Ssssshhhhhh! It's a Secret. Or--so you might think. "Oh, we are just calling the agents from their listing signs to talk to them directly about the houses. We don't really need a Realtor to represent us." I hear these words a lot from buyers during our first conversation and I wonder why Realtors may not telling buyers what I am about to tell you.
Buyers often believe that by going directly to the listing agent, they can get more information about the home and get a better deal. So, first of all, you should never get more information about a home, property values, potential problems, red flags, comprehensive comparables or condition of the home directly from the listing agent than you can from an experienced Buyer's Agent who is representing you and your best interests. Here is why. The Texas Real Estate Commission has drawn the lines of representation very clearly between buyers and sellers. The Listing Agent only represents the interests of the seller for a specific home or property. The listing agent has to hold a very tight line of representation to the seller, which includes not telling potential buyers about things that might propose a concern about their listing, if the listing agent does not know it to be a verified fact.
For example. I show about 500-700 homes a year to potential buyers. Often times when showing homes to my buyer clients, I will point out potential issues with a home that the buyer may not be looking at. These may be small cracks in the walls, floors, foundation or other potential issues like road noise in the back yard due to the proximity to a major road. There are a host of potential issues that may come into play for a given buyer and I don't pretend to be able to catch them all, but I do my best to point out possible issues down the road. The truth is, there are always trade-offs in real estate, so the question with all buyers ultimately comes down to "which trade-offs are you willing to live with which ones do you really want to avoid at all costs?" But to make decisions of trade-offs, you need to know everything that I know or think I know about a given property. NOTE: The listing agent can't raise these red flags with you about their listing, because this is not in the best interests of their client--the seller. Their job is to "sell" the home and if you are the buyer, they will be selling you--not helping you figure out what works and what does not work for you and your needs.
When a listing agent shows you a home, they should let you know that they only represent the seller--for that particular property. I know it seems obvious, but the Texas Real Estate Commission feels pretty strongly about this point--such that they recommend that Realtors give buyers this document (Information About Brokerage Services) when meaningful conversation about a property begins. This includes an event where a listing agent takes a call from a buyer on his/her listing and the listing agent goes out to show the house to the potential buyer. This document explains that the listing agent represents only the seller for this property--never the buyer and seller at the same time for a single property. The listing agent's job is look out for the interests of the seller--not the buyer. The buyer's agent's job is to look out for the interests of the buyer. These two lines should never be blurred in Texas Real Estate. (Note: this works in a similar way when looking at new homes directly from a builder. The builder sales person represents the builder, not the buyer. So, no matter how nice the sales person is or how helpful they may be--at the end of the day they are paid by the seller and they represent the seller--not the buyer. The only difference here is that most builder sales people are not Realtors or licensed by the State of Texas. So, many of the guidelines and boundaries that Realtors have to follow in Texas, builders do not have to adhere to because they are not licensed Realtors).
Here is the bottom line: If you are buying a home in Texas--new or used--you should have an experienced Realtor working for you for every home that you are considering. Don't make the mistake that some buyers do and think that you can do this on your own with greater success than a licensed and experienced Realtor.
Important NOTE: I am not a Real Estate attorney and this article is not meant to give you legal advise or legal recommendations. If you have questions about Texas Real Estate law or contracts you should always contact a Texas Real Estate Attorney to discuss your specific situation and questions. And if you have not read the document that I referenced in this article, click on this link--and read it for yourself. This is a great place to start.
Tim Thornton
Austin Area Realtor
I help about 25-30 buyers and sellers every year find their new home in the Greater Austin area and every year I have two or three clients who find a home that they feel very strongly about owning--but then they hesitate. They want to think about it for a few days or a few weeks. Suddenly, the house is gone. Sold to someone else. Often times someone who was looking at the home the day before my client saw the home.
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