BuySmart NH's founder, Steve Gray, provides a flexible buying assistance program that offers you a superior level of buyer representation unlike any other N.H. real estate company.
BuySmart NH offers Sound Advise + Maximum Protection without any expense to you*.
*Exception: On rare occasions the Seller or Seller's Broker may be unwilling to pay customary co-operative fee to another Broker for securing the Buyer(s). Should this occur, BuySmart NH will negotiate a reasonable fee with its client.
