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After interviewing two realtors (referrals from friends) to help us buy a new home and sell our current home, we have chosen one to work with and have scheduled a first outing to view properties. However, based on what I am learning on this forum, I don't feel like we did a good job interviewing the realtors. The realtor we chose has been an agent on our city for 25 years and showed us a thorough research of comps to come up with a recommended selling price. We liked the amount of research he had done; that type of number-crunching CMA will be needed on the buy side, because the type of property we are looking for is unusual. However, the final price he suggested seemed high (we are concerned that he was "bidding for a listing."). Also, when asked about marketing, he said he takes his own pictures with his phone and "the listing goes to all the RE websites," yada yada. He also makes a low-budget youtube walkthrough video. However, I can't find any other listings of his through his website. His youtube page only has three properties over the past couple of years.
We've decided that we won't list our house until we buy the new one, so there is no listing contract involved at this point. Both agents did offer to list for 5% (with 3% to buyer's agent) if they handle our purchase as well. We are going out to look at properties with this agent later this week. On the buying side, he sent us an initial set of 8 houses to look at, but none of them were of interest to us. We sent him a critique of all of them, so he could get to know our preferences better, but he has not sent us any more listings (it has been nearly three weeks). The four we are scheduled to see were all found by us. Does touring homes with him create an ethical obligation to keep him as our buyer's agent? Even more so if we decide to make an offer on one of the homes we see while touring? If so, then we would need to wait to tour properties until we are sure about our buyers agent. We'd like to look at properties this week, but we don't want to take advantage of an agent if we are not sure we will keep him.
Does touring homes with him create an ethical obligation to keep him as our buyer's agent? Even more so if we decide to make an offer on one of the homes we see while touring?
Yes, if you tour homes with an agent and decide to make an offer on one of those homes, I feel that you have an ethical obligation to work through that agent. There might be technicalities--such as no signed contract--whereby one might argue that you are free to switch agents at any point, but you should really not use an agent if you are only "using" the agent.
I've had potential clients ask me to be their agent, after being shown a property by another buyer's agent. I decline because that wouldn't be right.
In some places years ago there was value in the spoken work by an agent that he or she showed suchandsuch property. You could even go before an ethics committee and there was great value in that. So that if another agent showed the property and cajoled the perspective buyer into making the offer with him or her that agent lost a lot of money.
Now, in some places there is the form the buyer and buyer's agent signs so that the buyer knows what the agent can and can't disclose to him. I think some states might even require it or at least it's strongly recommended.
I wouldn't waste someone's time. No reason to.
I think you need to regroup. Look at what perspective agents have done for others. Look at what they list they will do for you. Some phones do a good job but just house pix and youtube doesn't cut it. You want to know that when you find the home you like you won't lose it because your house doesn't have proper exposure. You also want to know that when you home sells, you will be likely to slip easily into your new home. It will be difficult enough. You need to be thoroughly content that you did you best choosing an agent.
In my sale, the agent brought in another person to help them arrange, clean up, etc. to get a great set of pictures. They also used a good quality digital camera. The do not worry I do it with my cell phone would turn me off real fast.
I say that if I contact a sellers agent to view a home, I am under no obligation to use that agent. If one is looking local and has experience, then I am not a big believer in a buyers agent. If interested in a property, I would make my offer via the sellers agent. If I needed legal advice before the offer, I would pay a real estate attorney.
In my last sale I used an older (mid-60's), very experienced agent. Bottom line was I did not think he was aggressive enough for me especially in following up with other agents after a showing. I changed to a younger (40ish), more aggressive agent who got it done. I want my agent hungry.
The do not worry I do it with my cell phone would turn me off real fast.
As well it should! There is no single piece of your marketing plan more important than the photographs. First because they're used in virtually every print piece of marketing from the listing sheet that potential buyers will pick up to newspaper ads. Second, because the photos will be plastered all over the internet. Once your agent puts them in the local MLS they'll likely be everywhere from Zillow to FrontDoor.com. Studies have shown the most important photo is the one of the front of the house. A potential buyer spends more time looking at that photo than any other. This is your chance to make a first impression on people so you better put your best foot forward and photos taken on a cell phone are not going to get it done.
Quote:
Originally Posted by johngolf
I say that if I contact a sellers agent to view a home, I am under no obligation to use that agent. If one is looking local and has experience, then I am not a big believer in a buyers agent. If interested in a property, I would make my offer via the sellers agent. If I needed legal advice before the offer, I would pay a real estate attorney.
As an agent, I've found that I learn something new in almost every transaction. Sometimes it's small and sometimes it's big but being involved in multiple transactions a year for a number of years means I've amassed a good deal of experience dealing with various situations. I can assure you an attorney might be able to tell you what the law is, but they're not able to tell you how to successfully navigate a lot of these situations.
I'm sure you'll disagree but that's just my 2 cents.
Quote:
Originally Posted by johngolf
In my last sale I used an older (mid-60's), very experienced agent. Bottom line was I did not think he was aggressive enough for me especially in following up with other agents after a showing. I changed to a younger (40ish), more aggressive agent who got it done. I want my agent hungry.
Next time go with a 30 something agent and you'll really see something.
I was worried when he took photos with his phone. I stoppled reading at no other listings. Go interview some more agents. Photos are probably the most important aspect of marketing these days. A good agent will have good equipment or hire a professional photographer.
The age of the realtor has absolutely no bearing on their abilities or skills. Even the length of time a person has been a realtor doesn't have the weight one might think. It's the amount of effort, education and time they put into their career that tells the tale. I have known agents that have been licensed years longer than myself say or do things I would never do (cut corners, want verbal agreement on changes, take horrible pictures).
If the OP is dissatisfied, he needs to have a meeting with the agent and his broker and let them know he has decided to go with another agent, and why. Photos with a phone and basically no marketing strategy is ridiculous.
It honestly sounds to me like this listing agent has lost his passion for the business. And trust me, you really have to be passionate about this business to do it well. He should hire a professional photographer, and view it as a business expense that will be reimbursed to him when your home closes. He also should be specific about which sites he syndicates your home to. I can't stress the importance of top quality video and images enough. Almost all buyers start their search online, and those pictures will determine whether your home sparks their interest.
In regards to using him as your buyer's agent, you ethically should use him if you have made that agreement with him to list your house for a reduced commission. If you are unhappy with the level of service that he is providing, you should meet him in his office, and outline your expectations for him. If he fails to perform on your criteria, you need to move on and find another agent. In the end, if you have done your part and tried to do the ethical thing, but he is unresponsive, you have to watch out for your own interests. If it comes to this, make sure that you cancel any type of representation agreement that you have with him, in writing.
I agree with everything said here, from forget the attorney (the seller's agent has one client and it's not you) to the pix.
Age is irrelevant, I know many 60 year olds that have more contacts and knows everyone in town......including the listing agent. Every age group has "tired sales reps." Chances are, if the 60 year old has good references, the listing agent knows the selling agent and possibly increasing the odds of an acceptance, where no on knows the 20 year old by reputation.
You say this agent already showed you something you want to make an offer on? Not sure what to say about that, except to be honest and tell him and tell him why you are going with someone else. The only way anyone improves is to identify what is required to make the change. How pictures were handled is a pretty basic question - what other questions are you asking besides inquiring about your commission discount?
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