The Running Realtor: Understanding Real Estate Services for Home Buyers

A blend of ramblings about Real Estate & Running around New Haven County and the Connecticut Shoreline

Understanding Real Estate Services for Home Buyers

Home buyers are often confused as to the role a real estate agent plays in making their dream of homeownership a reality.  With the vast resources on the Internet in this day and age many feel they can "go it alone" to gather data and educate themselves.  But... Why?

The answer is usually because they are in the early stage of considering a move and don't want to feel pressured or waste an agents time. Since most real estate and mortgage professionals are paid by commission it is true that unless the prospect ends up at the closing table we are not earning any money. A true pro will take the time to understand the needs of his prospective client and never apply pressure for a quick buck.  Each time I sit to down with a new person it is like a deposit into the bank,  it offers no immediate cash but somewhere down the road it will payoff.  Earnings may be a direct result of our initial consultation or could be from the referral of a friend that is considering the purchase or sale of a home. 

Tools are readily available to help the self-educated buyer calculate mortgage payments and qualification ratios.  They can scan sites like Realtor.Com to find listings of homes in any given town.  Yes, many of them may already be under contract but it allows prospects the opportunity to familiarize themselves with the inventory and asking prices.

So... Why sit down with an agent?   Simple,  Free information to help you!   My buyers consultation offers a wealth of data neatly contained in a binder for you.  My questions are asked rhetorically at the first meeting so you'll know what you need to consider.

That's it - Meeting over and you are free to go!  You walk away with all you need to contact me when you'd like to take the next step. You will also have some knowledge to guard against a few of the pitfalls that those "going it alone" often stumble through. 

What's in it for me?  As I said earlier, each new prospect is like money in the bank.  I am quite confident in my ability to cut through the confusion of real estate and within a short period of time can explain the benefits of working with a buyer's agent.  If the purchaser decided to buy in my territory chances are pretty strong that I'll be the guy giving them a congratulatory handshake at the closing table. 

Anyone looking for real estate along the Connecticut Shoreline or elsewhere within my territory give me a call or drop me an email.  Dan Cummings, The Running Realtor is always ready to work.

Email:      24 Hr. Access Line:  203-672-2455

Comment balloon 17 commentsNo Longer Active • November 18 2007 06:31PM


Dan... very well put. What I find from consumers that try and handle it on their own is because they think they will save money. And in regards to a few of your statements, this can actually backfire on them. The client shouldn't feel pressured if in the early stages. But this sometimes happens because of how the realtor or loan officer comes across, sometimes sounding pushy or so....   good idea to explain your role as a realtor and making people feel more comfortable.

jeff belonger
Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 12 years ago
It is amazing, with all the information out there that they are still confused. I think it is because we live and breath it and others don't. Good job with your buyer packet. I'm sure it pays off.
Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) over 12 years ago

Dan good post I think it is important to actually sit down with First Time Home buyers and fully explain the process, pitfalls and why to use an agent. They may have tons of knowledge from the web but dont truly know how to assimilate it all. Your Orlando & Lake Mary Real Estate Expert Heather Joubran 


Posted by Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes (LemonTree Realty) over 12 years ago
Dan, I don't think you can ever educate the consumer enough...saves headaches later!
Posted by Linda Scanlan (A Fan of AR) over 12 years ago

Jeff... You must see it all the time from the mortgage end. One of the biggest pitfalls are the Internet based lenders that tack on all those little fees... It's difficult for a novice to cut through all the clutter and really see what they are paying.

Missy... The binder works great because I can assemble all the information when time permits and then do a final customization for prospects or be ready with a generic in a time crunch.

Heather... I do... Cover a nice overview of the process and for the ones that crave more I'll even review what to expect when we submit an offer and the benefits of being emotionally sensitive during negotiations.  Don't want anything coming back to bite my people..

Linda... I always have my details within easy reach and produce what's needed to achieve results.

