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Everyone can look at homes online now and pick what the like first. After that the agent does everything else. From setting up the showing, the paperwork for the offer, negotiating, setting up the inspection and whatever else needs to be done to get to closing.
Oh, I know what they do. And it's nothing a person can't do themselves, that's all I'm saying. Seems as if she's going to do the up front work, she might as well go the extra mile and do it all herself.
I'm not trying to be difficult here. But I seriously would just cut out the agent if I was going to do this work myself. It may not be hard at all. It may, in fact, be better for her. But my question is, then why have a real estate agent?
This seems pretty obvious to me. Sellers who have listed with a brokerage have a listing contract and representation. The buyer can be unrepresented or use the Seller's agent in a dual-agency situation, but that does not change the listing agreement.
My comments refer only to the process of identifying a house that is going to be of real interest to a buyer who does not seem to be under demanding time constraints. My suggestion is just one possible way for the OP to open up lines of communication with her agent in a way that may be beneficial to all parties.
And I'm not talking about dual agency. I'm talking about representing herself. She needn't be licensed to do that. If you're talking about changing the listing agreement in that the agreement already allows for a 6% commission so they're not going to lower it by 3% b/c she's not represented, that's not true. It can be done. The seller and the other realtor just have to agree. I've done it before. A few times. Every time I've done it, the listing agent agrees with no problem, since they view it as they were only going to, most likely, get the 3% for the listing side anyway.
Hey Potter-dude! To answer your ques. What happens is (and this is just what my un-trained eyes have seen) that an overpriced listing will sit for a year (the only time this does not happen is if the overpriced listing is the CHEAPEST house in a very expensive desirable neighborhood and that is the only way to get into that neighborhood). After the year, it will come off the MLS and come back a month later reduced or as a short sale. At that point, the property will be reduced in price about 5%. Which is STILL too high. Meanwhile, in the year that elapsed, there have been sold comps that are even lower than the current reduced price. So not only is this listing stale but also the price is still not reflective of the market. So that is what I mean about stale. On the other hand, there are people who overprice their properties and in a month or two quickly "get it", and then they do 2-3 reductions or 1 huge reduction. In my experience, the 1 huge reduction works much better than the nickel-n-dime approach!
By the way I've said this before, but when I sold one of my houses in April last year, I priced it at the selling price of the last sold comp. It sat for two months. Then I did a huge drop (under the price of the last sold comp) and there were two escalating bidders and it sold. Meanwhile if I had overpriced it (like so many in my neighborhood did), I would still be sitting on it. And since then, guess what? The same exact house is now selling for (the asking price is) 150k less than what I sold my house for.
By the way I've said this before, but when I sold one of my houses in April last year, I priced it at the selling price of the last sold comp. It sat for two months. Then I did a huge drop (under the price of the last sold comp) and there were two escalating bidders and it sold. Meanwhile if I had overpriced it (like so many in my neighborhood did), I would still be sitting on it. And since then, guess what? The same exact house is now selling for (the asking price is) 150k less than what I sold my house for.
You get how markets work. If the market is depreciating, the last trade ( comps for comparable homes) sets the ceiling for the next sale.
I don't think there is anything wrong with looking until you find the right place. I wouldn't feel guilty as a buyer of wasting the agents time. If the agent was doing a good job she'd be taking a more proactive role in helping you house hunt and would already know about the properties you think you want to look at and would be able to save you both the time of looking at some of them because she'd know your needs and wants and would know that certain houses wouldn't match up.
If all your agent has been doing is showing you houses you ask to see, I wouldn't be very impressed. It certainly doesn't seem that most buyers' agents do much research. They just expect the buyer to do it all and then make an offer after looking at 5 houses and then collect their commissions for thousands of dollars.
I have an agent now who wasted a lot of time with me the first day showing me two houses. They were about 20 minutes from each other. The whole thing should have taken about 1.5 hours instead of the whole afternoon. He sends me the automatic MLS listings but I'm the one that does all the research on what's sold in the past few months and for how much; what the seller paid for the property and whatever I can find out from the county website. The agent has done none of that. I've told him I'm looking for "motivated sellers" and want to know the reason for the sale. He can't even manage to find THAT out. It seems pretty apparent to me that this agent has NOT done a lot of homework before he shows me these places.'s He showed me one place that I just as soon would not have bothered to go see as there was black mold all over the laundryroom wall. The agent could have found out from the listing agent what the issues with that house were and we could have saved our time going there.
