Yesterday I attended the SPARKt Technology Conference. The conference featured a dozen or so speakers on technology and real estate.
One of the speakers was Blagica Bottigliero, the founder of CondoPerks.com, which gives Chicago condo owners a place to shop online, get discounts and earn money for their condo associations. Blagica shared her story of buying a condo only to become disillusioned along with many of her condo neighbors. Assessments went up 200%, cracks appeared as the building began to settle, and other problems prompted her to send a survey to 100 of her fellow condo owners. 33% responded that they were not sure that they would buy their condo again knowing what they know now.
In her presentation Blagica shared her disappointment that the developer’s sales rep hadn’t done a better job of educating her about her purchase. One of the audience members asked if she had used a buyer agent to which Blagica replied that she hadn’t used a buyer agent!
I cannot emphasize enough that sales reps work for the sellers, not the buyers! Sales reps at condo developments aren’t required to have real estate licenses. Such reps also aren’t bound by the ethical requirements of the National Association of Realtors (NAR). I’m not saying that condo development sales reps are bad people. They’re just doing their job which is selling condos for the developer. Their job isn’t to look out for buyers and make sure they know what they are getting into.
That’s my job as a buyer agent. Email me before you even start looking for a condo in Chicago or the suburbs.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 4 comments… read them below or add one }
Hi Fran,
Looking back at the presentation, I realized I misspoke. I misunderstood the question regarding my agent and yep, they were indeed a buyer’s agent.
A good deal of my time was spent with the seller’s agent as well, which is why I think I said I didn’t use the buyer’s agent:). With so many questions during the presentation, I think I got ahead of myself on that one:).
Your points on the sellers agents not needing licenses is SUCH a valuable piece of information – I can’t believe more buyers don’t know that. Thanks for calling this out. I need to pass this on to friends ASAP.
Stay warm!
Blagica-
Blagica,
I’m sorry that you didn’t have a good condo purchasing experience. When a buyer agent lets his or her clients down, it reflects badly on all of us in the industry.
Unfortunately, some buyer agents disappear after the buyers sign a contract. They know that many sales reps would prefer to work with the buyers exclusively through the rest of the transaction.
I’ve had sales reps, especially in the city, comment to me when I attend inspections and final walkthroughs with my buyers that they typically don’t see buyer agents at these important steps in the process.
Fran
@Fran – I recall you recently making the distinction here between regular agents that work with the public and sales folks employed by developers. This sounds like a real life example of where the distinction may have had some real significance. Regardless, looking over your response here to Blagica, I can tell you are precisely the type of agent I’d want working for me when buying from a developer or builder. Thanks for your insights.
@Blagica – Although I’m not yet really doing the Twitter thing, I did see one of your “twits” shortly after the conference in which you expressed some frustration. I thought I’d drop you a note here (I neglected to copy down your email address) and say that I enjoyed your presentation. I think your goals are laudable, and I found your passion very inspiring. While I’m not an agent, I very much enjoyed your talk.
Anyway, I too attended the SPARKt conference earlier this week, and apologize for not introducing myself to either of you in person before I had to dart out early. Maybe next time.
-Michael
Michael,
I so wish you had introduced yourself! What brought you to the SPARKt conference?
Fran