Posted by No Longer Active (Real Estate) over 12 years ago

Dan..... I do see it from time to time.  What's funny though is that about 50% of my business is out of state. And I have lost some deals to lenders in that same state that the consumer is in, just because they are in the same state. And sometimes I find out that lender has higher fees, higher rate, or bait and switched them last minute. So there can be an argument for so many things that would frustrate me.  level playing field would be nice. But since that is not reality, just educating the client as best as possible, and being patient with them. As you said, making them feel not pressured.

jeff belonger
Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 12 years ago
Dan, it doesn't make any sense for a Buyer to not be represented by a Realtor, I preach that to Borrowers all the time.
Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 12 years ago
A true pro will take the time to understand the needs of his prospective client and never apply pressure for a quick buck.- Well said, Dan!  Client servicing...bread and butter...
Posted by Lisa Rapose (ReDesign To Sell (TM)) over 12 years ago
Dan, There are many sellers who wish to represent themselves in order to save money, but a buyer has nothing to lose. This is a great post. Buyers actually have an advantage when they are served by a real estate agent.
Posted by Mana Tulberg, Real Estate Agent - Camarillo CA (805 County Real Estate) over 12 years ago


this is very good information for your consumers :) ok, I was just running like "Dan Cummings" and I stopped by your blog and say hello.

Ray SAenz


Posted by Ray Saenz, Homes for Sale in Laredo, TX - Texas, Realtor (Exit Realty Laredo) over 12 years ago
Hi Dan:  I agree that we should never apply pressure for the listing or the sell.  Sometimes it might not even be in the client's best interest to be selling their home at that time or maybe they even want to speak with other agents.  Either way, if they're truly satisfied with your presentation and who you are, they'll eventually call.  
Posted by Ed Vogt, Grandville, MI Midwest Properties (Midwest Properties of Michigan) over 12 years ago

Jeff... I tend to think of mortgage brokers as local pro's like real estate agents.  Interesting that half  your business comes from a distance,  How far is your reach?

George... So true but some people just don't get it.  There is also the buyers that always think they will get a better deal only talking to listing agents.... You know the say.... A fool and his money...

Lisa... That's all you need... The truth and good service always wins in the end.

Mana... Sellers that represent themselves is another story. Haven't written it yet but its on the burner.

Ray... Glad to know you're picking up the pace... Hope I can keep up with you.

Ed... Just had a situation where I told the prospect exactly that, selling would mean a loss. An unfortunate bind they got themselves into but I cannot justify listing at an unrealistic price.

Posted by No Longer Active (Real Estate) over 12 years ago

Dan....  yes, you would think. But something that I have been preaching per se for some time is that even your lender next door might not be a good fit. Sure, I love to do business with a handshake. I actually miss that part of it and going to closings. But I was also tired of being told by realtors how good I was, but they would use someone else. At least in my area, loyalty wasn't always there. And in some cases, I found that you needed to grease palms to keep the business. So... I made sure I learned how to network with consumers and realtors outside of my area. Just in the last 2 months, I closed 7 deals and 5 of them were out of state. 3 of those were more than 5 to 15 hours away from me.

Your comment thinking about mortgage brokers as local pro's just like real estate agents?  In all honesty, I see some loan officers on AR that try to sell that you need someone local, that knows the area, etc etc....   Isn't that what the realtor is for?  This is just my opinion.... but I really don't need to know the area, as long as I know the state guidelines when it came to state stamp taxes, the property taxes, what true value is in that area for that property, and knowing my programs. 

So....  it comes down to putting together a good team of people to help me with this. I have a specific appraisal company that has appraisers they formed alliances with in each state. So, I could be 1,000 miles away, but still get them to comp out a property for me, because they have someone local.

In any case.... sorry if this was too much and if this is not appropriate of a comment, just let me know and I will delete it. I just thought I would answer your question, since it's a valid question often asked.  Almost like your title, but understanding mortgage services for realtors?  ;o)

jeff belonger
Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 12 years ago
Dan.. and I would like to reiterate what Lisa R. regards to your statement of a true pro. That is so true and why people like you and I will exceed in this business, because we actually take the time... the time to understand their needs and goals.... 
Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 12 years ago
Dan--It is so hard to understand from our perspective as we know what can go wrong when you are unrepresented as a buyer. It is sad that buyers don't always understand that we are on their side working for them, to find the perfect home. Good informational post!
Posted by Teri Eckholm, REALTOR Serving Mpls/St Paul North & East Metro (Boardman Realty) over 12 years ago

Hi Dan,

I'm sure your buyer packet is full of great information, buyers should be represented! :)

Posted by Suzanne Sands, Somerset MA Real Estate (Pavao Real Estate) over 12 years ago

Dan - if I was ever looking for property on the Connecticut Shoreline, you know who I'd call! :-)

Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Executive Director of Education at eXp Realty) over 12 years ago

This blog does not allow anonymous comments