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trer | Does a real estate agent really truly represent the best interests of a buyer? |
Because usually both the seller and buyer agent get their cut from the final sell price, it seems like it's in their best interest to get the highest price so they each get a better commission. But if you're the buyer, you want the lowest price possible. How does it work if even your own agent probably wants to you to buy the property at a higher price since he gets that commission from a higher sale price? |
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Alabama Realtor
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That depends on your relationship to your agent. In most cases, unless you are buying a For Sale By Owner home you will be working with an agent to buy a home. That does not necessarily mean that the agent is working for you.
If you see a home you are interested in and call the number on the sign you are talking to the seller's agent. That agent has a commitment to get the most money under the most favorable terms for his/her seller, and will be working with you only as a transaction broker.
A transaction broker still works with a buyer, but does not have an agency agreement with that buyer so does not have to try to get the best deal for that buyer. All they are required to do is to be truthfull and answer any questions you may ask about the property, and help you obtain financing and guide you through the closing process.
The best thing a buyer can do is to find a trustworthy agent they are comfortable working with. Once you find your agent sign a Buyers Agency Agreement with this agent. This does commit you to using your chosen agent to help you find a home, but it also provides you with someone who is now required to represent your best interests when negotiations start. He/She will also have the best tools available to help you search for your new home.
But what if your agent, whom you trust and have signed an Agency Agreement with, has the perfect home listed? Then your agreement would have to change to a Limited Consentual Dual Agency Agreement, signed by both you and the seller that lets the agent represent both parties at the same time. In this situation the agent could not tell you what price to offer, since he has knowledge of what the seller will take, but he also cannot tell the seller what offer to take or turn down, since he knows what you would be willing to pay.
This is somewhat complicated, and full of some legal definitions, but I hope it helps. The most important thing you should get out of this answer is to find an agent that you can trust. There are some of us out there, but there are plenty out there that give us bad names as well.
Josh |
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www.luxuryurbanliving.ca
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OK.
Thats why it is so important to find a good agent that wont sell at any price just to get the commission.
he also need to be a honest men or women..
You should defiantly talk with your agent along conversion and get to know him and his history maybe in business and recommendations...
pleasure to answer
www.luxuryurbanliving.ca |
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godged
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As a Realtor, I have never, ever tried to convince my client to pay more for a property. The difference in commission is so insignificant, why would I risk losing a client or referrals over a couple hundred dollars? I obtain clients and referrals for giving the best service, and that means getting the best price. |
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Tony D
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There is a real element of trust between a buyer and his agent. If you can't trust your agent, replace him. You have to be comfortable that your agent will walk you away from deal if it's not in your best interest. Likewise, you as client should show a commitment to him that you will protect his fee and his service to you. It's when the parties play " screw your neighbor " that this arrangement breaks down. |
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nelson_devon
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Yes, and . . . Obviously you are right--they don't mind if it sells for a higher price than a lower price. |
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Spock (rhp)
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unless you have a Buyer's Broker agreement for which you are paying a separate fee, the agent is legally a sub-agent of the Seller and required to try and get the highest possible price for the property with the fewest restrictions and "subject to"s.
so, it is very much "Buyer Beware!" out there. |
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MrsSilentWarrior
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I agree w/ Lex. Word of mouth is the fastest, cheapest form of advertising and it works for both positive and negative feelings. I won't lie, there ARE agents out there who will snooker the buyer because they have only $ in mind. However, there are just as many agents out there who genuinely care about the Buyer's best interest. I always felt those agents who snookered their Buyer's into spending that extra $2-5k for a house were stupid. That extra $ on the purchase price doesn't really make a significant change in the commission. Really-what's an extra $100 or so compared to honesty and high moral standards?
The best advice I have to give Buyers. Do your homework! You know what kind of house you want in what kind of neighborhood. Search the internet, news ads and agency listings for similar properties to get an idea of what they are listed for. If you know of houses similar to what you want that have sold, you can search county records for the mortgages taken out on them. Mortgage records won't give a true idea of a property's worth since what people pay in for a down payment will decrease the mortgage amount. But you can get a fairly decent idea of what you ought to expect to pay.
Technically, the Brokering Agency works for the seller. The seller contracts with that Agency to represent him/her during the listing and sales transaction. The Agency's reponsibility is to provide documentation, advertisement, arrange showing appointments, present offers, and advise how best to present the property. In turn, the seller pays the Agency a commission when the property sells. However, each Agency provides a listing agent to work directly with the seller and do all the legwork. The listing agent's responsibility is to work in the best interest of the seller. Regardless of whether or not a buyer's agent works within the same agency, the buyer's agent's responsibility is to work for the best interest of the buyer. |
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JEFFERY D
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I was once in your situation. Don't worry, everything will work out for you =)
A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.
http://www.help-for-rent-mortgage.org
Good Luck! |
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Lex
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That's not necessarily true because agents get 90% of their business via word of mouth. If you're unhappy with the service they give, you're going to tell ten people - however if you're happy with the price and service they've sustained you as a client and you will tell ten people which will usually net them one client. Getting you the best price and giving you the best service gets them lasting business. It's all about the big picture. |
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Pixil
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You are right that the higher the price the more commission they make. However the difference is small and not the real reason most agents do not represent the best interest of the buyer. Unless you hire a buyer's agent and pay his commission yourself, the agents get paid by the seller. The agents owe the seller fiduciary duty. This is a higher standard than they owe the buyer which is only fair and honest business dealings.
As a buyer, you make the decision what to offer on the property. If the market is slow where you live make an offer you feel is a good one for you and see what happens. The sellers will either take it, reject it or make a counter offer. If he takes it you did well. If he rejects it without a counter offer it is probably way too far below what he wants for the property. If he makes a counter offer he comes down from the origional asking price and offers it to you for less than he was asking but more than you offered. You can then either take it or counter again.
This is a rather simplified explanation of the process. Never tell any agent the most you are willing to pay for a property in a market like this. Only when houses are selling in a day or two at or above listing price would you do that. If you tell an agent other than a buyer's agent how high you are willing to go he is obligated to tell the seller. In a slow buyers market start low and go from there if you can live with loosing the property to a higher bidder. If you find a property that you love and can't live without and can afford the asking price just buy it for the asking price and enjoy your new home. |
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Expert Realtor
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It never mattered to me what the price of the home was...that isn't even a consideration.
You make most of your money in referrals and repeat business.
I firmly believe that unless you can qualify for an A-paper loan to stay away from subprime lending, you should rent until you can.
I have told tons of clients...come back in a year...b/c sometimes it's better to give advice rather than make a sale. |
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nealeclark
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That's an arguement that many put forward against buyers brokers receiving a commission. If their compensation is based on the sale price of the house, then they have motivation to make sure the sales price is as high as possible.
I used a buyers broker when I purchased my house a number of years ago, and to this day I'm positive he was working with the sellers agent to get has high a price for the house as possible.
The alternative is to get the buyers broker to work on a flat fee.
BTW - I wonder who was the buyers broker that gave all those thumbs down. |
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