Is there really such a thing as a "buyer's agent", if so are they really working for the buyer? (appraiser, foreclosure)
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In my opinion an ethical, experienced, knowledgeable,patient, good natured,intelligent, local agent with good negotiation skills is worth every penny. On the other hand hardly 30% of buyer's agents qualify for that. In most of the cases you are paying someone to hold your hand during the process.
Like finding a teacher who will admit that some of their co-workers are incompetent, good luck finding a Realtor who will admit that any of their peers are unethical, lazy commission-grubbers.
To hear it from the Realtors, they're all knights in shining armor, doing battle for their clients. They EARNED that commission. No agent would ever go behind their client's back and swing a deal with the other agent. "My client can pay $X, what's the minimum your client will accept?"
Happens all the time here. More than half the time, when I'm putting an offer on a house, the agent will divulge information that cannot possibly be considered "fiduciary." It's become much better now that the market is picking up. But from 2009-2011, many agents had a very cavalier attitude about duties owed.
While I would never try to sell a buyer on a house that is more than they can afford (middle of their comfort range is usually the sweet spot for getting as much of their needs and desires at a reasonable price), I note from viewing the video that there are two buyers in that video, that it is one of the buyers (NOT the buyer's agent) trying to convince the other, granted saying that "Suzanne" has researched this (which is part of the job, giving the buyer(s) all the information they need to make an informed decision), and that the actual objection of the husband is never stated (they can be legion and often have nothing to do with money). So there's a WHOLE lot of assumptions going on based on that video and almost none of the information needed to say what's really going on there other than that the wife wants to buy that particular house, the husband isn't sure (sure, THAT never happens in the real world!), and the agent has provided information that the wife believes says that whatever objection the husband has can be overcome in some way.
The husband was browbeaten and humiliated. The flinching "WHAT!?!?!?" with the snap of the head was demeaning and contemptuous. She clearly sees her husband as a dolt and debt mule.
You are aware that this commercial was produced for Century21 right, its not a parody. It was so bad that NPR, Slate and a host of newsmagazines did stories on this very story. Google this video and read the stories, with many saying this is emblematic of the problems in the Realtor relationship with "clients". While I'm sure not all Realtor's are like this, I am sure enough are to warrant Century21 to make a video like this.
Like finding a teacher who will admit that some of their co-workers are incompetent, good luck finding a Realtor who will admit that any of their peers are unethical, lazy commission-grubbers.
To hear it from the Realtors, they're all knights in shining armor, doing battle for their clients. They EARNED that commission. No agent would ever go behind their client's back and swing a deal with the other agent. "My client can pay $X, what's the minimum your client will accept?"
Happens all the time here. More than half the time, when I'm putting an offer on a house, the agent will divulge information that cannot possibly be considered "fiduciary." It's become much better now that the market is picking up. But from 2009-2011, many agents had a very cavalier attitude about duties owed.
I disagree. Many do admit their profession is loaded with unethical, lazy commission grabbers then on the same breath say...but not me........LOL
I've often wondered about the concept of a buyer's agent. In a real estate deal, both sides are incentivized to get the highest possible sales price to generate the highest possible commission. The seller of course wants to sell for the highest possible and a buyer's agent wants a the largest possible commission, so therefore, the highest price is really the goal for both sides.
Any time I see a realtor, hear stories, even watch shows, the "buyer's agent" is always pushing the person into the most expensive home they can, often times pushing them out of their budget, by "stretching" for something "they really want", not need. I have not for the most part seen them encouraging them to buy a home that is comfortably under their budget max, encouraging them to take on less debt, and spending less.
A very infamous commercial from the height of the housing boom from Century 21 Realty showcases the work of a so called "buyer's agent", effectively bullying a guy into buying a house he can't afford because "it's special".
Suzanne Researched this - Remember, she's the "buyer's agent"
The Spot: A title card reads "The Debate." We fade in on a couple standing in their kitchen, arguing about whether to buy a new house. The wife is the aggressor; the husband has his doubts, the wife snapping her head back in a contemptuous "What?!?!". "Suzanne researched this!!" says the wife in exasperation, As we're wondering who Suzanne is, the ad cuts to an image of the couple's kitchen telephone. "This listing is special, John," says the voice of their real estate agent over the speakerphone, who has been listening the whole time to what should have been a delicate private conversation. "You guys can do this." The husband caves. "This is awesome," says the wife. We see a picture of the agent's Century 21 business card.
Uhm...how many agents do you see on a daily basis? Because your post makes it sound like watching agents is your job or something. If you honestly see agents pushing buyers to do what they are not comfortable doing, you should 1) report every single one of those agents 2) find a better place to hang out.
The husband was browbeaten and humiliated. The flinching "WHAT!?!?!?" with the snap of the head was demeaning and contemptuous. She clearly sees her husband as a dolt and debt mule.
You are aware that this commercial was produced for Century21 right, its not a parody. It was so bad that NPR, Slate and a host of newsmagazines did stories on this very story. Google this video and read the stories, with many saying this is emblematic of the problems in the Realtor relationship with "clients". While I'm sure not all Realtor's are like this, I am sure enough are to warrant Century21 to make a video like this.
I'm saying,
Never worked for Century21, suspect that advertising agency doesn't any longer, either. However, if the husband was browbeaten and humiliated (which I can see, and which I suspect is your REAL issue), it wasn't the agent who was doing it in the commercial, in any case. It was the wife, who was ALSO a buyer and ALSO the agent's client. Also, if you believe everything you see in videos, in print, and in magazines on and offline, you'll probably love going to this bar and interacting with the patrons.
Are there bad real estate agents? Absolutely. There are also bad buyers and sellers, bad mechanics, bad doctors, bad police officers, bad (insert occupation of your choice, preferably your own). However, whenever someone paints an entire profession based on the few bad apples, as I said, it's usually because they are projecting what THEY would do in that situation.
An extra $450 is not worth risking another deal or deals with the same satisfied client, never mind the referrals - one or a dozen, depending - that that same satisfied client might send you. So you're talking about risking thousands of dollars for $450.
I don't know about you, but that doesn't sound like something I'd want to do - sounds stupid, really.
Oh, and it's realtors, not relators. Both in spelling and in pronunciation.
1. Autocorrect.
2. Oh, sure... that's the LONG TERM view... and perhaps the smart view... but have you seen any of those 'do you want a marshmellow now, or 2 later?' studies?
It holds true with adults.
And as someone else says... they may have incentive to do a DECENT job... but they make their money when you spend money.... and they MAKE MORE, the MORE you SPENED... counter intuitive.
And NOT in your best interest.
The only legitimate time an agent works for the buyer is when the buyer goes directly to the listing agent. At that point, the realtor potentially earns both the buying and selling commission and has a vested interest working hard for the buyer.
The only legitimate time an agent works for the buyer is when the buyer goes directly to the listing agent. At that point, the realtor potentially earns both the buying and selling commission and has a vested interest working hard for the buyer.
This is inaccurate to the point of bizarre.
So the buyer goes to the listing agent, and does not enter into a fiduciary-type relationship with an agent who has a fiduciary duty to the seller, and the agent is working for the buyer who is technically unrepresented?
Nope!
The only legitimate time an agent works for the buyer is when the buyer goes directly to the listing agent. At that point, the realtor potentially earns both the buying and selling commission and has a vested interest working hard for the buyer.
That is some wacky logic you got going on there.
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), and the agent has provided information that the wife believes says that whatever objection the husband has can be overcome in some way. 