When I was looking for my first house in the mid 80s I must have been through about 50 or 60 houses. There was no Realtor.com back then BUT STILL the agent then could have done a better job LISTENING and NOTING what my needs were and only showed me places which met the most important needs.which would have saved his time and my time looking from at houses I wasn't going to like at all. Some places he showed me I really wondered what possessed him to show them to me. They weren't at all what I was looking for.
Now after showing me 7 places my agent seems impatient. We saw a place I kind of liked but was dated had the price was again a 2006 price for a place I'd expect to be more updated and a bigger place right across the street; more updated and a foreclosure was listed for $30k less. I wanted to see both places for comparison purposes but he couldn't get me in to see that since he said it was under contract. He didn't even find out anything about the house so I called the listing agent and found out what I wanted. I might make an offer but it is going to be based on what the house across the street sells for minus the upgrades that the house across the street had (newer kitchen and appliances). My offer might only be 60% of what it is listed at which would be less than the seller paid for it. I don't know if a short sale could be worked out or not.
I'm wondering if this agent with only 7 years experience has any negotiating ability. I'm probably going to have to spell out exactly what he should say along with the justification for that offer.
Lately my agent seems impatient as if I should have made an offer on something by now and says he wants to know what I have to spend etc etc. I told him I'm a cash buyer and don't want to spend any more than I have to. There is NO WAY I'm going to tell an agent my maximum budget because then I can never be sure he will try to get me the best deal he can.
I don't think any buyer working with an agent who in the end really works for the seller should divulge that info. The part of the "Property Virgin's" show on HGTV where the virgins/ first time home buyers tell the agent all about their budget and financing they qualify for is a BAD STRATEGY for a buyer if they want to get the best deal they can. Instead they should give the agent an idea such as a range ---but certainly don't divulge all your cards.
Talk to the agent first, let her know that you have issues.
If you are now serious about buying, get preapproved for a mortgage, give her the preapproval and let her know you are ready to stop shopping and acutally buy. In the end, if you aren't happy with the agent, get another agent but since she's patiently worked hard to send you information for two years, why not just give it chance.
I don't think any buyer working with an agent who in the end really works for the seller should divulge that info. The part of the property Virgin's show where the virgins tell the agent all about their budget and financing they qualify for is a BAD STRATEGY for a buyer if they want to get the best deal they can. Instead they should give the agent an idea such as a range but certainly don't divulge all your cards.
I don't think you aren't working with agents that are a good fit for you. I don't think I have ever had a client spend to their max preapproval. If not disclosing your personal financial status is your strategy that is fine, but many buyers need a lot of help crunching the numbers. You can't help them crunch the numbers if you don't know what you are working with. You have to remember that not everyone does things like you.
Second, legally the buyer agent is paid by the listing agent and not the seller. If you have concerns about representation and conflict because of that, then you can always pay a buyer agent directly. Typically what I see is buyer's complain about how agents are paid, but then aren't willing to pay money out themselves, BUT they still want to use a buyer agent.
As MsFancyPants said if you are doing all of your own work, then why not just represent yourself. I don't understand why you are working with an agent you are dissatisfied with.
Also, buyer's agents typically don't know the reason why sellers are selling. Some listing agents will divulge that information and some won't.
Been following this for awhile and I have got to ask and will probably get slammed but....WHY in the world would it take 2 yrs to find a house? And I have to say I would not tie up an agents time and expect them to be "jumpin" at every call after that much time, I would expect them to be with a serious buyer instead of chauffeuring me around to look. The other question is how can anyone look at a 100 houses and not find one?
To make an anology with the insurance industry. It sounds like this agent and most average agents aren't very good problem solvers and just do what their clients ask. They show them different houses and let them PICK one just the way a mediocre health insurance agent will show their client a spread sheet of different health insurance plans and let them "Pick" one.
Instead what they SHOULD be doing if they were GOOD agents is showing the client why one is a better value over another and how the plans will work in different scenarios( ie. how co-pay plans are over priced and will cost them MORE money the sicker they get (and the more and more Rx co-pays they have to lay out every month) vs a plan with no co-pays and a high deductible which is actually much lower than what Rx co-pays would add up to --- if someone needed to be on 10 of the most expensive Rxs let's say ---and guide them towards the better value plan (or at least point out the risks and short comings of the others). At least that is what I do.
You aren't being a very helpful or consultative professional if all you do is let your client "pick" something.
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