DOES YOUR REAL ESTATE AGENT NEGOTIATE FOR YOU?
Does your agent merely fax over your offer to the seller’s agent?
Does your real estate agent ask to be present at the presentation of the offer for you?
As the seller, do you want to be able to ask questions about the buyer? Might your questions of the buyer’s agent be able to clear up misunderstandings and give you a clear picture of the offer? Might you and your agent be able to negotiate with the buyer’s agent?
In most areas of the country the NAR Multiple Listing Policies state something like the following:
SECTION 2.3 RIGHT OF COOPERATING BROKER IN PRESENTATION OF OFFER
The cooperating broker (subagent or buyer agent) or his representative has the right to participate in the presentation to the seller or lessor of any offer he/she secures to purchase or lease. He/she does not have the right to be present at any discussions or evaluations of that offer by the seller or lessor and the listing broker.
However, if the seller or lessor gives written instructions to the listing broker that the cooperating broker not be present when an offer the cooperating broker secured is presented, the cooperating broker has the right to a copy of the seller’s or lessor’s written instructions. None of the foregoing diminishes the listing broker’s right to control the establishment of appointments for such presentations.
As a buyer or seller, your agent should welcome the presence of the other agent. Having the other agent at the presentation insures that all parties have been represented. Both agents have been hired to negotiate for their clients.
You hire an agent to negotiate for you.
Before selecting an agent, ask the question: “Do you encourage the buyer’s agent to be at the presentation of his/her offer?” and “How do you intend to negotiate for me?”
If you get the response: ”we don’t do things that way here”… ask for the agent to explain how they intend to negotiate for you.
Expect the best! Hire an agent who will negotiate for you. After all, most advertise that they “will negotiate for you”.
ASK more and better questions…
LISTEN intently to the answers…
FIND AND SATISFY NEEDS!
~ Jim Hennings
Kathy Howe owns and operates how2educate LLC (real estate education) and is an Arizona Department of Real Estate educator who teaches real estate, including how to negotiate for your clients.