Home Buying in 07663>Question Details

Rosaria, Home Buyer in New Jersey

in the real estate market , How many agents may you use to purchase a home?

Asked by Rosaria, New Jersey Sun Mar 2, 2008

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Rosaria...

Heather is correct. You "may" work with as many agents as you like... however, agents, just like anybody else, appreciate loyalty as much as the next person. If they believe that you're working with any and all agents out there, they're less likely to work hard for you, because they don't believe their efforts will be appreciated, and they doubt they'll be paid for their time. When you work with lots of agents, it's just pot-luck as to which one gets lucky, and that's not an efficient use of the agent's time.

If, you work with 1 agent, that agent will give you his/her loyalty too, and will work very hard to find you the property that you're looking for, and help you negotiate the best deal.

That doesn't mean you can't "play the field" with a few different agents at the beginning, to see which one you fit best with, and who's personality best meshes with yours. But once you figure that out, do yourself and the agent a favor, and choose one. Be unfront with them at the beginning, and tell them that you're working with several agents, and you'll narrow it down to one in a short period. They'll work very hard to make sure you're pleased, and you pick them.

Good luck.
4 votes Thank Flag Link Sun Mar 2, 2008
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Rosaria,
You have asked a great question! Typically a buyer works with one agent. Elvis brought up some very good points about buyer loyalty and agent responsibilities. It is good to interview more than one agent if you want to. You will get better service and an agent that will fight harder for you should you have an unforseen snag in the deal if you have been loyal to one agent. Good Luck with your process. I am curious about the question. Is there more to the story?
2 votes Thank Flag Link Sun Mar 2, 2008
Hi Rosaria,
If you are looking to purchase a home the best thing to do is interview a few agents and pick 1 buyers agent. If you stick with 1 agent, that you like, they will work hard for you and help you find a great house. If you have any additional questions feel free to contact me. Thanks.
2 votes Thank Flag Link Sun Mar 2, 2008
Sonal,

This is completely and utterly wrong. If you contact the listing agent you are condemning yourself to a dual agency, where the listing agent now attempts to represent BOTH sides of the transaction. This is a terrible deal for you and will result in you overpaying for the house.

An ethical listing agent EXPECTS to receive half the commission. An ethical listing agent is HAPPY just to sell the house.

Dual agency is ILLEGAL in many states, and should be in New Jersey, but it is not. Hopefully someday it will be.

I personally PREFER a separate buyers agent and PREFER not to engage in dual agency. I am happy to split the commission and I want both sides to have their own independent representation.

Last week a very nice family came to one of my open houses and expressed interest in making an offer. I explained to them that they would be making a mistake by making the offer through me and I offered to refer them to another agency so that they would have their own representation. I don't want two commissions, one is plenty. What I do want is future referrals, and that comes from representing each of my clients fairly and honestly. Dual agency to me is an ethical violation regardless of New Jersey's incorrect agency laws.
Web Reference: http://www.marcpaolella.com
1 vote Thank Flag Link Tue Mar 11, 2008
Hi Rosaria,

Pick a good agent and stick with him or her as long as they are doing a great job.

What you do not want to do is call the agent listed on the yard sign if you want to view the home. That puts you into a dual agency situation, which is a very bad deal for you.

Most buyers don't realize that calling the agent listed on the yard sign is a big mistake.

If you have any further questions, contact me via my website. Good luck!

-Marc
Web Reference: http://www.marcpaolella.com
1 vote Thank Flag Link Mon Mar 3, 2008
As a longtime real estate agent, I can tell you that I work hard for customers who work steadily with me and whom I feel are loyal to me. I always try to be respectful of other people's clients, esp. when they send them to my public open houses. (If they aren't free to accompany them or are running their oen open houses at the same time, it is common practice to encourage clients to see a home they have previously sent them -- usually calling the agent in advance, but not always...) The only exception I see to this arrangement, from my point of view, is if the buyer is not entirely enamored of the agent or feels the agent is not in constant contact with them or the agent is insisting on showing them houses outside their price range. In addition, if the buyer is looking in several different counties or different areas, they sometimes use a different agent for each town or part of the county they specialize in. Bottom line? Agents are all scrambling for your business, and you will find that the more agents you contact, the more they will show you some of the same properties, overlapping as it were -- which will be both a waste of your time and theirs. Keep track of what you have seen, and stick with the agent who seems to have your vision and will work hard for you.
1 vote Thank Flag Link Sun Mar 2, 2008
Hi, You can use as many as you like but in order to get 1090% attention and service from an agent their should be some loyalty there. As agents we put alot of time and effort into our clients, so in order for me to give you 100% I would need you to meet me halfway and work with me exclusively. Agents have access to the same info so try to find one that you feel is a good fit.

