Are you desperate to clear your pipelines and settle some loans?
Are your clients in need of help finding a property? Do you have a backlog of pre-approvals sitting around?
One way brokers can tackle both these dilemmas is through using a buyer’s agent to facilitate the transaction process, says Jeremy Bedwani, director corporate partnerships at CohenHandler.
“For too long the balance of power has really been with the vendor, but when the client is advised and guided through the buying process they are likely to find the right property quicker and transact more efficiently,” says Bedwani.
“The brokers are doing little work and then their pipeline is getting cleared out by professionals who know how to execute very quickly.”
A key reason this process is becoming more popular with brokers is because their clients have access to off-market properties, he says.
“These are properties that our agents inspect and rate, so before the general public have any idea that these properties are soon to be on the market, our associates already know and they have started to build up a relationship with the real estate agent who is connected, or indeed the owner of that property,” says Bedwani.
Buyer’s agents can make it possible for brokers to convert all their pre-approvals into settled loans – as long as they have realistic expectations, he adds.
“And we really think that that’s one of the main values. That we are helping people re-adjust their strategy and reformulate with realistic goals,” he says.
A broker’s perspective
One broker who uses buyer’s agents and works with CohenHandler is 1st Street’s Jeremy Fisher.
“There are several occasions where a buyer’s agent has sped up the home purchasing process for our clients, which in turn generates business for us as mortgage brokers,” says Fisher.
“Some of our clients who were looking for a property for many months, even years, have been able to find suitable property fairly quickly after using buyer’s agents, so buyer’s agents can reduce the timeframe between pre-approval and settlement.”
In some aspects, the role of a buyer’s agent is not unlike that of a mortgage broker, adds Fisher.
“Just as we evaluate hundreds of home loan products across many lenders for clients, a buyer’s agent can search across many real estate agencies and the whole property market to find a suitable property for clients,” he says.
“A buyer’s agent is also similar to a broker in that we can negotiate on behalf of the client and have the industry relationships to access unadvertised opportunities.”
Does your brokerage use buyer’s agents? Share your experience below.
One way brokers can tackle both these dilemmas is through using a buyer’s agent to facilitate the transaction process, says Jeremy Bedwani, director corporate partnerships at CohenHandler.
“For too long the balance of power has really been with the vendor, but when the client is advised and guided through the buying process they are likely to find the right property quicker and transact more efficiently,” says Bedwani.
“The brokers are doing little work and then their pipeline is getting cleared out by professionals who know how to execute very quickly.”
A key reason this process is becoming more popular with brokers is because their clients have access to off-market properties, he says.
“These are properties that our agents inspect and rate, so before the general public have any idea that these properties are soon to be on the market, our associates already know and they have started to build up a relationship with the real estate agent who is connected, or indeed the owner of that property,” says Bedwani.
Buyer’s agents can make it possible for brokers to convert all their pre-approvals into settled loans – as long as they have realistic expectations, he adds.
“And we really think that that’s one of the main values. That we are helping people re-adjust their strategy and reformulate with realistic goals,” he says.
A broker’s perspective
One broker who uses buyer’s agents and works with CohenHandler is 1st Street’s Jeremy Fisher.
“There are several occasions where a buyer’s agent has sped up the home purchasing process for our clients, which in turn generates business for us as mortgage brokers,” says Fisher.
“Some of our clients who were looking for a property for many months, even years, have been able to find suitable property fairly quickly after using buyer’s agents, so buyer’s agents can reduce the timeframe between pre-approval and settlement.”
In some aspects, the role of a buyer’s agent is not unlike that of a mortgage broker, adds Fisher.
“Just as we evaluate hundreds of home loan products across many lenders for clients, a buyer’s agent can search across many real estate agencies and the whole property market to find a suitable property for clients,” he says.
“A buyer’s agent is also similar to a broker in that we can negotiate on behalf of the client and have the industry relationships to access unadvertised opportunities.”
Does your brokerage use buyer’s agents? Share your experience below.
