Name: John Herman
Title: Owner-Broker, The Buyer’s Representative
Age: 59
Experience: 20-plus years
John Herman became an exclusive buyer’s agent when the field was still in its infancy. Twenty years later he’s grown to an office of five focused on representing homebuyers primarily in central and western Connecticut. Herman said the secret to his longevity is his unwavering commitment to his clients’ best interests and earning their trust. He calls the still-recovering real estate markets he works in "imbalanced and strengthening" and "healthy, not crazy." Herman says an agent’s duty to their client is at the core of the real estate business.
Q: How did you get into the real estate business?
A: I come from a real estate family. My parents had a small shop in Farmington and I got my license to sell real estate when I was 17. During college I sold an apartment building and that paid for my year abroad at Richmond College, in London. After college, I was living in New York City doing various things. I had a colleague in Connecticut who encouraged me to try the appraisal business in Greenwich. I spent five or so years working in Fairfield County and went to work for a commercial appraiser called Heberger. They had around 40 appraisers at the time and dominated the business in Connecticut. I did income modeling, and some other pretty interesting assignments.
Q: How did you make the leap to becoming an exclusive buyer’s agent?
A: There was an economic downturn and I gravitated back to real estate. I was familiar with quite a few towns in Connecticut, so it seemed like a natural fit. I think I took one listing and after a couple of months, when I understood what a buyer’s agency was, I realized that was what I wanted to do. The aspect of the business that I wanted to get away from was the idea of trying to sell anything to anybody. I knew that traditionally, there were agents who would sometimes try to talk people into buying properties they didn’t want and I didn’t want to do that.
Buyer agency allowed me to be a consultant. It’s about trying to maximize their transaction for the buyer in all possible ways. Realtors have a duty to a client. Some in our industry feel it’s really about stacking up as many sales as you can, but I feel that duty is the nature of our business. That’s my odd way of doing business. I reject dual agency and designated agency. It allows me to do business the way I want.
Agents even now tell me I’m crazy for missing out on taking listings. I think of it as a higher road we’re able to walk. It’s a very clean way of doing business and you feel like you’re doing your best for your clients.
It’s never going to be an easy business, but my last five clients were all referrals from former buyers or former buyers returning. It’s hard because representing the buyer is more time-consuming, but you make the same commission as a listing agent. You feel good about what you do, but it’s a harder way to make a dollar.
Q: The diversity statement on your website read, in part, "Wherever you come from, or whoever you are, whether you are affluent or with limited finances, expect to feel comfortable with us and expect to be respected by us." Where did that come from?
A: That’s just simply my attitude toward the diversity of people and their right to expect the highest level of service, without doubt. We’ve dealt with such a diversity of people over the years: every nationality, every sexual orientation, every political orientation. I wanted people to know they would all be treated equally regardless of who they are.
Q: Now that buyers have access to listings online, are you concerned that agents will become obsolete?
A: The Internet is only a starting point. When you work with a good agent, you make sure nothing is missed. The properties people find on the Internet are rarely the ones that they buy. I had a client in Easton who looked at 17 properties in one day and drove by another 15 in an eight-hour period. We evaluated them all, whittled it down, and bought one. You either buy haphazardly or you buy methodically. To make the best possible purchase, you have to do your homework. That’s why we’re still relevant.
We absolutely have a duty that we have to represent our client’s best interests without qualification. Trust is very important. You can miss an opportunity if you don’t have that trust.
Q: Which stories from your career so far stand out as you look back?
A: I had one odd experience when I went into a house I had sold in Greenwich for $4 million. I got there at 7 a.m. on a snowy morning to take a quick look before the walk-through and all the appliances had been stolen. The seller was willing to restore the appliances, but the buyer just didn’t have a good feeling about it and backed away from that house and bought another house.
In 20 years, there have only been one or two clients that I wish I hadn’t dealt with. The people I’ve met, attorneys, investment bankers, people with simple jobs, many of them have become my friends. For the most part, I’ve dealt with very down-to-earth, nice people from every conceivable walk of life.
This year, to celebrate 20 years in business, I sent out lily bulbs to all of our clients in the 96 towns we’ve sold homes in and asked them to plant them. So we planted lilies all over Connecticut this year. We got some nice responses. People sent us photos of the blooms and photos of their kids planting the bulbs.
Top 5 Films Herman Has Seen More Than Five Times:
1. Shawshank Redemption
2. True Romance
3. Untamed Heart
4. Men of Honor
5. Unforgiven
