In many markets across the country, inventory is low and that can make it very difficult for buyers who wish to purchase a home. At the National Association of Exclusive Buyer Agents (NAEBA), we noticed that most of our members are still finding success for their buyers, winning bids and purchasing homes. A recent study had shown that members of NAEBA generally have over ten years of full-time real estate experience and many have twenty years of experience or more, so we asked our most successful and experienced members how they are achieving success for their home buyers.
Nearly every NAEBA member we interviewed responded that buyer preparation is key to success. They counsel the buyers on what to expect and what they need to do. This often includes making sure that buyers have their financing in place and are familiar with the purchase offer contract before looking at homes. It may also mean searching for homes below the buyer’s budget so that the buyer can make a higher offer. According to NAEBA member Russ Murray in Greenwood Village, CO, “We…suggest searching at 5% or so under their budget so that they have room to make a higher offer.”
Another common element in the responses was that the agent is very aware of what is going on in the market. NAEBA member Kathleen Baylies in Wilmington, NC reported that she’s “constantly monitoring the market. We need to spot the appropriate property immediately after it comes on the market.” NAEBA member Ken Reid in Sun City West, AZ stated he tries to identify homes that have been on the market a while that may be undesirable to a large segment of the market, but may have a key characteristic that is desirable for his client. He also searches “for inventory that isn’t searching for you. Most everyone in the industry is looking for a listing. Instead, I have buyers who are looking for a home and I take every opportunity to make it known.”
Some members also reported they are doing things for their buyers that are very specific to their market or region that may not be possible in other regions and helping their buyers take advantage of those opportunities. For example, NAEBA member Julie Tuggle in Charlotte, NC states that she is advising her clients “to offer a higher than average due diligence fee, but NC is the only state (to her knowledge) that provides for a due diligence fee in the offer-to-purchase contract.”
Adds Dawn Rae, 2015-2017 NAEBA President, “While the market is extremely tight making it difficult for buyers in many markets, we have found that NAEBA members are using their experience, knowledge, and some ingenuity to help their clients find and purchase a home even in tough market conditions.”