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I'm in the process of building a new home in Wake Forest (Centex), and I wish I would have used a realtor. We got our closing costs paid for, but no other incentives.
Not sure if I should put this out there but...I work for a builder and I would absolutely recommend using a Realtor. Yes the on-site agent works for the builder but they don't get paid unless you close and there are usually surveys throughout the process. If an on-site agent consistently gets bad scores, they will soon be unemployed. A Realtor can do a lot of the leg work for you. They should know the areas, schools, crime rates and builder reputations. They may or may not be able to negotiate a better deal than you could on your own, but if you ever get into a mess with the builder, it sure helps to have a Realtor involved. Builders want to maintain a good reputation and they don't want to lose future business from a Realtor or their firm. Just my 2 cents, please don't shoot me.
wags, by "bad scores" do you mean it's seen as a mark against them if they give you too much $$ off or too many goodies? I appreciate the insight
Quote:
Originally Posted by wags
Not sure if I should put this out there but...I work for a builder and I would absolutely recommend using a Realtor. Yes the on-site agent works for the builder but they don't get paid unless you close and there are usually surveys throughout the process. If an on-site agent consistently gets bad scores, they will soon be unemployed. A Realtor can do a lot of the leg work for you. They should know the areas, schools, crime rates and builder reputations. They may or may not be able to negotiate a better deal than you could on your own, but if you ever get into a mess with the builder, it sure helps to have a Realtor involved. Builders want to maintain a good reputation and they don't want to lose future business from a Realtor or their firm. Just my 2 cents, please don't shoot me.
In most cases, the on-site agent doesn't have a whole lot of authority on negotiation. They usually have to ask a manager. The scores I'm referring to are customer satisfaction surveys. Did the agent set the right expectations, did they return your messages, did they answer your questions, did they inform you on a regular basis as to the progress, did they handle issues quickly and effectively. These surveys are used by the builder's management to guage where they are doing well and where they need improvement. They're not just focused on sales but usually also cover the superintendent, quality of construction, options selections, mortgage lender...etc.
Hope this question does not sound silly, but I did not see it addressed clearly here.
I will be coming down from NY soon to look at homes. I plan to hook up with a Realtor to show me both new construction and resale. I understand that when dealing with new construction, he / she will be acting as my buyers agent, but what about resales? Will they still be acting as a buyers agent, or a sub-agent for the seller?
Should I expect this Realtor to ask me to sign an agreement of any kind?
codysdad,
You can engage a Realtor to be your Buyer's Agent for resales or for new construction.
I ask potential clients to sign two things.
The first is NOT a contract or agreement. I would ask you to sign "Working with Real Estate Agents." This is a NC Real Estate Commission disclosure that clarifies the nature of agency, and is mandatory for all agents to discuss with you "at first substantial contact."
Link to online publication:
http://www.ncrec.state.nc.us/pdf/brochures/WorkingwAgents-8.5x14.pdf (broken link)
Secondly, the engagement agreement.
No licensed real estate agent in North Carolina can legally write or deliver an offer for you without a written Buyer's Agency agreement.
I might work with you for a day or part day and then I would ask you to sign a Buyer's Agency agreement.
This details my responsibilities to you, how we would work together, and tells you how I will get paid. "Exclusive Right to Represent Buyer."
Here's a link to a Realtor's website where this form is posted:
http://www.coastalcarolinaproperties.com/forms/Exclusive%20Right%20to%20Represent%20Buyer%20-%207%202006.pdf (broken link)
You should not feel threatened by signing this agreement, once you clearly understand it. I'm flexible with setting it for a short or long term, depending on our mutual comfort level. And I have no problem writing in an "out" for the client, or for me, if one of us determines that it just isn't working.
When we have used a buyers agent in the past we only used EXCLUSIVE buyers agents, if they take listings, we didn't want them representing us.
Bingo.
In addition to having your own unbiased representation in the negotations, that 2.4% (resale) or 2.5% (new construction) the buyer's agent gets can be partially rebated back to the buyer in a case where the buyer has done a lot of work themselves anyway. That is the wave of the future, as buyers get more savvy and have more resources at their disposal online.
You've done a lot of the work yourself in finding the home, why not receive a portion of the buyer's side commission at closing?
It's a matter of finding the right representation.
Hey...I did the research. I found the tumor. I checked out the hospitals. I called the insurance company.
The surgery only took 2 hours.
At that rate...I paid him about $3,000 per hour! What did I get in return???
Ok...I AM being silly.
Vicki
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Dumb Question?
