Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-26-2016, 09:46 PM
 
Location: San Francisco Bay Area
7,677 posts, read 5,402,159 times
Reputation: 16124

Advertisements

Quote:
Originally Posted by 2bindenver View Post
You don't know what you don't know.

I have as a buyer's agent on a new build:
1. Had the warranty deed redrafted & resigned due to the Builder's typo in the legal description.
2. Had the right house built on the wrong lot. I had a copy of the plat map and brought it to the attention of the construction manager.
3. Intervened to get a buyer a wider half wall in order to accommodate a fish tank.
4. I have gotten the lot premium fee waived when I noticed that the cluster mailbox, utility boxes and a fire hydrant were going to live on his property (through an easement) effectively negating the larger yard.
5. I have gotten the return of the AC unit, while the buyers were on their honeymoon, when the builder stole it after closing.
6. I negotiated hardwood flooring in the upstairs for a buyer with severe allergies. Production builders hate these types of changes.
7. I had the builder install a new sump pump, a new french drain and new landscaping after a rainstorm wiped out the same, seven months after closing.
8. I can pit one builder against another to get them to want to do business with this buyer.
9. Since the builder's lender couldn't get this buyer qualified, I negotiated the same financial incentive (closing costs) for the buyer.
10. I took photos every other week for nine months so the buyers could watch their home being built while they were stationed in Germany.
How can you pit one builder against another in the very same subdivision, all built by the same builder?
Since that doesn't seem possible, what sort of a community was it? Is it one where the buyer chooses the builder and has a custom home made? If so, that's a whole different animal.

It sounds like you did a lot more than just the "introduction" that was mentioned, above.

And...you didn't answer the question about what your percentage would be (and would you have to share it with your broker, if you are not the owner of the brokerage, yourself.)

Was yours a flat fee or a percentage?
Reply With Quote Quick reply to this message

 
Old 03-27-2016, 04:47 AM
 
Location: Northern Maine
10,428 posts, read 18,602,796 times
Reputation: 11562
"Once an agent introduces you to a community, that agent is your agent of record. You can still bring in another agent if you want, but you would be responsible for paying that agent."

Maybe in some states, but not in most states. That is called a "unilateral contract". You see it in used car dealerships where the first salesman that greets you, owns you. This is not true in real estate.
Reply With Quote Quick reply to this message
 
Old 03-27-2016, 05:40 AM
 
Location: Georgia
4,578 posts, read 5,636,530 times
Reputation: 15968
Quote:
Originally Posted by SFBayBoomer View Post
How can you pit one builder against another in the very same subdivision, all built by the same builder?
Because they aren't the only subdivision in town. There's at least 15 going up within 10 miles of our major work center. I know them all. If one doesn't want to provide certain upgrades, there's another one who would love to, if it meant getting the client. You do have to weigh this against the quality of the builder and the buyer's price point.

Quote:
Originally Posted by SFBayBoomer View Post
Since that doesn't seem possible, what sort of a community was it? Is it one where the buyer chooses the builder and has a custom home made? If so, that's a whole different animal.
Not really. I know of one instance where a subdivision that failed to launch in 2007-08 is now making a comeback, and several different builders have bought lots in the subdivision to build on. I know the builders, I know who owns which lot. Given two similar lots and two different builders, one must know what can be reasonably negotiated and what can't. Most people buying and building a home aren't aware of these nuances. It doesn't mean they can't just buy a house on their own. But if they are working with an agent with experience in new construction, then you have someone who knows what's a B.S. answer and what's a legitimate response in answer to questions.

Quote:
Originally Posted by SFBayBoomer View Post
It sounds like you did a lot more than just the "introduction" that was mentioned, above.
Well, yeah. You have a preconceived notion that an agent just waltzes into the office, says, "Hey, builder, this is John Doe, now pay me a commission." As someone else noted -- builders know that they are going to get more clients from me, so agents have a different relationship with a builder. If a builder treats one of our clients badly, you better believe we're going to remember the next time one of our clients asks about that builder. Agents have memories like elephants when it comes to this. :-)

Quote:
Originally Posted by SFBayBoomer View Post
And...you didn't answer the question about what your percentage would be (and would you have to share it with your broker, if you are not the owner of the brokerage, yourself.) Was yours a flat fee or a percentage?
My percentage sometimes varies among builders, just as they do among clients. It's generally a percentage. Sometimes slightly discounted, sometimes full percentage, and sometimes with a broker bonus. It varies. And yes, it's shared with the brokerage.
Reply With Quote Quick reply to this message
 
Old 03-27-2016, 10:09 AM
 
Location: MID ATLANTIC
8,660 posts, read 22,834,550 times
Reputation: 10485
Quote:
Originally Posted by 2bindenver View Post
You don't know what you don't know.

I have as a buyer's agent on a new build:
1. Had the warranty deed redrafted & resigned due to the Builder's typo in the legal description.
2. Had the right house built on the wrong lot. I had a copy of the plat map and brought it to the attention of the construction manager.
3. Intervened to get a buyer a wider half wall in order to accommodate a fish tank.
4. I have gotten the lot premium fee waived when I noticed that the cluster mailbox, utility boxes and a fire hydrant were going to live on his property (through an easement) effectively negating the larger yard.
5. I have gotten the return of the AC unit, while the buyers were on their honeymoon, when the builder stole it after closing.
6. I negotiated hardwood flooring in the upstairs for a buyer with severe allergies. Production builders hate these types of changes.
7. I had the builder install a new sump pump, a new french drain and new landscaping after a rainstorm wiped out the same, seven months after closing.
8. I can pit one builder against another to get them to want to do business with this buyer.
9. Since the builder's lender couldn't get this buyer qualified, I negotiated the same financial incentive (closing costs) for the buyer.
10. I took photos every other week for nine months so the buyers could watch their home being built while they were stationed in Germany.
Seen many of these, and more. Building wrong elevation was last year's faux pas. Huge gap of daylight seen in attic near trusses (happens more than you would think), rise of steps too steep (county inspector missed that one), mega battle when neighbor's driveway infringed buyers lot by 6 feet.......I could really go on and on.

Most builders do not want to reduce sales price by the amount of commission for two reasons: the builder will tick off the hand that feeds him, and, he just ruined a comp for his next sale.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top