What NAR Should Be Advertising
December 3rd, 2007 Deeper Thoughts
The mantra that “Now is a good time to buy” has been splattered here, there and everywhere by the National Association of Realtors. Methinks they should stop that spin, and start telling the general public what Buyer Agents actually do.
In Connecticut buyer agency is pretty solidly entrenched into law. I can’t show another brokerages listings to a buyer without having them sign a buyer broker agreement. I have no problem with that – in fact it solves a lot of potential problems.
The downside is that 99% of all buyers have no fluffy bunnies clue what a buyer broker agreement is. It sounds a whole lot more of a deal than it really is, but to a new buyer it’s a scary first contact.
Sign something? Um… Dad always said to never sign anything…
And so the scared buyer ends up fleeing the buyer agent and seeks the information or showings from the listing agent. Maybe even buys the house without representation.
The other thing I see happening a lot is the “one day buyer broker agreement”. This is where the buyer signs the agreement for a single day, and then the buyer and the agent go see homes together. It’s one way of reducing the fear of being handcuffed to an agent, but I wonder if this piecemeal approach works for the buyer in terms of getting a full representation experience. There is no way a agent gets the full insight into the buyers needs from a single appointment and ride. It certainly doesn’t seem to work from the agents perspective. These one day events never seem to actually pay out anything.
The intent of buyer agency law in Connecticut is good, I agree with it, but we have these unintended side effects of buyers scared of the very laws designed in part to protect them.
It’s a golden opportunity to educate the public, make REALTORS look good and not sound like sleazy shills to boot.
December 4th, 2007 at 2:09 am
[…] Right here. […]
December 4th, 2007 at 8:13 am
[…] Update 4 December 2007: Athol posts a great suggestion that the NAR could/should be marketing exactly what Buyers’ Agents do. […]
December 4th, 2007 at 9:03 am
I am constantly dismayed by what NAR focuses on. What about an ad for each market, talking about the real statistics in each market instead of the general market info the rest of the media spews.
Add what about more consumer oriented ads, like you suggest, helping buyers understand buyer agency? Or, what sellers should look for in an agent? Helping consumers might also elevate expectations and elevate our profession.
December 4th, 2007 at 9:45 am
NAR just doesn’t get it. They keep on with the same old stuff the same old way. The problem starts at the local level and only compounds exponentially going up.
Great post Athol.
December 5th, 2007 at 4:23 pm
I agree that it compounds going up Jim. I do kinda like my local board, somewhat aware of my State board and believe national are space cadets.