Chris
0 votes Thank Flag Link Sat Jan 14, 2012
Ask around. You have trusted friends and associates. It is really best to establish a relationship with an Agent you have grown to trust. This Agent will work hard for you. If you are on an Agent's "A" list of clients, you will get the best possible service.
0 votes Thank Flag Link Sat Jan 14, 2012
If you buy from the agent that has the sign in the yard, they've promised to get the seller the "best possible price". If you locate a Realtor that has you sign a disclosure that they are representing you, the buyer, then they are required to get YOU the "best possible price." Any agency other than buyer agency jeopardizes this promise on the part of "your" agent. Be careful with this- listing agents are often "really nice" to prospective buyers- in facilitating your deal, whether by representing the seller, or providing dual agency (an impossibility, IMO- it is not possible to provide the "best possible price" to both) you run the risk of paying too much. Look at homes with a few buyer brokers, and decide which agent clearly demonstrates an understanding of the importance in obtaining the best price for YOU. You will be required to sign an agency disclosure form upon your first substantive meeting with the agent- make sure the box with "buyer agency" is checked. Good luck!
Web Reference: http://optionsrealty.com
0 votes Thank Flag Link Tue Mar 18, 2008
In your beginning stages of looking for a home, you may also be looking for an agent. Let the agents that you meet know that you are currently searching for your buyer agent, and have not yet made a decision. You will have some ties to a specific agent for properties that agent has shown you. If you find that an agent showed you a property and you really don't want that agent to represent you, find a different agent and explain the situaiton. The replacement agent will try to work out a shared commission arrangement.

Once you interact w/ a handful of agents, you will find that you have confidence in some more than others. Ask lots of questions about the properties, the area, trends, how many properties sold recently, how many properties are on the market, the average time a property is on the market before it sells, typical selling prices, etc. These question will engage you and the agent in conversation that will reveal how well they know and understand the market.
0 votes Thank Flag Link Tue Mar 18, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Hi all:
What are the benefits of having the buyer agent , who will work hard. As a first time buyer, i do not know the questions required to ask the agent. I expect a lot of proactive help from the agent. Will be of help as i am eagerly looking out for a house with an agent and am frustrated because of lack of experience. Most of education from the net. Thanks
0 votes Thank Flag Link Mon Mar 17, 2008
Rosario,

I have some reservations about having 1 buyers agent. Many times from my experience, it is much benefical to contact the listing agent directly because this way she won't have to split the comission with another broker and hence, will be more eager to close the deal. However, this may not be true for listing agents that are extremely loyal and close to their clients.

From my experience I have missed out couple of houses simply b/c the listing agents were less eager to work with my agent as they would make less profit that way. In one story that I heard from a fellow agent, is that a listing agent failed to present another agent's offer to her client. There was a lawsuit and things later resolved. All I am trying to say is that not all is black and white. There are gray areas also.
0 votes Thank Flag Link Tue Mar 11, 2008
Rosaria,

Using an agent is great... eveyone here is correct in what they are saying... but it is not required. There are many FSBO (For Sale By Owner) properties that are listed at a fair price... when there is no agent commission to pay you get that savings... of course there are the "benefits" of using an agent, but you are paying the fee in the commission that the seller agrees to pay them in setting the asking price.

