Have you ever heard a real estate agent say ‘I work with buyers for free’? Chances are you have, and well, it’s a lie. The truth is that for years the real estate industry had what could only be called a standard of practice – there is no requirement, rule, or law – that a seller paid both the commission for their agent and a buyer’s agent. So, it was never that the agent was working for free, they were just being compensated by someone other than the buyer. And well, times are changing... so let’s break down what you should be asking your agent, or rather, what you should know about them.
As lawsuits make waves through the nation ultimately relating to the topic of buyer agency, it is now more important than ever for real estate agents to explain to buyer’s how they’re paid, AND speak to their services, experience, and what they bring to the table individually – all agents are not created equal! On the flip side, it is equally important for sellers to be informed what their agent brings to the table, their experience, competing properties in the market, and how they’ll stack up against the competition when they go live.
So, let’s be clear, as an agent representing a buyer I do not work for free. I charge the same fee to all of my clients due at closing when my work is complete – yes, there are exceptions – and while sellers often cover this fee in the current state of the market, should it not be covered, it is the responsibility of the buyer whom I am representing. It should be noted, I will also do everything in my power to first negotiate with the seller, with the approval of my buyer, to the extent I am not hurting their chances at a home.
Since I can only speak for myself, here are some details on what I bring to the table when representing buyers on their home hunt starting at a macro level. Portland is a border city on the Columbia River, I’m dually licensed in Oregon and Washington state. February of 2024 marks the beginning of my 10th year in real estate and while anyone can keep their license active for 10 years and sell no homes, to date as a solo agent without a team I’ve sold over 300 homes worth nearly $150 million. I’ve built my business in Portland from scratch with passion and hard work, my family isn’t here. When I moved to Portland in 2011, prior to real estate, I knew no one. Slowly I crafted a name for myself in this massive industry, one with over 8,000 agents in greater Portland alone.
At a micro level, numbers aside, I am a problem solver. If I don’t know the answer, I know someone who will and that goes for all aspects of the business. Each client I work with becomes a part of my day-to-day life, as I take on an active role in getting them to the finish line – whatever their goals might be. I pride myself in truly knowing homes, this is where I set myself apart. My inspector will tell you; he’d hire me in a heartbeat to be his #2 if I wanted a job. And Chris is one hell of an inspector! By the time my buyers are under contract on a home, they already have a solid idea of what projects they’re getting into, what might come up on the inspection, and what aspects of their soon-to-be home are in great standing! By touring homes with the eye of an inspector I know that I’ll save my clients thousands, helping them avoid homes that are money pits. It will never be my job to point out the pretty tile backsplash. I am the voice of reason making sure you’re aware the home is on a busy corner, needs a new roof, and the layout is a bit unconventional – aka it may be a tough sale in the future. My motivation is to build a lifelong relationship with my clients, and I do this by always protecting their best interests. I have no problem telling my clients to terminate a deal – stories on this to come!
There is no timeline for a home hunt, at least not on my end. It is important to know that I will work with clients as long as it takes to find them a home – and sometimes it is years. It is a risky industry, every hour I’ve invested with a client is unpaid until they reach the finish line. We’ve all heard the saying, with great risk comes great reward. This is true for real estate agents, and why our industry is a unique one. Most people wouldn’t go to work if they couldn’t guarantee pay, I do this every day, and at the end of the day, I love it.
It is no surprise real estate agents often become part of the family for their clients. I’m often the first to know about pregnancies, major job changes, divorces, health issues, and just life stuff in general. It is a unique space to be so acutely in the know, and yet, I might not have known this person weeks ago. My job is to listen, create a plan, and navigate my clients to the finish line no matter what they’re going through and sometimes this carries the weight of loss, the gift of a job promotion, and endless other life changes. No matter the situation, my client's interest always comes first.
I’ve said it once and I’ll say it a million times more, as we move forward in this evolving industry, my dedication to my clients and my business remains the same. I invite you to reach out to me if you’d like to discuss the topic of buyer representation or anything else on your mind in the real estate realm.
The Journey Continues,
Amanda
