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You all keep saying "trust your agent" without explaining to us how it happens
it is something like falling in love ?
or can you walk us through how we can trust someone with one of the biggest decisions of our lives by just meeting them briefly a few times
why do i trust [kind of ] my agent ?
she is not pushing any inspectors /loans people
not super nosey about my finances
not questioning my financial choices e.g i was adamant about a zero down loan
gives me a realistic perspective of housing market w/o being despondent
did not ask me to waive contingencies or take funds out of retirement
shes not very popular or well known and i had zero references just met her by chance at open house
all the other famous agents in my area i met were very good salespeople but just were in a hurry to close the deal , no matter what kind of collateral damage it causes
Thank you and 100% agree....not going to blindly trust anyone, especially someone I just started working with...with hundreds of thousands of dollars. I barely know my agent...
The type of client that doesn't trust my recommendations will likely turn out to be trouble in other ways later on in the relationship. Better to spend my efforts with people I trust who trust me. The know-it-all who picks an inspector with the flashiest website instead of one of the three I suggested will shift blame to me when that inspector doesn't perform as expected. I'd rather be fishing than having my integrity questioned.
So, you expect clients to immediately trust you after meeting you a few times? And a client who chooses not to use your inspector is "trouble". wow.
You interview multiple agents. It should become fairly obvious conversating with 3+ agents which ones know what they are doing and that you connect with. Maybe go look at a home and have them walk you through the proces, point out reasons it could be a good or bad resale, things that will likely pop up on inspections.
This ain't rocket science, but then again I'd think finding a quality professional in a given field shouldn't be rocket science either.
IT Might not be rocket science but it can be just an impactful on my health as a major surgery [ given most working class people house purchase is a big deal for them, not for investors i understand ] oh yeah many RE agent are RE investor too
i have almost zero knowledge of real estate , if i interview 5 agents all 5 of them will be a lot more knowledgabe than me and can easily impress me ANY pearls whether they are totally accurate or not
so again it comes down to trust , would we ever think thats enough when choosing a pilot/doctor/general/dentist/? no ofcourse not as they are held to a high standard
My conclusion is unless the commission is taken out of the equation the trust will not fully develop, I do think RE professionals provide a great service and should be rewarded well for their efforts however just as we stay away from commission based financial planners , same way we should have a healthy degree of skepticism when it comes to commission based RE professionals.A fee based model is best.
Again going back to why i trust my agent now as she literally talked me out of a couple of houses who i thought were ok and they were actually more expensive than the one I'm buying now
the previous agent [who has like 200+ 5 star reviews online ] behaved more like a pimp, every house we looked at was the best house , always asking us to re-evaluate our budget as a SFH is a "great investment ".Always felt that we just needed to seal the deal no matter what consequences on our financial life downstream. And also don't forget have to work with his "team" as its second to none.Would you go to a doctor who only prescribes one brand of meds or pushes just one pharmacy even though there might be others that are just as good or affordable , no ofcourse not thats a HUGE conflict of interest and can land docs in serious troiuble
also kind of disappointed with defensive attitude of many RE professionals here , clearly I'm trying to keep my views a nuanced as possible but when an agent is showing more red flags than a communist party rally than I feel vindicated in how I feel.
IT Might not be rocket science but it can be just an impactful on my health as a major surgery [ given most working class people house purchase is a big deal for them, not for investors i understand ] oh yeah many RE agent are RE investor too
i have almost zero knowledge of real estate , if i interview 5 agents all 5 of them will be a lot more knowledgabe than me and can easily impress me ANY pearls whether they are totally accurate or not
so again it comes down to trust , would we ever think thats enough when choosing a pilot/doctor/general/dentist/? no ofcourse not as they are held to a high standard
My conclusion is unless the commission is taken out of the equation the trust will not fully develop, I do think RE professionals provide a great service and should be rewarded well for their efforts however just as we stay away from commission based financial planners , same way we should have a healthy degree of skepticism when it comes to commission based RE professionals. A fee based model is best.
Again going back to why i trust my agent now as she literally talked me out of a couple of houses who i thought were ok and they were actually more expensive than the one I'm buying now
the previous agent [who has like 200+ 5 star reviews online ] behaved more like a pimp, every house we looked at was the best house , always asking us to re-evaluate our budget as a SFH is a "great investment ".Always felt that we just needed to seal the deal no matter what consequences on our financial life downstream. And also don't forget have to work with his "team" as its second to none.Would you go to a doctor who only prescribes one brand of meds or pushes just one pharmacy even though there might be others that are just as good or affordable , no ofcourse not thats a HUGE conflict of interest and can land docs in serious troiuble
also kind of disappointed with defensive attitude of many RE professionals here , clearly I'm trying to keep my views a nuanced as possible but when an agent is showing more red flags than a communist party rally than I feel vindicated in how I feel.
we should have a healthy degree of skepticism when it comes to commission based RE professionals. A fee based model is best.
