This past week I had longtime buy/sell clients reach out to me about a rental. They were feeling a bit frustrated by the lack of sales inventory on the market, and family factors were creating a sense of urgency about moving to their area of choice ASAP.
There are no shortage of funny real estate meme accounts that poke fun at this scenario (from the perspective of the agent). In short, hearing that someone you were anticipating buying is now thinking about renting is not the best news to receive. The commission is much lower. This is the reality, that is what the joke is.
However, although I do enjoy a good meme, as an agent I have a fiduciary responsibility - and it's one that I take seriously. It's my job to guide my clients and provide advice based on experience that I feel like will be in their best interest. Sometimes, it absolutely will be in the best interest of my client for them to rent (e.g. if they're not sure they'll want to be in the area for long, they don't have much savings, they don't want the responsibility of home ownership, etc etc). But that was not the situation at all here.
A related aside here. It seems I cannot go a day without hearing stories about how slimy real estate agents are. This was especially true at a Malden Chamber of Commerce event I attended the other week when a new member told me tale after tale about the multitudes of terrible realtors she's worked with over the years. I don't deny these people are out there - they most certainly are. But these folks - and the stereotype they've helped to perpetuate - make it difficult to explain to my longtime clients that when I say I don't feel like renting a $4400/mo apartment is a wise idea, it's not because the $2200 commission I'd receive on that deal is less than what I'd receive on the next home they purchased. It has to do with the fact that it's January, and spring market will be upon us soon. It has to do with $4400/mo being an egregious sum to throw away each month. It has to do with having a landlord for the first time in many decades and the, uhh, trials and tribulations that this might entail.
The most interesting piece of all of this, though, came when they asked me if I'd work with them to get the rental. Of course I would! My job - my role - is not to make decisions for my clients. Again, it is to advise and guide. Although I don't think that renting was or is best for them - and I wouldn't be doing it if I were in my shoes - this decision is not my call to make. What absolutely would be my responsibility is representing them (as renters) to the best of my ability. Ensuring they got the best price and terms possible on the lease. Making sure the landlord was doing everything they promised. Recommending movers, being there on move-in day etc etc.
Ultimately, my clients came to the conclusion that the rental price tag was indeed too high - and they came to this conclusion on their own, before we could even have an in-depth conversation about it. I'm glad that they decided this because it's what's best for them. It also happens to be best for me, but that's completely and utterly irrelevant. I am a human, this stuff crosses my mind (how could it not), but I take immense pride in doing what's right - always. I think if you've read this far into the diatribe, you probably don't need me to convince you any further.
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