When Buying a Franklin TN Home Should I Use Multiple Agents?By Tammie White

We receive calls every day from buyers who have registered on our website and would like to view properties. Our first question, "Are you working with a real estate agent?"

We are often surprised at the number of people who will say they don't want to commit to one agent. When we pursue this further, buyers will admit they're afraid they'll miss the right house by using one agent. In other words, buyers think talking with multiple agents will get them better results. Nothing could be further from the truth. As a matter of fact, that's probably the best way to miss the right house.

As busy Franklin TN real estate agents, we only have so many hours in a day. In a limited inventory market, our first priority must be to our clients. Clients are defined as the buyers who have placed their trust in us to find them the right house. They have committed to us as their Buyer's Agents and have signed an Exclusive Buyer's Representation Agreement. This assures them that we will put their interest above all others, including our customers and consumers. It also guarantees we will get paid for the work we perform on their behalf. Since Buyer's Agents are compensated by the seller's Listing Brokerage, there's no cost to our buyers for this service.

These buyers receive preferential treatment from us. We have an established agency relationship and owe them fiduciary responsibilities. The service they receive goes beyond the service customers and consumers receive. Customers are buyers who have contacted us to view homes but haven't committed to us as their primary agents. Consumers are those who have registered on our website to receive property updates but haven't contacted us to help them with their home purchase.

How Does Preferential Treatment Benefit Buyers?

When Buying a Franklin TN Home Should I Use Multipl Agents?Inventory is extremely low right now. There just aren't enough houses to accommodate all the buyers in our market. Hundreds of buyers register on our website each month. They are all contacted at the same time with new daily listings. However, for those buyers who have committed to us as their Buyer's Agents, we take additional steps to get this information to them sooner. This increases buyer's chances of getting in before a house goes under contract. Time is of the essence in a hot market. Waiting even a few hours can cost you the purchase of your ideal home.

In addition, there are two ways buyers benefit:

  1. Franklin Homes Realty LLC has a "would sell" list. This is a list of homeowners who have expressed interest in selling their home but, for one reason or another, prefer not to list their houses publicly. We have previewed these properties and noted the features that may be attractive to buyers. We refer to this "would sell" list when there aren't other properties on the market meeting our buyer's criteria. We don't share this information with any other source. We keep a tight lid on these properties to present options to our buyers that they won't see anywhere else.
  2. We actively look for properties not on the market. We often have buyers who are looking in neighborhoods where there might not be any listings. First, we refer to our "would sell" list. If we don't have anything there, then we send letters to prospective sellers. We explain we have a buyer who needs to close within 30 to 45 days and ask if they would consider selling. We have had great results using this method.

This preferential treatment gives our buyers a huge advantage over other Franklin TN home buyers. When we find homes from non-traditional sources, it reduces the competition. The buyers have an opportunity to write an offer on a house that no one else in their market has even seen. It takes the pressure off of these buyers to start with their highest and best offer right from the beginning.

What Happens When You Don't Have a Buyer's Agent?

When Buying a Franklin TN Home Should I Use Multiple Agents?We receive at least 10 to 20 requests each week from buyers who haven't committed to one specific agent; hoping we can show them properties. You can see where there may be a conflict of interest with our exclusive buyers. Our first priority must be to buyers who have committed to us. 

When you don't have your own Buyer's Agent to help you search for a home, you spend countless hours driving around or viewing properties that may not even fit your criteria. You often find out these properties have already sold because you didn't act immediately. You can't seem to get there quick enough. Properties are gone before you even receive the daily property updates. 

Stop spinning your wheels. Hire an agent who is working on your behalf to not only find you the right home but then can advise you on the best way to win the house should a multiple offer situation occur. We have experience doing just that. We have been able to secure properties other buyers didn't even know about. We've won homes for buyers because we learned what was most important to the sellers. This helped us to successfully craft an offer sellers would accept. That is huge in a low-inventory market.

Knowing what motivates a seller can make all the difference. We've had listing agents tell us our offer wasn't the best price but there were other things more important to them than price. And yes, we've even had the best price on occasion. Whatever it takes to get our buyers into a home.

A Note About Our Multiple Listing Service

As buyers begin their home search online, they will learn that not all the homes they see listed on real estate websites are still available. Our multiple listing service, Realtracs, requires that properties remain Active in the MLS until all contingencies are satisfied. The sellers may or may not opt to continue to show these properties. For those properties with contingencies, next to ACTIVE on the property detail page, you may see FINANCING, INSPECTION, SALE OF HOME or APPRAISAL. This indicates that the property is under contract with this contingency remaining. If you see the word PENDING, then all the contingencies have been satisfied. They are simply waiting to close on the property.

Those properties still available for purchase will read ACTIVE. 

Don't Miss the Right House!

When Buying a Franklin TN Home Should I Use Multiple Agents?Don't miss the perfect house because you've chosen to go it alone. Instead, contact us to sign an Exclusive Buyer's Representation Agreement. You'll get preferential treatment and you may just find that we have a house on our "would sell" list that meets your criteria perfectly. This may be the best decision you'll ever make about your Franklin TN home purchase, especially, given our highly competitive market.

When you're ready to commit to one Buyer's Agent, call Franklin Homes Realty LLC at (615) 495-0752.

When buying a Franklin TN home should I use multiple agents? NO!

  

Tammie White, Franklin TN REALTOR®About Tammie White, Franklin TN REALTOR®

Tammie White is a REALTOR® and Principal Broker/Owner of Franklin Homes Realty LLC in Franklin TN. Tammie works with relocation buyers looking to purchase a home in Franklin and the surrounding Williamson County area. She understands the way buyers search for homes making her an invaluable asset to Franklin home sellers. Tammie's website, www.FranklinHomesRealty.com, has become the premiere search tool for buyers relocating to Franklin TN. She has been writing a real estate blog since 2009 and quoted in various publications including the LA Times, Skype.com, The Tennessean and Williamson Source.