A buyer’s agent is a fabulous person to have on your investing team, they work with you to seek out properties on your behalf. They will do the hard slog of locating, researching, negotiating, and driving all over town. Once all the hard work is done they present you with the cream of the crop, and then continue to work on your behalf to secure the property. They will only seek out properties that fit your brief, of location, price range, amenities etc.
So now what happens if your buyer’s agent has another client with the exact same brief as yours – same location, price range and amenities, what happens?
Well first thing you need to do is actually ask your buyers agent before you sign with them. A lot of investors don’t think to ask the question: “What happens if you find a property that would be perfect for me and another one of your clients? Who do you show it to first?”
The best answer would be:
“That would never happen because I will not take on two clients with the same brief.” If you are the first client, then this is not a problem, because you will be first in line. However, if you are the second client you would most likely be given a choice:
1 – Wait for the first client to buy a property and therefore no longer looking
2 – Be given a referral to work with another buyer’s agent.
You place a lot of trust in your buyer’s agent who do a very valuable job for you – they can save you a lot of time and money to find you amazing properties. They usually have an inside line in the area that you are looking into and will come across properties that may not be on the open market yet – a classic way to get a good deal. So it’s best that everyone feels that they are getting what they expect – you a dedicated agent – and the agent a motivated client. A Win/Win for everyone.
Do you have a buyer’s agent? What has your experience been?