Many people do their own homework when it comes to purchasing homes, including your employees. Whether they are relocating or “just looking”, 87% of all home buyers are beginning their search on the internet.
The next step is calling agents about homes they like, or going to open houses on their own. Even in the process of relocation, home seekers often don’t want to bother an agent until they find a home or community they have an interest in.
This is why you need to be aware of the real estate laws in your state. In Ohio, by contacting a listing agent and visiting a home they have listed without your (buyers’) agent, you are giving up your negotiating power. If you visit an open house or schedule an appointment without your buyers’ agent, you are, in essence, hiring the sellers’ agent to represent you.
Even though the employer may have contract with a relocation company or real estate brokerage to represent the corporation, the individual employee is likely to be unrepresented according to Ohio Real Estate Law.
What is the solution?
Home buyers should select a buyers’ agent to represent them prior to beginning their search. We strongly suggest they select their agent with the same care they would in selecting a listing agent. Sign a simple agreement with the buyers’ agent. This will protect the home buyers’ negotiating power.
For relocation without a relocation company: contact your home town real estate agent and ask them to refer you to a buyers’agent in your new city (they have the expertise to do the research for you and find an agent specific to your likes and needs).
For local moves: do the same due diligence in finding a buyers’agent as you would in finding a listing agent.
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REALTORS® are licensed professionals and this is what we do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.
Contact us if we can help you with your home search or to assist you in finding a buyers’ agent.
Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR)
website: http://www.jimandjoan.com
