Seattle real estate has gotten trickier in recent months and I honestly believe that most traditional buyers need to work with a full service REALTOR. But if you are going to go with a company like Redfin who provides a different business model in return for lower fees in the form of a rebate, please plan on shelling out the extra money and paying Redfin to be your buyer’s agent.
I should clarify right now up front that I am not attacking Redfin. I am all for free enterprise and coming up with a different business model that does suit a small minority of extremely experienced and knowledgeable buyers. These buyers don’t want or need the hand holding and constant diligence that I can offer them before, during, and after a transaction. Fine.
I am not attacking this alternative business model because simply put, they are not my competition. The fact is when I was with a larger regional company I was already the real estate agent renegade because I have always given my own clients rebates in the form of closing costs, etc. alongside my FULL SERVICE. I opened my own brokerage partially so that I could do what I wanted to do for my clients without having to ask my broker for permission. I genuinely want to help my buyers financially to ease the stress of the transaction and improve their quality of life. So – before you call me greedy, please don’t.
The point is that even though I was going to help out my buyers financially, I didn’t decide to discount my service based on this fact by sending them out to call listing agents and making these other hard working agents do my work as a Full Service buyer’s agent. To quote another saying, I just don’t believe in building my business on the backs of others. In my opinion: it is a listing agent’s job to show the listing to a potential unrepresented buyer, but it is a buyer’s agent’s job to show a represented buyer a property. This is a point that can be argued back and forth in both directions to no end, so I will gloss over it for now except for this:
There is just too much potential liability associated with dual agency to not acknowledge that buyers and sellers should be represented separately and with this separate representation comes a clear delineation of duties on each side.
So that’s my opinion on the matter and here is my problem with some of Redfin’s clients:
Although I have seen it stated very plainly in black and white that Redfin absolutely does not encourage this behavior and I applaud them for doing so, every single Redfin buyer I have run into in the last twelve months has lied their pants off to me!!! It seems that even though they discourage misrepresentations to a listing agent, by charging touring fees after the initial free ones are gone, Redfin is still encouraging their budget conscience buyers to act in some really sneaky ways that may be out of character for them normally.
Seriously, I want to sell my listings to you, Mr. Redfin Buyer, but for goodness sakes, just tell me the truth!!! I am not stupid. Please don’t use a fake name, and then when I explain that I ID new buyers for my own safety, side step and break down and tell me the truth. In addition, this couple didn’t even show up when I agreed to open the house up!!! I am not some crazy gate keeper that needs to be lied to. Please don’t call me pretending to be interested in working with me as your buyer’s agent and ask me for all my professional contacts that I have worked so hard for (inspector, appraiser, lender, etc.). Please don’t pretend that you are unrepresented when you are a Redfin buyer because just like you can smell a real estate agent a mile away, I can smell a limited service buyer even more quickly.
I have no problem with you as a limited service buyer. I really don’t! Just tell me the truth.
Be honest that you don’t want to pay the relatively small fees that Redfin charges to show homes after your initial free tours are exhausted. It really isn’t that much money relative to the rebate you can get and it is the right thing to do. Or….hire a full service Seattle REALTOR. Just my two cents.
