878 Oreo Pl., Pacific Palisades exterior

Responsibilities In Communications Between Buyers & Agents

Previous subjects we have covered in this column include the value of working with a buyer’s agent, some of the risks of buyers being represented by the seller’s agent, and home searching on one’s own versus with the assistance of a real estate agent.

Table of Contents

Understanding the Agent Perspective

Most agents know the value of clear and timely communications with their clients. This is likely because they have had extensive experience and/or training and practice in learning how to ask the right questions, be sensitive to their client’s needs, and anticipate what information or solutions to challenges may be available.

Many agents have also learned a great deal about the importance of buyers being responsible for their part in communications throughout a transaction. Often buyers have unreasonable expectations, either of the marketplace or of their real estate agent. Others seem to feel that an agent should be a “mind reader”, and even anticipate what their needs or desires might be.

Buyer Considerations

It is crucial for a buyer to be reasonable, know what their preferences and requirements are, have some idea of their financing capabilities, and have a proper perspective of costs versus their values. It is also important for them to appreciate that some compromises or trade-offs are usually necessary.

For example, the agent may know a great deal about the local marketplace, histories of various listings on the market, specific issues pertaining to the neighborhood, the demographics or traffic patterns of a neighborhood, etc.

Communicate Needs vs Wants

However, if the buyer has not shared with the agent some features that are so important that there would be no compromise on them, or have an agenda item that they have not really identified or take for granted that the agent is not aware of, the search may become somewhat frustrating for both parties.

It is not unusual for buyers to confuse strong needs and key criteria with mere wants and preferences. If the real estate agent does not ask deep enough questions, they may not be aware that they lack sufficient understanding of what the clients’ criteria are.

Some Factors to Consider Are…

  • One’s personal lifestyle, for example, be sure that the neighborhood is reflective of their current situation and comfort level
  • Consideration of the layout or floorplan of a home
  • Being sensitive to any privacy issues, if that is of any importance
    Being mindful of repairs that the property may need, and the potential costs associated therewith
  • Being clear about improvements that the buyer “wants” to make, and the realistic feasibility as well as potential costs of doing so
  • The various other costs involved in a home purchase process, including financing fees, moving expenses, home furnishings, etc.
  • One source of mistaken decisions is a pace that a home buyer may have. Some tend to fall in love with a home they feel is perfect, and rush to make a purchase proposal before anyone else can. Not infrequently they later discover the property needs far more repairs than they were first aware of, or there may be restrictions in that location that were not anticipated. Conversely, many buyers delay their enjoyment of a home or end up with a purchase that is not as ideal as one they had seen previously, due to over-analysis and undue hesitation to at least make an effort to purchase the ideal home when the opportunity was present.

Key Takeaway

Thus, both the buyer and their agent have mutual responsibilities in the process, and unless both do their very best to be fully aware of all of the underlying issues, the home purchase may be far less satisfying to both of them.

Don't forget to share this post!

On Trend

Popular Stories

Real Estate News
Risks in a Changing Market: Adapting Strategies for a Transforming Real Estate Landscape

Navigating the ever-evolving landscape of real estate demands astute observation and strategic planning, especially as indicators point toward an impending shift in the market. As we near the turn of the year, subtle yet significant changes are surfacing—a rise in inventory accompanied by a slower pace of sales, dwindling multiple offers, and increased renegotiations during escrow.

Read More »
Real Estate News
New Wildfire Disclosure Report

In Pacific Palisades, a region classified as a Very High Fire Hazard Severity Zone, the threat of wildfires looms large. Residents are continually encouraged to take proactive measures to safeguard their properties. Earlier this year, local fire department personnel conducted assessments of properties in brush areas, identifying those with excessive vegetation and urging owners to comply with clearance regulations. To address the need for a more systematic approach to assess property-specific wildfire risks, a groundbreaking tool called the “Wildfire Disclosure Report” has been introduced.

Read More »
Reverse Mortgages: Pros, Cons, and Alternatives

Reverse mortgages offer homeowners aged 62 and older a way to access their home equity, providing financial relief without having to leave their property. While these Home Equity Conversion Mortgages (HECM) can eliminate monthly mortgage payments, consolidate debt, fund home improvements, and supplement retirement income, they come with high costs, foreclosure risks, and potential impacts on government benefits.

Read More »