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I began working in real estate in 2001. I had bought and sold some real estate myself previously. Some for investment and my first home. I didn't like the service I received from any of the agents I dealt with on these transactions. They were all old-school agents working for their own financial interest ahead of mine. That is not the way things should have been. The concept of buyer agency was fairly new back then and not at all popular. However, I went into real estate to provide the level of service to others that I wish I had received on my transactions.
I worked as an exclusive buyer's agent for more than a year. It was difficult to generate business at first. The traditional method of getting the phone to ring is for agents to contact as many homes sellers as possible, say whatever the seller wants to hear to get them to list with that agent, place yard signs and wait for potential buyers to begin calling. Buyer's agents rely more on relationships with people who know and trust them, personal marketing and referrals of past clients. While most listing agents rely on listing as many houses as possible with as little effort on each transaction as possible, buyer's agents invest a great deal of time in each client and transaction. There is no doubt in the mind of the client about who is on their side in the transaction.
When the real estate market began to decline, I specialized in foreclosed and bank owned properties, referred to as REOs (Real Estate Owned by corporations). Purchasing a bank owned property can be quite involved and stressful for buyers. Especially if they enter the transaction without being aware of potential delays and expenses. As the number of REOs increased and became more of a factor affecting the market, buyers needed agents who understood the risk involved in purchasing REOs and would communicate all aspects of the transaction to the buyers honestly and upfront.
Many of the people who purchase houses in a down market are investors. My honest and upfront service has resulted in referrals and repeat business from these investors. The market shows signs of improvement and as the market changes on thing remains constant. People will always appreciate and need the services of an honest real estate agent who takes their fiduciary responsibility to their client seriously.
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