I am an investor and sell properties myself - no agent commissions... if you are looking in the Freehold area, send me an email and we can go from there. lisa@lmspropertiesgroup.com
0 votes Thank Flag Link Tue Mar 4, 2008
I have a friend told me he was planning to buy a $700,000 house this coming Spring at 5 possible towns, including Basking Ridge, Bridgewater, Edison, New Providence, and Watchung. But the problem is that his realtor is NOT familiar with these towns, although his realtor is a very nice person and very professional, and he got lots of good referrals from his friends.

Eventually, his realtor got too tired of running around showing so many houses that did not match, so, told him and his wife. "Why don't you go out to find a house you like, and once you found one, let me know, and I will help you make an offer..."

So, from then on, every house they want to see, they called me to go with them to give them advice, and I quickly identify that they should buy a house at Warren call Rolling Hills, and they love two houses very much they saw in the open house, but one was too late that their $700k offer was not accept, another competitor got it for $715k. That's 10 Spruce Ln Warren NJ 07093.

Then, their another offer was getting stuck with this wonderful house at 19 Primrose Ln Warren NJ 07093, why? because they made an offer with the realtor who the listing agent assigned to show them the house when they call the sign to see, and then later their original realtor found out and came to them to say they did not have loyalty. So, it is hard for them do. Their orinial realtor is not familiar with Warren, and they like Warren house they saw. Especially, these community is near Dunellen Train Stn and can walk to wonderful Warren Library, tennis courts, baseball courts, community swimming pools ...etc.

So, now they got stuck because they could not proceed to buy this house they like but have to go see another houses that their original realtors eager to show them, after finding out that Warren is now best for them. However, the other house is vacant and the seller is eager to sell them, and they like it very much, but then they would not return the phone calls of the agent who showed them the house and made an offer for them.

Now they still continue that house hunting process in Warren area and other 5 towns, not yet found something matched, whereas, the best matched house is vacant, and the negotiation kind of pending, for that stupid so-called "loyalty" issue.

I asked him, "Hey! you are buying a house, NOT marrying a realtor, are you? So, to certain extend, there are hundreds of buyers out there, they are so eager to buy, but they got stuck by these "realtor loyalty" maze.

So, don't get into that kind of silly trap. The best way to buy is to go out to see Open House, go to see 3 to 5 houses each Sunday afternoon, and you will see lots of nice properties, and you will meet lots of realtors that do not emphasize on "loyalty", but services.

I have found almost all listing agents are generous to answer your questions, not to trap you with loyalty or other nonsense, and that leads me to believe a successful realtor would consitently provide great service, not trying to trap any buyers into loyalty like my friend mentioned above, they are still not find something match, the matched house they now made guilty feeling to persue.

I just saw in the news that the ex Secretary of Bill Clinton's Government told the reporter that now he decides to support Obama. He said loyal to Bill Clinton does not necessarily mean to loyal his wife. He is honest to his judgment that he needs to select the best candidate he believe to be the President of the US, not because of "so-called loyalty" to particular person. (again, I gave my vote to Hillery when in NJ, and Hillery got 10% leads in NJ primary). But, I would not hesitate to give Obama a vote should he won the Democratic Primary. Everyone needs to be smart enough to be able to adjust toward something working or even the best, NOT got stuck to someone not able to do the job.

So, here are my advise, give each realtor an equal chance or opportunities to do business with you by giving them just TWO weeks of time. If they show you the houses for two weekends, and you still do not see any houses you like and willing to make offer, then you can change another realtor. Why? you do NOT want to go out with a realtor for dozens of weekends, eventually, the realtor still can not find you a match, and later you feel owe the realtor something.

On the other hand, I have found top realtors like Ching who won Gold Medal of MLS in 2006 and now in 2007. She would just show any buyer ONCE. After she showed you a few houses in one weekend, you do NOT make offer, she would move on and tell you she going back to Taiwan for vacation and cut you off.

So, the answer to your question is ONE, but until the one who show you the matched house, you would not know which one is that realtor. Just like how many husband a girl can marry? ONE, but they she may go out with many handsome boys till really find one that match, so do not go out more than twice with some men you know not matched.
0 votes Thank Flag Link Mon Mar 3, 2008
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