Real Estate Agents (buyer's agent, commision, contract, Realtors)

[friedzone]

This is sort of a pet peeve not just about Buffalo...

Isn't it rather unreal for real estate agents to expect when you call them about a property that they expect immediately that you to commit to them that they will henceforth be your ONLY real estate agent? Car salesmen, insurance salesman, appliance salespeople don't expect this level of commitment.

First of all, the agents only contractual obligation is to the SELLER and not me as a buyer. If real estate agents expect me to work solely with them then they should have some sort of a buyers contract that not only guarantees my loyalty to them but a certain level of performance from the agent in exchange.

[groove1]

I agree...and then when you tell them you are working w/someone else it's like a freaking divorce

[zanna vaida]

Sounds like the agents you've dealt before haven't talked to you about the y State Disclosure form for buyers and sellers. First, the disclosure isn't a contract. The disclosure "will help you to make informed choices about your relationship with the real estate brokers and its sales associates."
Second, "The NY state law requires real estate licencees who area cting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights it creates."
A real estate agent can represent a seller or a buyer, or both. If you need more information or would like to learn about the NY state disclosure form, ask a real estate agent. Let him or her explain what does it mean to you as a buyer or a seller.
If you have any question, don't hesitate to ask.

[friedzone]

The disclosure form is not a contract and therefore essentially a meaningless piece of paper. There is no way to enforce it or verify that the agent is representing the buyers interests.

[CAugust]

OK - I'll chime in here, because I am probably one who upset you first, or maybe someone else had the same ethical stance on it that I did.

While I can't speak for all agents, I will speak for myself. If someone asks me for help, I go all out! I will look at every available property and the pros and cons of each. I will even go and see it without a relocating client present first if they ask, so that we are not wasting any time - any of YOUR (the clients) time. I will spend hours and hours sorting through something that will fit my clients needs and budgets. It's not fair to me or to any other agents to be doing the same job for the same client. All of us as agents have access to the same database - period. If we lived in wny, we should know the entire area. I personally have lived in many different areas from the city to the suburbs, I like to think I know it pretty well. I am sorry if you have had bad experiences with agents, we work for a living, we try to be ethical to our fellow agents, it doesn't mean they have to work in the same office. Our time is valuable as well, loyalty works both ways on the part of the agent and on the part of the client. My advice to you is find someone you like and connect with and tell them what you expect - your service will go a long way. When you tell people you are working with other agents, I don't think you will get the level of service you are lookiing for. Kudos to any agent that is up front with you, as a consumer I would rather have someone tell me that, then do a half assed job for me.

That's my take on it, however that being said, I wish you much success in your move, you will ove the area once you narrow it down to a specific one!!! So many great things about wny

[zanna vaida]

Originally Posted by friedzone

This is sort of a pet peeve not just about Buffalo...

Isn't it rather unreal for real estate agents to expect when you call them about a property that they expect immediately that you to commit to them that they will henceforth be your ONLY real estate agent? Car salesmen, insurance salesman, appliance salespeople don't expect this level of commitment.

First of all, the agents only contractual obligation is to the SELLER and not me as a buyer. If real estate agents expect me to work solely with them then they should have some sort of a buyers contract that not only guaranteesmy loyalty to them but a certain level of performance from the agent in exchange.

You are wrong that "agents only contractual obligation is to the SELLER". Realtors also are working with buyers. And sellers and buyers.
Only not all buyers are aware of it. I've been in those shoes before and this why I decided to become a Realtor. The buyers are affraid to ask, "Who do you represent?" However, this is why many realtors start with, " Do work with a Realtor?" question. They want to work in advance. If you say, "I do," but lie to yourself (you doing all work by yourself because you think you wil save money), you are wasting your time and money. You're running froma house to house, you spend hundred of hours on line, etc.
When working with a Realtor, they 'll do all work for you.
Many Realtors have no listings and work only with buyers because they have access to a listing database. It's a personal prefference. Do you know how Realtors get paid?
When a Realtor becomes a BUYER"S AGENT, the agent is legally obligated to "represent the buyer's interests. The buyer's agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer's agent has, without limitation, the following fuduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account." (New York State disclosure form for buyers and sellers)
It's my duty as a Realtor to educate customers, so they become trustful clients. Have you ever seen this form? You should. Besides, when you work with a Realtor you must sign one. You don't go to work to work for free?
Any more questions?

[zanna vaida]

Originally Posted by groove1

I agree...and then when you tell them you are working w/someone else it's like a freaking divorce

Why would you ask another Realtor for advice? Don't you trust the one you know?

[friedzone]

Well trust is a two way street. From experience I have found that one real estate salesperson can not meet all my real estate buying needs. That is why I am up front and say I am working with other salespeople as well. Since the disclosure form states that dual agency representation is perfectly allowable. Disclosure works both ways.

A "buyers agent", as I said, is to my knowledge not legally binding in any way unless there is some contractual agreement.

[zanna vaida]

You are waisting your time and money. You are cheating on yourself.
DO you know what you want and what is available are two different things?
Get real. Otherwise, build you dream custome home. Imagine and discover.

[zanna vaida]

Originally Posted by friedzone

Well trust is a two way street. From experience I have found that one real estate salesperson can not meet all my real estate buying needs. That is why I am up front and say I am working with other salespeople as well. Since the disclosure form states that dual agency representation is perfectly allowable. Disclosure works both ways.

A "buyers agent", as I said, is to my knowledge not legally binding in any way unless there is some contractual agreement.

You can always sign an exclusive buyer contract and pay full commision for finding you a home. There's always a choice. Talk to the agent you trust.
Don't be discouraged.