Is this agent being greedy? (8%, mortgage, broker, value)
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Couldn't he just have my realtor write it up as a dual agency and have her take that 2.5 off and reduce the price of the house by that amount? She has done that before with a house that I sold and the person that bought it, bought from her because they saw it at an open house she did. She would have gotten both sides of the commission but she only took one side and took the other side off the price of the house.
Some firms require their brokers to handle all real estate transactions through the firm.
I can see why the firm would want that, but boy is that ever an expensive rule for an agent buying for himself.
Agents should always consider the whole package deal when joining a firm.
Some will allow personal transactions for free or nominal fee.
But some firms learn, painfully, that some agents will hang a license, ignore policies, and only do their own deals, hoping to expose the firm to liability and costs for free.
It is also not uncommon for a firm to allow one free personal transaction a year, or multiple transactions after the broker is capped on commission split.
Interestinly enough. I did some digging on this agent and it turns out that he does not even work for a real estate agency anymore. He worked for one as a Director of Acquisition back from 2006-2008, but is not even working in real estate anymore, according to his linkedin profile. He works at a renewable energy company as a developement manager. He might have gotten his licence for the two years that he worked at the RE firm and then just kept renewing it or something. I thought something was strange when the card he left was from a totally different city in the state and his name was written in. Scares me that he still has access to the systems that agents do and was able to schedule a showing and let himself into my house.
Interestinly enough. I did some digging on this agent and it turns out that he does not even work for a real estate agency anymore. He worked for one as a Director of Acquisition back from 2006-2008, but is not even working in real estate anymore, according to his linkedin profile. He works at a renewable energy company as a developement manager. He might have gotten his licence for the two years that he worked at the RE firm and then just kept renewing it or something. I thought something was strange when the card he left was from a totally different city in the state and his name was written in. Scares me that he still has access to the systems that agents do and was able to schedule a showing and let himself into my house.
That is all a bit more interesting than any notion of "greed."
But, here, there are many places an inactive agent can "hang" a license for a few bucks.
Much more intriguing is the means of access. Again, Here, unless he is a member of MLS, he cannot get a code for the lockbox.
Interestinly enough. I did some digging on this agent and it turns out that he does not even work for a real estate agency anymore. He worked for one as a Director of Acquisition back from 2006-2008, but is not even working in real estate anymore, according to his linkedin profile. He works at a renewable energy company as a developement manager. He might have gotten his licence for the two years that he worked at the RE firm and then just kept renewing it or something. I thought something was strange when the card he left was from a totally different city in the state and his name was written in. Scares me that he still has access to the systems that agents do and was able to schedule a showing and let himself into my house.
That should not scare you - there are loads of investors who get their own license so that they can look at property on their time and not an agents time...I buy rental properties all the time, and I have a full time job outside of real-estate. I got my license, and its great to be able to view properties on your own time and also have the added advantage of getting a 3% discount on each purchase regardless of the price. I would be a terrible client, b/c I am looking for specific houses, and the things I look for as an investor are generally related more to the structural state of the property, not what it looks like...I buy 1 in maybe 15 or 20 houses that I look at, and it may take me 4-5 months of looking before I get what I want. B/C I am not wasting anyone elses time I have no guilt over that...if I was paying an agent to drag me around on their time, I might feel more pressure to make bad choices....as it is, I get only what I want and I can do it on my lunch break!
I have all access that full time agents have...my fingerprints, photo, palm print, bank accounts, criminal background check etc are all on file with the state. If I let myself into your house, you would know it. Your agent likely gets an email every single time your key is obtained from the Supra Box
That should not scare you - there are loads of investors who get their own license so that they can look at property on their time and not an agents time...I buy rental properties all the time, and I have a full time job outside of real-estate. I got my license, and its great to be able to view properties on your own time and also have the added advantage of getting a 3% discount on each purchase regardless of the price. I would be a terrible client, b/c I am looking for specific houses, and the things I look for as an investor are generally related more to the structural state of the property, not what it looks like...I buy 1 in maybe 15 or 20 houses that I look at, and it may take me 4-5 months of looking before I get what I want. B/C I am not wasting anyone elses time I have no guilt over that...if I was paying an agent to drag me around on their time, I might feel more pressure to make bad choices....as it is, I get only what I want and I can do it on my lunch break!
I have all access that full time agents have...my fingerprints, photo, palm print, bank accounts, criminal background check etc are all on file with the state. If I let myself into your house, you would know it. Your agent likely gets an email every single time your key is obtained from the Supra Box
Did the OP mention a Supra?
If they use combo boxes in Minnesota, entry by someone who is not entitled is wrong as the day is long.
Here, being caught giving a code to anyone who is not an MLS member is an immediate $500 fine from MLS.
Did the OP mention a Supra?
If they use combo boxes in Minnesota, entry by someone who is not entitled is wrong as the day is long.
Here, being caught giving a code to anyone who is not an MLS member is an immediate $500 fine from MLS.
OP said the guy was an agent. Just because he is not associated with his old firm anymore, does not make him any less of an agent. If he has his license hung somewhere (or is a broker himself) he has all the same access as any other agent, regardless of who he is working for (himself or a 3rd party)
I have no formal business cards with my real estate license on them...My comment was based on the belief that this person is still an agent licensed in his state. I assume supra, since pretty much everyone uses them now...I know some folks dont, but its a pretty safe assumption.
OP said the guy was an agent. Just because he is not associated with his old firm anymore, does not make him any less of an agent. If he has his license hung somewhere (or is a broker himself) he has all the same access as any other agent, regardless of who he is working for (himself or a 3rd party)
I have no formal business cards with my real estate license on them...My comment was based on the belief that this person is still an agent licensed in his state. I assume supra, since pretty much everyone uses them now...I know some folks dont, but its a pretty safe assumption.
Manual combination lock box, not electronic, right?
Supra is also a lockbox, but has electronics and tracking ability.
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