Latest / Connor with Honor: AI, Real Estate and Real Life / Signing a contract to just view one single home in California
Transcript
- 0:00good day Santa Clarita it's Connor with honor I hope everybody's doing fantastic this is gonna be your update here for the weekend we're gonna do this Sunday it is the first of september the numbers from August 2024 have not been compiled but the biggest changes on the real estate market have to do with contractual ones via a lawsuit that was settled part of the agreement was in the National Association of Realtors if you're buying a house was you're gonna need to sign something as a buyer a buyer broker contract before you look at house No. 1 and on that contract there's gonna be a few things that you need to be aware of so make sure you read it and again I'm not an attorney I cannot give you information with regard to digestion or explanation of a contract but exactly what it says it's gonna talk about a few things it's gonna talk about and this is what you need to look into it's gonna talk about you and how much you're going to pay your realtor to represent you then it's also going to talk about how much your agent is going to get what they're gonna be making from the seller and that's another aspect then also it's gonna talk about the properties so the contract can be really broad any listing anywhere at any time over a particular time period that is what the agent you're selecting can represent you with and then whatever commissions concessions all of that thing all of those things that's applicable to whichever property or it can be a one for just a one single property viewing that actually works as well and again then you get into the area and I've heard this talked about recently with regard to how much how many homes would be worth it for the buyer to show them and then what would we charge in accordance with that so let's say a buyer calls an agent and says I wanna see this house and the agent says okay do you have a real estate agent and the guy says no he says well because you don't have an agent I would like to be your agent you know I'm some Connor Macgyver I'm wonderful and fantastic and I'm the best in the business yada yada yada so then the person says oh great Connor well you know I I appreciate you saying what you are and I've read you online and I've been following you for a long time and yes you really are fantastic and if I was gonna select an agent it would be you okay so I went off I went off the went off the rails on that so bring it back yeah Connor I appreciate it but this is the only house I wanna see and then the agent goes well you know it's gonna take me a little while I gotta get this contract center I need this information from me your name and email address and cell phone of course well I don't wanna give you any of that information it's okay well I have to send you a buyer contract to be able to show you this property this is my feeas as well I'm not willing to pay you that fee so then the agent says well I can try to get it from the salary says well I don't care who you get it from and that's your business I just wanna see this house there's hostility built into that conversation there is a little struggle it's difficult to overcome that kind of an attitude but maybe he has reason and the agent on the other side of that conversation also has a decision to make is it going to be worth it for them this relationship just began it's completely adversarial right out of the shoot is that going to be something of a problem as that relationship develops or even just showing that single property how's that gonna work now I say single property as if it wouldn't be that realtor's listing it's not their listing they the realtor that's representing the seller has a contract and maybe this particular buyer knows enough not to tie up with the same agent at least in his mind don't tie up with the same agent representing the seller if that's the case and that's the buyer the way they approach it great if they're just doing it because they think I'm the listing agent of that of that listing they would know very short and quick that I was not because I would tell them that's not my listing and then if they say well I'd rather deal with a listing agent and I would probably ask why and they might respond well that's the way dad would have done it I have understood that you get a better deal going to listing agent he knows the sellers bottom line and which just saying that's kind of dangerous cause pretty soon he's gonna know your bottom line too I don't know I would rather have somebody on the other side but let's say that couldn't be I couldn't be convincing in that regard whether whether you believe that or not I still wouldn't be able to explain to him at least how I would handle it I would want my own if I had somebody coming after me in a lawsuit format I couldn't but even if I could hire that same that same attorney that is place the lawsuit on me via whatever mechanism that would be ex or somebody when it comes back to me then I wouldn't even if I could I wouldn't wanna hire their attorney because they're getting all of this information more than likely could convoluted and then I go out and hire my attorney and it's gonna be different because my information is probably gonna be just as convoluted but it's gonna be mine so then they battle it out and of course you have all that friendly handshake and the stuff they're not really enemies but they're putting on a good show and I understand that I don't mind a good show good shows good shows are fun that being the case he comes back and he says you know what I really want to deal with the listing agent and fair enough this is who they are I don't have their number would you like me to look that up for you as well says yes well of course whatever takes a second I can look it up getting the number who knows what'll happen but at that point it's gone past that being able to be salvaged or being able to be fixed because it started out hostile from the very beginning it played all the way through I try to answer the questions I tried to be as open and and honest as I could be and then at the very end it was still I wanna talk to that agent so okay so if you wanna talk to the listing agent deal with him directly negotiate directly with him great then my offering is let me get you that information I'm not their secretary I don't work with them they're not in my business even if they were in my office I still wouldn't do their work for them that kind of a thing but that's the way commission based sales are and that's the way it breaks down in that world you have choices but this is something that's new on the horizon having come up and now we're in September the other thing that I will talk about is I've seen a couple instances of those buyer broker agreements stemming from the local brokerages themselves base basically their custom form that has the same types of information that I apparently are necessary to make that legit attorneys do that they put all that together and then publicize it I don't know how the approval process works on the other end of it but again should you sign that another question another great question to ask my suggestion is you read it if you have more any more questions go have an attorney give you that information so you can make your best decisions that's where we are currently in the market we've reached 500 units for sales I've been talking about that happened here about a week and a half ago so now we're sitting about 5 nine 500 9 510 listings that's still very much a sellers market there's still high competition if a house goes on the market it doesn't last very long in fact the residences only last usually between 10 and 15 days depending on the city in Santa Creta Valley that the house is listed within if you're in Los Angeles you're gonna have even a shorter time frame and if you're in kind of a keyhole area Venice area somewhere closer to the beach it's gonna be it's gonna be multiple offers very quickly and prop it's gonna depend on whether it's gonna be local or not my suggestion in those areas you're gonna have those local agents that are dug in very very well don't make your decision based on that I would make my decision if I had a house anywhere on the agent's ability to represent me if you're hiring horrible comparison a mercenary you're hiring a mercenary to do a job for you horrible comparison but the mercenary you know you you meet them you talk to them you like them you start to trust them if you take the mercenary to Bolivia or you take the mercenary to Canada or you take the mercenary anywhere it's it's kind of the same we're dealing with the same things we're dealing with people and whatever the objective is real estate if licensing applies and that individual does the research cause emerc wouldn't go in blind to a particular area without doing a little bit of research what's the what's law enforcement look like what's the military look like you know what's what's customs look like how do you get I mean all of these little things right you gotta do the research just a real estate agent even the local agent for them to just assume that they know it all without having to update themselves and look and see how the local markets changing what the different dynamics are the best way to serve their clients from beginning to end all of those little items are sometimes lacking because they become so comfortable in those areas they're like well business is just roll it in and I get to drive my Maserati all around well that's great good for you but sometimes when they're not paying attention somebody else comes in as able to do a better job because they have their clients complete trust and they understood at the very beginning that business will come but trust is the most important factor in hiring your agent be well everybody thank you so much for watching today's update I blathered on we will talk to you very soon I'm Connor with honor over and out