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Thread summary:

Restrictions that prevent using same real estate agent for buying and selling home, same agent for two different areas, high commissions, sellerís proceeds, mortgage payment, property taxes

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Old 06-04-2008, 09:09 AM
 
10 posts, read 36,557 times
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Question Can I have the same realtor for 2 areas?

I recently relocated to Dallas fromNJ and I really like it here.We have decided to settle down here for a long time(god willing).Now,we have narrowed down to 2 areas,Coppell and West plano. We really like both the places and would like to look for homes in both the areas. My question is

1)Can I have the same realtor for both the areas
2) Should I go to the big players(like remax, weichert,etc..,)
3)Can someone refer me to good ones if you have already worked with someone good

Thanks in advance for the replies!!
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Old 06-04-2008, 09:14 AM
 
Location: Dallas: Oak Cliff
439 posts, read 1,012,764 times
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I don't think there are any restrictions that would prevent you from using the same agent in both places. The drawback could be that they might be an expert in one of your areas and not so much with the other. I think that would be my only concern.
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Old 06-04-2008, 12:42 PM
 
98 posts, read 195,394 times
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Read Housing Crash Continues, Bubble Pops before you go and get a realtor. You will be paying 6% of your homes value for a sales person.

Forget that.

The days of realtor taking more money then they are worth are coming to a end.

While I am on my rant.. haha

Renting cost about 3% vs 8%+ owning a home. (mortgage+property tax+expensives)
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Old 06-04-2008, 01:55 PM
 
4,175 posts, read 3,982,290 times
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Quote:
Originally Posted by cityconvo View Post
I don't think there are any restrictions that would prevent you from using the same agent in both places. The drawback could be that they might be an expert in one of your areas and not so much with the other. I think that would be my only concern.
Good point.
A friend of ours hired the same agent for 2 areas. He had done a lot of the research in the area he was buying, so his main aim was to get an agent who would be good in selling his preowned home. The full service agent, in return, gave him 2% back on the preowned home sale - this commission would have come out of his pocket. The buyer's agent got 3% and the seller's agent got 1% for this pre-owned home. Basically, you may be able to haggle some if you use the same agent to buy and sell. The 6% commissions are, in most cases, are simply too high (agents -> this is my opinion - no amount of "educating" me on the value proposition will change my mind).
With rates historially low, and DFW area prices holding, more people moving to the metro etc, it is not a bad time to buy in most DFW areas, especially if you are looking at the longer term.

Last edited by calmdude; 06-04-2008 at 02:51 PM..
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Old 06-04-2008, 02:02 PM
aeh
 
318 posts, read 1,087,007 times
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We used to live in NJ, a few moves ago and have moved to Texas twice since then. We had an excellent realtor (buyers agent). PM me if you want her name. Very very thorough, knowledgable about the areas and went around with us in Southlake, West Plano and HP/UP.
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Old 06-04-2008, 02:18 PM
 
Location: The Big D
14,874 posts, read 23,045,745 times
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Many, MANY realtors work more than one area. The problem you have are ones that only know their little box bubble area and dont' expand their horizons. You should have no problem at all finding a realtor to help you out. Where you WILL get into trouble is having MORE than 1 realtor. They will have to split the commission OR you leave one out in the cold w/o any compensation after working for you and their area was not where you found a home to purchase. Working with one realtor is the BEST way to go (and no I'm not a realtor but do know the industry well and realtors). If you go w/ 2 different realtors you won't make either one of them happy at all and it will show. Find one good one that works well with you and let them be the one.


The real estate market in most of the Dallas area is not crashing - in many areas it is still going up at a steady pace. If you have found a place you want to settle and raise your family, create memories and grow old then buying IS the best thing to do. Who wants to be moving still from rental to rental in their old age Not me.

