How Do Realtors steer buyers? (Wall: insurance, brokers, houses) - Northeastern Pennsylvania - Pennsylvania (PA) -Scranton, Wilkes-Barre, Pocono area - Page 3 - City-Data Forum

KarenRice · 06-18-2009, 08:01 AM

Some people call it double dipping and makes it sound unethical for a realtor to sell their own listing - but I see it as getting paid in full for doing the entire job for managing both sides of the transaction. I work in an office where the commission split with the broker is the same whether I sell one of my own listings, an office listing, or an MLS listing.

Not all offices work that way, though, and people need to remember that the agent is usually seeing only a portion of that commission (a big chunk goes to the broker, and if there is a franchise involved, a percentage goes to the franchise, and there may be referral fees involved...) unless they work at a so called "100% office"...but even then they're probably paying huge monthly fees just to work at a particular brokerage.

Summering - I can't believe your agent was that careless. "Time is of the essence" is one of the most important phrases in real estate.

Summering · 06-18-2009, 05:22 PM

I don't care if they double dip or not.......But, looking at homes over the years ( mine and my girls) I can hardly find one realtor who really "listens". Rather then them thinking about how they can double.......I'd of loved one to listen to my wishes more closely. You say you hate cape cods, and they ride you up to one! ( yes, that did happen to me one time)
I think personally a realtor should have a paper list........A couple writes all their wishes on it, in great detail. This is the biggest investment of their life ( most likely)
This list should be Style, and Type ( first) In what town or county area.
Then rooms, size, yard area, .......All in a well defined list.
Forget paint colors......that is such an easy fix.
Fix up, or move in ready.....
What tax base are you comfortable with?
But much longer, and defined, then this example.........
There is a lot of wasted time not understanding the buyers wishes....
So many mistakes also. Call if you will be two hours late.......please!

Summering · 06-18-2009, 05:25 PM

Quote:

Originally Posted by KarenRice

Some people call it double dipping and makes it sound unethical for a realtor to sell their own listing - but I see it as getting paid in full for doing the entire job for managing both sides of the transaction. I work in an office where the commission split with the broker is the same whether I sell one of my own listings, an office listing, or an MLS listing.

Not all offices work that way, though, and people need to remember that the agent is usually seeing only a portion of that commission (a big chunk goes to the broker, and if there is a franchise involved, a percentage goes to the franchise, and there may be referral fees involved...) unless they work at a so called "100% office"...but even then they're probably paying huge monthly fees just to work at a particular brokerage.

Summering - I can't believe your agent was that careless. "Time is of the essence" is one of the most important phrases in real estate.

And....That agent was a well known Monroe "broker" herself!

KarenRice · 06-18-2009, 09:06 PM

I let my buyers choose the homes they want to see - I send them lists of what's in their price range and has the amenities they want....they look over the listings and pick what ones interest them.

I will occasionally throw a wild card in the mix if I think it will work for them. Two different times, I pleaded and cajoled my buyers to let me show them a house they said they weren't interested in. They gave in to shut me up and make me drop the subject. LOL.

And, they fell in love..and bought the houses.

Definitely agree that listening is an important skill for agents to have. By listening to other things my buyers said previously, I knew that my "wild cards" would probably work because I had been in the houses and knew they had the desired features...if there was no "WOW, I love this house!" reaction, we could have laughed it off and continued in our search...

BLUEDIAMOND64 · 06-19-2009, 11:23 AM

Quote:

Originally Posted by KarenRice

I let my buyers choose the homes they want to see - I send them lists of what's in their price range and has the amenities they want....they look over the listings and pick what ones interest them.

I will occasionally throw a wild card in the mix if I think it will work for them. Two different times, I pleaded and cajoled my buyers to let me show them a house they said they weren't interested in. They gave in to shut me up and make me drop the subject. LOL.

And, they fell in love..and bought the houses.

