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 02-17-2018, 06:55 AM
 
2,564 posts, read 1,599,160 times
Reputation: 3021

Advertisements

Iím in the process of selecting a real estate agent for our first home purchase. Iíve searched the forums and couldnít find anything on this.

First I see ďget an accredited buyers repĒ. Ok, fine. Then someone told me to get an exclusive buyers agent because you donít want to get into a dual agent situation. Iíve also seen people say that getting an agent who represents buyers and sellers gets you a more well rounded agent who understands both sides.

The area Iím looking at has one exclusive buyers agent, but I havenít contacted her yet. Iíve narrowed it down to two agents before getting into this exclusive buyers agent business. Both seem really good. Both have good recommendations, both are accredited buyers reps and certified residential specialists. One has 30% buyers for clients and 70% sellers. The other is split evenly. I was leaning toward the 70/30 one.

Does an exclusive buyers agent make a difference? Am I over analyzing this?
Reply With Quote Quick reply to this message

 
Old 02-17-2018, 07:29 AM
 
Location: Rochester, WA
3,837 posts, read 2,061,340 times
Reputation: 10582
I think there's been a few terms used out of context here.

You don't need an agent who does buyers exclusively, you need an agent whose duties are exclusively to you, i.e. represents only you as buyer, not the seller of the property you're buying. That's what most people mean when they say exclusive buyer's agent. They mean 'don't use the seller's agent' and 'don't just grab someone new off the street every time you want to see a house, get your own agent through the whole process'.

If I were looking, I'd look for 1 - someone who answers their phone... most of the time, or returns calls/texts quickly... and 2 - someone who is available and willing to take you looking at homes. Time is sometimes of the essence in hot markets... I would rather have a relatively new agent who still has time for every client than one who doesn't have time to see you until next Thursday, or who will pass you off to someone else on the team who you didn't interview with.

The other "buyer's rep" certifications don't mean a whole lot. They're all qualified (we hope), find the one who has time and interest in you... someone you click with, someone who understands and listens to what you want!

Last edited by Diana Holbrook; 02-17-2018 at 07:41 AM..
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 07:49 AM
 
931 posts, read 405,684 times
Reputation: 2287
Agree with Diana - get an agent to exclusively represent you. They do not have to one be whose entire business model is focused on buyers.
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 07:57 AM
 
2,564 posts, read 1,599,160 times
Reputation: 3021
Thank you both!

This is a new experience for me but weíre finally moving forward. What sparked this off was an experience with one of the agents I initially contacted, just to ask questions. Some I talked to sent me general MLS listings as an example of whatís available in the area. That I understand. One in particular started sending me open house invitations and listings for her firm. When I thanked her for her time and told her I was going to choose someone else, I got pushback and attitude.
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 08:07 AM
 
Location: Rochester, WA
3,837 posts, read 2,061,340 times
Reputation: 10582
They all want your business, find one who you actually like working with!
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 10:12 AM
 
1,528 posts, read 728,033 times
Reputation: 2062
Quote:
Originally Posted by Mike930 View Post
Thank you both!

This is a new experience for me but weíre finally moving forward. What sparked this off was an experience with one of the agents I initially contacted, just to ask questions. Some I talked to sent me general MLS listings as an example of whatís available in the area. That I understand. One in particular started sending me open house invitations and listings for her firm. When I thanked her for her time and told her I was going to choose someone else, I got pushback and attitude.
I agree with Diana...the correct use of terms needs to be established.

Yes, I think it's best to make it clear that you are evaluating/choosing your agent rather than to allow them to do ANYTHING for you prior to making your choice. They sometimes try to establish the relationship by immediately starting to work for you rather than first making the relationship clear. Then when you go away they sometimes guilt or bully you into staying by using the fact that they did work for you. And if you buy a house alone or with another agent, they can try to bully you or the other agent into paying commission to them if there is any 'procuring cause' that they can establish. Not uncommon and definitely shady. Don't worry, many have experienced this.

A good agent will encourage you to look around and pick the best agent and will explain how it all works before they start doing work for you. Agents know that people just want to see/discuss houses rather than talk about the 'boring stuff' with describing how the agent relationship will work, etc so consumers unfortunately fall into this trap commonly.

I think of this like those aggressive street performers who lure you to have a photo taken with them and then if you try to leave without giving them money, they aggressively shake you down for it. Sad that some professionals stoop to these low levels.
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 10:49 AM
 
2,564 posts, read 1,599,160 times
Reputation: 3021
Quote:
Originally Posted by just_because View Post
I agree with Diana...the correct use of terms needs to be established.

Yes, I think it's best to make it clear that you are evaluating/choosing your agent rather than to allow them to do ANYTHING for you prior to making your choice. They sometimes try to establish the relationship by immediately starting to work for you rather than first making the relationship clear. Then when you go away they sometimes guilt or bully you into staying by using the fact that they did work for you. And if you buy a house alone or with another agent, they can try to bully you or the other agent into paying commission to them if there is any 'procuring cause' that they can establish. Not uncommon and definitely shady. Don't worry, many have experienced this.

