Back in the 70s Robert Ringer wrote a book titled Looking Out For Number One. My favorite part of the book is where he talks about the Tend-To Theory. The theory postulates that people who BS a lot eventually tend to believe their own bull as if it were the truth. I think the Tend-To Theory applies to a lot of people in the real estate industry. Perhaps it’s a survival mechanism.
Case in point. My newest least favorite real estate agent is someone named Sam. He posted an article on Real Estate How titled Why You Should Hire a Home Buyer’s Agent? Yes, yes, I know the title is not actually a question which makes him look like a dope for having a question mark. That’s not the point.
In the article Sam points out three reasons why home buyers should use a buyer’s agent. And what’s the very first one? Because it’s free, of course. He goes on to say, “As the buyer, you will not have to pay your agent’s commission. It is the seller’s responsibility.”
That makes for great copy and I’m sure most buyers (and sellers) believe it, but it’s a lie. It is NOT the seller’s responsibility to pay for the buyer’s agent.
It would be far more honest (and accurate) to say that sellers in the US have been conned into believing they should pay for the buyer’s agent and like lambs being led to the slaughter, most home sellers have neither the wherewithal nor the backbone to question it, so they just pay it. Plenty of homes change hands without the seller paying for a buyer’s agent.
This little custom that’s been adopted in the US and Canada needlessly costs home sellers thousands while leaving buyer’s with compromised representation. When are sellers going to stand up and refuse to pay for buyer’s agents? No other home sellers in the world do, and homes seem to sell just fine everywhere else. I’m waiting.