Steve Caswell
Broker
Realty Executives of Sudbury Ltd.
There is no doubt, in every industry, there are some that do better than others. Real estate is no different. We see the stats everyday about how other Realtors® in our area are doing, including what areas and price points they’re successful with. But, to the general public, this may not be so obvious.
We often hear the line “that agent sells a lot” or “you guys are selling a lot”. In both cases, often the answer is “yes”, but these comments are based on the visual signage that you drive by or the online and print ads showing “SOLD!” So, yes, the agent you see on that sign did in fact have a part in selling that listing. But this creates a false reflection of the field of Realtors® out there as it only tells one side of the story.
Think of sports for a moment. Would Wayne Gretzky have been as successful without guys like Paul Coffey feeding him the breakout pass? Would Michael Jordan been as free to drive the lanes if teams weren’t worried about the dish to Scottie Pippen? As a Colts fan, I’m not sure Peyton Manning could’ve broken so many records without having Marvin Harrison and Reggie Wayne making epic catches down field.
What about music – do you know who Paul Stanley and Charlie Watts are? I’m very familiar with Kiss and most know who Gene Simmons is. But I’m not a Rolling Stones fan, so I had to look up the drummer’s name. But if someone had said to me “Mick Jagger”, I wouldn’t have needed Google to recognize what band was being talked about.
In real estate, the listing agent is the Neil Armstrong of the transaction while the buying agent is Buzz Aldrin. They both had to work hard to complete their mission, but Armstrong is the legend while Buzz is more commonly known as “who was that other guy?”
In most transactions, there is a Buyer’s Agent on the selling side of the transaction. Before they even got to the listing or ad you see with the “Sold” sign, the buying agent has put in long hours preparing tours and viewing properties, teaching buyers what to look for during the property visits, sending the buyers new listings daily, farming for properties that aren’t listed but may fit the bill for the buyer, completing thorough investment analysis packages and even providing feedback to listing agents after the touring is done.
After the buyer finds the right property, the buyer’s agent is working with the financers, setting up and attending inspections, working with insurance companies, accountants, lawyers and so many more third parties – all the industry teammates Gary discusses in his blog here. Sometimes, due to unforeseen circumstances, these offers don’t come together, and the buying agent is pushed back to the starting line.
Meanwhile, the listing agent, for the most part, got the listing signed, put their sign in the ground, posted the listing to the MLS™ database, did some social media promotion and confirms the showings. In some cases, this is actually admin handling these tasks, not the listing agent. But, once the offer is in place and accepted, the listing agent is basically lying in wait for the buying agent to do the heavy lifting to work through all the processes and satisfy the conditions of the offer.
Once the buyers’ agent’s work is handled and conditions are fulfilled, the listing agent heads over and flips their sign to “Sold” and blasts out tons of marketing about “Sold another listing!” - 99% of the time with zero mention of that buying agent that worked so hard on the other end to make it all come together and was the actual agent who "sold" the property the listing agent is taking 100% credit for. Even sellers often get it wrong saying the listing agent sold their house – in most cases, they didn’t. There’s a reason our system calls the buyer’s agent the “Selling Agent”.
Back in the day, so I've been told, when a listing sold, the buying agent would actually get to put their sold sign on the front lawn alongside the listing agent’s. This, to me, was a fair way of allowing the buying agent to get the recognition for all their hard work. But this was overturned back in the day and, I can only assume, by a few that were predominantly listing agents that didn’t want to share the spotlight anymore and possibly saw it as a way to suppress their competition. It is my position that this decision should be reversed. Maybe even something the Competition Tribunal should weigh in on.
Our team is extremely well balanced – we work both sides of the coin consistently near 50/50 levels. We understand what it takes as both listing agents and buying agents in the transaction while some focus primarily on listing and others are exclusive buyer reps. Sure, we love when our “Sold” sign is on display for all to see as it’s great promotion. But I believe our team would have no issues making sure the buyers’ representatives are also equally recognized for all their hard work in completing the mission alongside us. I would go as far as saying it should be mandatory to acknowledge the Selling Agent if the listing agent wants to promote the sale. After all, we owe fairness and honesty to the general public at all times and telling a half truth isn't being honest.
Goals are rarely scored without an assist, a touchdown takes all 11 players on the field working together and a singer without a band is just karaoke. There is no “I” in team and there is often no “Sold” without the hard work of a buyer representative. These agents are the unsung heroes of the sale and should be brought out of the shadows to get the credit they deserve for all their hard work.
After all, Buyer Agents are people too.
As mentioned, we have the experience and expertise on both sides of the process. Whether you're a buyer or seller, contact us at caswellteam@realtyexecutives.com to see how we can handle your side of the transaction. If you're a buyer, you can start your MLS™ search here. Buyers and sellers can access our website for more great info about buying and selling in Greater Sudbury and surrounding areas. And don't forget to check out our other great blog topics here!
Contributed by:
Steve Caswell
Cell - 705.561.8767
Disclaimer: The views and opinions expressed in this article are solely those of the author(s) and do not necessarily reflect the official policy or position of any other salespersons, staff or affiliates of Realty Executives of Sudbury LTD. Brokerage, Realty Executives International, the Sudbury Real Estate Board, Ontario Real Estate Association, Canadian Real Estate Association or any of their subsidiaries. For any concerns pertaining to the content herein, please contact us immediately at caswellteam@realtyexecutives.com.