A good agent will encourage you to look around and pick the best agent and will explain how it all works before they start doing work for you. Agents know that people just want to see/discuss houses rather than talk about the 'boring stuff' with describing how the agent relationship will work, etc so consumers unfortunately fall into this trap commonly.

I think of this like those aggressive street performers who lure you to have a photo taken with them and then if you try to leave without giving them money, they aggressively shake you down for it. Sad that some professionals stoop to these low levels.
Iíve tried to keep it limited to speaking or emailing agents to get a sense of what they know about the area, etc. Most have set up these MLS listings I keep getting on email. I tell them I havenít selected an agent and I donít want them working on anything yet. The ones that did this just said it wasnít a big deal and it was all automated. One sent me a buyers agreement soon after. I ruled her out early on and let her know, nicely.

I have two that I like and neither of them set up the MLS email lists. Thanks for your response.
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 02:02 PM
 
Location: Northern NJ
7,407 posts, read 7,370,730 times
Reputation: 10610
Quote:
Originally Posted by Mike930 View Post
I’m in the process of selecting a real estate agent for our first home purchase. I’ve searched the forums and couldn’t find anything on this.

First I see “get an accredited buyers rep”. Ok, fine. Then someone told me to get an exclusive buyers agent because you don’t want to get into a dual agent situation. I’ve also seen people say that getting an agent who represents buyers and sellers gets you a more well rounded agent who understands both sides.

The area I’m looking at has one exclusive buyers agent, but I haven’t contacted her yet. I’ve narrowed it down to two agents before getting into this exclusive buyers agent business. Both seem really good. Both have good recommendations, both are accredited buyers reps and certified residential specialists. One has 30% buyers for clients and 70% sellers. The other is split evenly. I was leaning toward the 70/30 one.

Does an exclusive buyers agent make a difference? Am I over analyzing this?

You do not need an "exclusive buyer's agent". You simply need to tell any good agent that you deal with that you do not want, and will not accept, a dual agency. That means that the agent will agree not to represent you if you make an offer on one of their office's listings.

Signing an "exclusive buyer agency" agreement locks you into a single agent. That is not something you want to do. You may decide to change agents at some point if the working relationship deteriorates or goes stale. That happens a lot. Also, signing an exclusive agency may cause the agent to become LESS responsive, not more. Once the fear of losing you to another agent is gone, the motivation to please you is much less urgent.


You really can't learn a lot about an agent until you've worked with them for a while, at least a month and several home search trips. It's easy to be charmed by a cheerful and friendly person who makes a good first impression. Don't sign with anyone. Just work with them, and make sure they know it's a no-go to dual agency.


If you take an interest in one of the listings from the agent's office, the agent has to be willing to let you go to another brokerage for representation. You may find some pretty good resistance to this from some agents who like to double end deals - representing both sides of the same transaction. It's allowed, even though it is unethical.

Last edited by Marc Paolella; 02-17-2018 at 02:14 PM..
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 02:13 PM
 
2,564 posts, read 1,599,160 times
Reputation: 3021
Quote:
Originally Posted by Marc Paolella View Post
You do not need an "exclusive buyer's agent". You simply need to tell any good agent that you deal with that you do not want, and will not accept, a dual agency. That means that the agent will agree not to represent you if you make an offer on one of their office's listings.

Signing an "exclusive buyer agency" agreement locks you into a single agent. That is not something you want to do. You may decide to change agents at some point if the working relationship deteriorates or goes stale. That happens a lot. Also, signing an exclusive agency may cause the agent to become LESS responsive, not more. Once the fear of losing you to another agent is gone, the motivation to please you is much less urgent.
I understand what youíre saying and itís good advice, but by exclusive buyers agent I mean an agency that only represents buyers. None of their clients are sellers. I donít know if that makes any difference.
Reply With Quote Quick reply to this message
 
Old 02-17-2018, 02:18 PM
 
Location: Northern NJ
7,407 posts, read 7,370,730 times
Reputation: 10610
Quote:
Originally Posted by Mike930 View Post
I understand what youíre saying and itís good advice, but by exclusive buyers agent I mean an agency that only represents buyers. None of their clients are sellers. I donít know if that makes any difference.
That would be fine also. But I still would not sign anything. It's not necessary and it serves the agent's interest, not yours. The fact that you are free to go elsewhere at any moment serves YOUR interest.


Also, some EBA agreements might even require you to pay a commission if you buy ANYTHING. Even a for-sale-by-owner.


Don't get locked in. You don't need to. Any agent that DEMANDS you lock in to their world is an agent I would avoid.
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:

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
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - 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 - Top