Transforming Home Buying Into a Great Experience

If you just started to look for a home, if you found one and are in the middle of the transaction, or if you just closed on your home, how are you feeling about the homebuying process? My guess, not so great.

I know this because I’ve recently talked with lots of homebuyers and here’s a small sample of what I heard:

     "The mortgage process was very unsettling. It was like a roller coaster ride in the dark."  

     "Making offers in this competitive market is emotionally exhausting. Waiving or limiting inspections and appraisals was unnerving and I wasn’t really sure what risk I was bearing."

     "It was difficult determining which inspection issues were major. I didn’t know if the agent was minimizing the problems just to move the sale forward. I guess I didn’t really trust her."

     "Wiring money was a bad experience. I received wiring instructions from my agent and lender. The forms were different and showed different accounts."

I have been a real estate broker for 25 years and I’ve read homebuyer surveys by the National Association of Realtors documenting buyer frustration. I was appalled by what I heard.

Why are buyers uninformed? Why do they feel intimidated and ignored by real estate professionals?

Buyers are everything! Without them, the $94T residential real estate industry would come to a screeching halt. Yet, buyers begin the home buying process not knowing what’s ahead of them. They aren’t even sure of the best way to start.

▶︎   Do they start searching for homes and go to open houses?
▶︎   Do they find a real estate agent?
▶︎   Do they find out how much they can afford by talking with a lender?
▶︎   Or do they search the internet and try educating themselves?

Uncertainty and not having a clear roadmap is NOT how buyers should begin their largest and most significant investment.

And, to add fuel to the fire, there is another layer of ambiguity that is going to make it even more difficult for buyers. The commission structure for buyers agents is changing. 

On August 17, 2024, buyers will have to sign a written agreement with their agents.

The agreement will explain that buyers might have to pay their agents the commission if the seller does not. For example, a standard 3% commission to the buyer's agent for a $500,000 house is $15,000.

Faced with the possibility of paying a fee like this, many buyers will buy a home without an agent or they will hire an agent for a discrete task, such as preparing an offer or negotiating inspection repairs.

No question, buying a home is a complicated process. However, I believe every home buyer deserves to have a great home buying experience. That’s why I built SmartBuyers AI.

I began with a core principle: The business will be 100% focused on what’s best for homebuyers.

The platform will educate buyers so they are fully informed about the process, the professionals, their transaction, and the foundational changes occurring to the brokerage industry.

The platform will help buyers in 3 ways. 

1)  Get immediate expert answers. Buyers will get answers, 24/7, from top real estate professionals. Each market will have 5 top agents available to provide answers. An agent will have their own chatbot trained on national, state, and local real estate information. Their chatbot will provide advice and give the agent’s perspective. Talking with the chatbot will be just like talking with the agent.

2)  Hire the right agent. All the agents on SmartBuyers are highly vetted, but not every qualified agent is right for every buyer. Buyers can schedule a live consultation (video or audio) and discover which agent they want to work with. The buyer's identity is not shared with the agent before the call. I respect the buyer’s privacy.

3) Know where you are in your transaction. Once buyers have a house under contract, they will have a “You are here!” interactive timeline that will show them exactly where they are and what happens next.

Join other homebuyers and take control of your homebuying experience. Sign up now to become a SmartBuyer.