Buyers definitely don't want the risk that goes with pay as you go.
So....
I work with you on a $600,000 purchase.
2.4% commission (typical here) = $14,400 all-inclusive of all services.
But.... Fee-based, pay as you go.
Show 12 houses, plus office time, plus research and due diligence time, plus phone time with you.
Write 3 offers that fail.
And, then we get a contract.
And, I attend inspections.
Now, I have 150 hours in at $150/hour. Yeah. $150/hour. I am self-employed with the attendant expenses. $22,500 cost to you. Cash, not financed in the house purchase.
"Better? Best?"
Or, I write 6 offers, as I willingly did for many clients. And, now we are at $25,000 out of pocket for the buyer, who is tapped out and will sit the market out because the buyer needs a few years to rebuild their war chest.
"Better? Best?"
an agent is showing more red flags than a communist party rally
meh.
Always sign an agency agreement when given the chance. Always include the right to unilaterally terminate the agreement prior to going to contract on a property.
Make the agent continue to earn your business.
But, fee-based, pay as you go? THAT is a conflict of interest in terms of motivation to get to closing.
So, you expect clients to immediately trust you after meeting you a few times? And a client who chooses not to use your inspector is "trouble". wow.
Immediately? No, but after we've had time to discuss our objectives and how we're going to achieve them, if you still won't trust me I'd rather not work with you. Choosing an arbitrary inspector, contractor or lender outside my several recommendations solely because you think they are probably in cahoots with me is a pretty good sign that you will be difficult. It's fair that you distrust all agents but it's also fair that I don't want to work with people who think I can't be trusted. I can't imagine going through life thinking everyone I do business with is out to get me.
Immediately? No, but after we've had time to discuss our objectives and how we're going to achieve them, if you still won't trust me I'd rather not work with you. Choosing an arbitrary inspector, contractor or lender outside my several recommendations solely because you think they are probably in cahoots with me is a pretty good sign that you will be difficult. It's fair that you distrust all agents but it's also fair that I don't want to work with people who think I can't be trusted. I can't imagine going through life thinking everyone I do business with is out to get me.
Yup.
Been there. Done that. It sucks.
Trust is a two-way street. Clientele have to earn it too.
Life is too short.
we should have a healthy degree of skepticism when it comes to commission based RE professionals. A fee based model is best.
Buyers definitely don't want the risk that goes with pay as you go.
So....
I work with you on a $600,000 purchase.
2.4% commission (typical here) = $14,400 all-inclusive of all services.
But.... Fee-based, pay as you go.
Show 12 houses, plus office time, plus research and due diligence time, plus phone time with you.
Write 3 offers that fail.
And, then we get a contract.
And, I attend inspections.
Now, I have 150 hours in at $150/hour. Yeah. $150/hour. I am self-employed with the attendant expenses. $22,500 cost to you. Cash, not financed in the house purchase.
"Better? Best?"
Or, I write 6 offers, as I willingly did for many clients. And, now we are at $25,000 out of pocket for the buyer, who is tapped out and will sit the market out because the buyer needs a few years to rebuild their war chest.
"Better? Best?"
an agent is showing more red flags than a communist party rally
meh.
Always sign an agency agreement when given the chance. Always include the right to unilaterally terminate the agreement prior to going to contract on a property.
Make the agent continue to earn your business.
But, fee-based, pay as you go? THAT is a conflict of interest in terms of motivation to get to closing.
150 hrs at $150 an hour ? ? arent we being too optimistic here ?
nurses and medical assistants make how much ?
how much does an average joe marine gets paid
you dont have to be self employed
RE agents can be hired by big firms and heavily regulated that is how we will get more accountability
lets start with say $20/hr
and my red flags just get a "meh" thats exactly why a lot of people are distrustful
Immediately? No, but after we've had time to discuss our objectives and how we're going to achieve them, if you still won't trust me I'd rather not work with you. Choosing an arbitrary inspector, contractor or lender outside my several recommendations solely because you think they are probably in cahoots with me is a pretty good sign that you will be difficult. It's fair that you distrust all agents but it's also fair that I don't want to work with people who think I can't be trusted. I can't imagine going through life thinking everyone I do business with is out to get me.
ok so if I don't trust YOU then I'm paranoid and generally a difficult person ? that sounds narcissistic
totally fair that you should not work with someone who does not work with your team , let it be known upfront so nobodys time is wasted
"not everyone is out to get me" but healthy skepticism is warranted when someone who is pushing a sale [ with a huge commission] without taking into account my preferences and w/o taking due precautions.
ok so if I don't trust you then I'm paranoid and generally a difficult person ? that sounds narcissistic
Not at all.
You would have to sit in some of the sessions that 1insider and other experienced agents handle.
Smart agents don't crave every potential client.
And, with experience, that smart agent has surely heard horror stories that people they decline to work with create.
I sure did.
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