As for the 6% commission - that is on the SELLERS END! If this person is only buying then the person that listed is the one who negotiated to list for 6% or less. That entire 6% does NOT go to the realtor either. If the seller lists their home at 6% commission they will split the commission w/ the buyers agent 50/50. BUT, the 3% commission each agent is "getting" still does not go to them entirely. The Broker gets their piece of that pie as well. Then the realtor still has to claim it on their income taxes AND they are also having to claim "self employed" which is a much higher percentage AND pay their fees and for courses every year to keep their license. In the end the realtor MIGHT come out w/ a whole 1/2 to 1% of the total 6% commission. Not to count the amount of gas they used toting prospective buyers around to look at houses.
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Old 06-04-2008, 04:27 PM
 
Location: Dallas/Fort Worth, Texas
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Whaterver you decide to do, don't base your decision on what company the Realtor is associated with. You have to screen the Realtor that is going to work for you by their own results and achievements and how they're going to represent you.

Naima
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Old 06-04-2008, 06:18 PM
 
Location: DFW - Coppell / Las Colinas
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Coppell & West Plano is a short distance from each other with the new GB TollRD. A good realtor hsould be able to help you with both locations.
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Old 06-04-2008, 07:55 PM
 
Location: Norcross GA
983 posts, read 2,988,240 times
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Quote:
Originally Posted by surferguy View Post
Read Housing Crash Continues, Bubble Pops before you go and get a realtor. You will be paying 6% of your homes value for a sales person.

Forget that.

The days of realtor taking more money then they are worth are coming to a end.

While I am on my rant.. haha

Renting cost about 3% vs 8%+ owning a home. (mortgage+property tax+expensives)
Okay first the BUYER will not be paying a Realtor anything. The commission comes out of the seller's proceeds.
Second, if a seller has a listing agreement with a Realtor then the commission has already been decided and it's going to be paid no matter what. If the seller's agent double ends it (brings the buyer too) then they may have an agreement with the seller for a reduced commission.

It's amazing to me how there is so much Realtor hate but then I do understand it with so many unprofessionals representing the business.
Nobody ever says to an Attorney "you make too much money and your fees aren't worth it. Why don't you reduce your retainer for me?"
Or nobody says to their surgeon can you not charge me so much cause I think your cost to me is a rip off! Geez
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Old 06-05-2008, 07:01 AM
 
4,175 posts, read 3,982,290 times
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I do not want to hijack the thread but some of the posts above keep on saying that the buyer does not pay the commissions. The price the buyer is paying DOES include the commissions. Think about it. If you buy anything from a company sales person on commission, you simply cannot pretend you did not pay commissions - it is all included in the company's balance sheet under the sales expense category. You DO pay commissions - just not directly.

Other comments:
- taxes - no sympathies here - we all pay them
- there are also advantages to being self employed. This allows you to drive around in nice cars that are tax deductable expense, deduct other expenses, etc. So this is not a negative.
- bringing in surgeon / attorney to the discussion: please get real. In Texas, it takes less hours to qualify to become a real estate agent than to become a cosmetologist. Your ROI is darn good.
- if the agents are so useful, why is it that the consumer is forced to deal with a proprietary MLS system. The industry has fought FSBOs tooth-and-nail. The truth is out there. This is nothing more than an OPEC-like cartel that is reducing the choices consumers have.

I do not think people hate agents - most simply believe that they do not usually give a decent return for the $. Surgeons, engineers, accountants, etc generally do. Bring the fees down to what the market will bear, and you will have no such issues. In fact, then if an agent is really good, they should be able to command more than 6%.

Having said all this, I am looking for a house to sell / buy, and I have an agent who I think is very good. I hired him primarily because of the MLS access - him being good was the second reason. But, I did not have a good market choice (ie: access to MLS data) when I got him. The MLS is the key marketing instrument for most agents - take it out and you have removed a lot of the commissions they are worth (ever seen a successful agent who has no access to MLS? See what I mean by cartel of companies that charge about the same 6% - now hovering around 5% and below -- for every sale?).

Admittedly, some good agents are worth it when setting prices, some are not good in doing comps - a process that is not too tough. My experience is that because it is too easy to become an agent, there are too many, and maybe that is a large part of the problem. There are other threads about agent salaries, about RE Agents being one of the top 10 overpaid professions etc, that can make for interesting reading.

I wish other non-agent consumers can chime in.

Last edited by calmdude; 06-05-2008 at 07:46 AM..
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