How To Frustrate A Minneapolis Duplex Buyer’s Agent
While it may seem like an easy job, buyer agents actually do a great deal of work in coordinating showings for their clients.
First, they coordinate windows of mutual opportunity with the buyer, which isn’t as easy as it may seem. Sometimes those opportunities are days away. Others are mere moments away.
Once she and her client have agreed upon a time, she scours the MLS, trying to match their clients’ list of “must have’s” and “would love to have” with the inventory that’s available.
Next, the fact is, that most duplex buyers are concerned with numbers. For owner occupants that may mean making sure their portion of the mortgage payment and expenses doesn’t exceed a specific figure. Investors, on the other hand, are often looking for a specific percentage of return on their investment dollars.
In other words, the agent does a lot of math.
Once she has a group of prospective properties, the agent puts them in some semblance of geographic order so neither she nor her client waste time doubling their tracks.
It’s at that point she either calls or goes online to set up showings. These days it’s not unusual for her to be informed almost immediately that a property has an offer at the bank awaiting their approval.
And, sadly, it’s far too common for her to be told the tenants didn’t receive ample notice.
As we’ve discussed here before, Minnesota state law does not require that a tenant be given 24-hour notice prior to any showing. The owner may enter the premises for business purposes provided he or she has made a reasonable attempt to notify the tenant. While it’s important to be respectful of tenants, nowhere in Minnesota state law is “reasonable attempt to notify” defined.
So, because the tenant, duplex owner and listing agent are misinformed about the law, the buyer’s agent doesn’t show the property. In all likelihood, it will take a lot to get her to try again.
Why? It’s just too hard to do all of that again. And chances are, the seller may have lost a sale.