Definitely agree that listening is an important skill for agents to have. By listening to other things my buyers said previously, I knew that my "wild cards" would probably work because I had been in the houses and knew they had the desired features...if there was no "WOW, I love this house!" reaction, we could have laughed it off and continued in our search...

It is an interesting market to see which direction sellers are offering incentives: to the agents or to the prospective buyers. Wonder which is more popular in todays' market?

LIMAMA4 · 06-19-2009, 09:34 PM

You need to have a connection with your broker. If you don't have it, move on to another. When you tell a broker what you are looking for and they show you everything else but what you want, move on. I had an excellent broker. My husband and I discussed with her what we wanted and she showed us what we were looking for. The respect and patience that she displayed was remarkable. We would drive by houses that we were going to look at with her and if we didn't like the property they were sitting on, we just called her up and told her not to bring the keys to those houses. No questions asked. If anyone would like her name, just DM me.

BLUEDIAMOND64 · 06-20-2009, 06:39 AM

Quote:

Originally Posted by LIMAMA4

You need to have a connection with your broker. If you don't have it, move on to another. When you tell a broker what you are looking for and they show you everything else but what you want, move on. I had an excellent broker. My husband and I discussed with her what we wanted and she showed us what we were looking for. The respect and patience that she displayed was remarkable. We would drive by houses that we were going to look at with her and if we didn't like the property they were sitting on, we just called her up and told her not to bring the keys to those houses. No questions asked. If anyone would like her name, just DM me.

I agree that if there is no connection then run. I think that is why you see more and more people selling houses on their own. Some blame it on the market, but I know realtors that have 2 closings a week and that does not happen by being a list collector.

livetolive · 06-20-2009, 08:15 PM

Verbal agreements mean nothing. How can a seller even take that seriously? If you really want a house, you will put it in writing. This is a house your buying after all. It seems that people play too many games in life, and they even play games when it comes to home buying. When I sold my last home, I wouldn't even deal with verbals and my agent agreed. Most of the time when people do verbals, sellers know they are playing more then one house. Only desperate people get caught up in the verbal thing and any Realtor who sets up false hopes for their clients is also desperate for a sale. Some people that are looking to buy need to realize that if you play games, and your agent does also, some sellers will shut you out. Not everyone is desperate to sell their home these days.

livetolive · 06-20-2009, 08:45 PM

Quote:

Originally Posted by TheHighHat

How does one go about getting a realtor's stats? Is that public information?

Maybe you can ask the Realtors that you know. It sounds like you may know a few from one of your comments.

livetolive · 06-20-2009, 09:25 PM

From what I learned, "some" (not all) buyer agents focus on the homes that offer a full 3% com for the buyer agent and avoid the ones at 2.5. Also, if they don't like the agent/agency who is listing the home, some buyers agents may avoid showing that particular home. So even if they research and find a home that would be great for their clients, if they don't get a full 3%, they never tell their clients about it.

I have a friend who was selling a home, the buyers agent presented the offer to the listing agent and buyer as opposed to just giving the listing agent the offer. Then the "buyers agent" told my freind (the seller)" not to accept the offer her clients made because she knew it was way to low and they could afford to spend more. She also said that she was embarassed that her clients made such a low offer. OMG, can you imagine. My friend felt that if the buyers agent was that unethical to her client, then working with her would be a nightmare, so they declined the offer not only because it was low, but most of their concern was about the actual buyers agent being unethical. Some agents need to realize that even though they are unethical, it doesn't mean that sellers are also.

This is a guideline I go by, if someone lies or cheats from the get go, they are going to do it all the rest of the way. To me, it's not worth it. Do your research before working with an agent, interview them, you are hiring them after all. Ask point blank questions. Ask them who many houses they have sold, ask for references, also ask how many listings they have. If you don't have listings, then I think that is a sure sign that people don't want you. And if the agent has a simple plain old website that also says a lot, it says that you are not very sucessful. And watch out for the ones who take you to houses above your price range, it is not true that every seller will come down 20/30k on their price.

A little off topic there, but I say live and learn, and I like to share what I learn with the thought that I can help someone else.