How do you hire a seasoned buyer's agent that has your best interest on his/her side?

Asked by Kevin, Chicago, IL Wed Oct 26, 2011

I recently went through a buyer's agent that promises a 25% commission rebate. He was ok with showing me the properties that I wanted to see. However, what annoyed me was his total disbelief in my position as a cash buyer, as well as his aggressive push to have me make full listing price offers. Specifically, I am a cash buyer. The first time I met with this agent, he promptly dismissed my position as an advantage. According to him, a cash buyer has no advantage compared to any qualified buyer. Secondly, he's very aggressive in terms of having me submit a full time offer, and constantly reminded me how dismal my chances would be if I had not.

Is this normal or it's just me? And how to hire a REAL agent that has your best interest on his/her side?

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Answers

40
Gary Hitchco…, Agent, Coral Springs, FL
Tue Jan 31, 2012
He is partially correct, cash is not always king. The bottom line is this and I see this every day from buyer's agents on my listings. You can't make up offers, you have to have them show you the comps and make offers based on the comps. I see buyer's agents allow buyers to throw mud against the wall and see if it sticks. Secondly, once the property has been lowered to the comps, then a full price offer is in order or you are wasting your time and a bunch of other peoples time. A commission rebate ? If an agent doesn't value their worth, then they probably aren't very good!
2 votes
Donald Reich, , Larchmont, NY
Tue Jan 31, 2012
To Michael Estes, nice shameless promotion of your business!
2 votes
Mack McCoy, Agent, Seattle, WA
Wed Oct 26, 2011
- Just because someone wants to or is able to share their commission by giving you a rebate, does not mean you are getting less care or service!

No, of course not. And yet, nobody really believes it, do they? Who goes into Daffy's expecting the same care and service that they receive at Bergdorf's?

Goodness knows that we recognize that there are all sorts of business models out there, regardless of what the FTC thinks. But at the end of the day, the real estate agent is (usually) an independent contractor that has to earn money by brokering real estate, meaning - they need to have transactions close. And if they don't have enough, then, they go out of business.

I'm thinking that an agent offering a 25% commission rebate figures that they'll see more than a 20% increase in business, because 20% is the break-even point - five discounted commissions pay the same as four full-priced ones. So you're setting yourself up for 20% more work - do you have the capacity, or do you have to become "more efficient?"

If you have the capacity, then, maybe it will work out for the client. If you need to be "more efficient," well, what does that mean to the client? Well, I think it means, you want to buy property, I'll help you BUY property. You want to shop and "make offers," well, that's another story.
2 votes
Joe Zekas, Other Pro, Chicago, IL
Sun Feb 5, 2012
Kevin,

If I were looking for a real estate agent to represent me in a new area I would insist on someone who had been full-time in the business for at least 10 years, who lived in the area I was interested in buying in and who had successfully concluded at least 100 transactions representing buyers in my target area.

I'd want someone affiliated with a large office of a major brand - lots of info on deals coming to market flows at sales meetings of those offices, and their buyers often get early access to the best-priced deals.

Experience, local knowledge and connections matter a great deal.

I'd interview two or three agents who met those qualifications.
Web Reference:  http://yochicago.com
1 vote
John Potter, , Cook County, IL
Sat Nov 5, 2011
Are you really a 100% cash buyer or are you one that says you are and then at the ninth hour invokes financing. Since that is a typical strategy by a lot of cash buyers just to attempt to reduce the sale price and make cash buyers offer look better.

Do not be offended by this comment. That is just from experience with no history of your specific purchases and integrity.
1 vote
John Armstro…, Agent, Bloomington, IL
Wed Nov 2, 2011
It sounds like he doesnt have your best interest. I would not advise you to make a full price offer unless the property was a steal and was concerned more offers would follow. Cash is king. I have been burned too many times by lenders/ appraisers not allowing deals to close. Cash is a HUGE advantage in a competitive bid situation.
1 vote
Kevin, Home Buyer, Chicago, IL
Thu Oct 27, 2011
@ Terry: I did not ask for a rebate. It was a given. It's standard practice of the agent's agency to hand out rebates. The agency promises full service at discounted price.
1 vote
Seth Captain, Agent, Chicago, IL
Thu Oct 27, 2011
It's amazing how much difficulty home buyers have in choosing a real estate professional. Yes, the odds are against you when a disproportionate amount of realtors would have trouble passing the GED, not to mention a lie detector test. However, this should be no excuse from choosing a buyer's agent the same way you should choose any other professional whose service you require: character, testimonials, character, testimonials, and keep repeating.

If you only went with this buyer's agent because of his rebate offer, and then immediately noticed his incompatible ways, then you only have yourself to blame. There are plenty of solid buyer's agents who don't come across annoying, force you to offer full price bids or doubt your sincerity.

Would you endure a massage with somebody who caused you more pain than relief just because you had a coupon? Would you hire a plumber simply due to his 50% yellow pages coupon even though he showed up to your house 2 days after he promised tracking mud through the door and leaving your bathroom in disarray? Would you send money to a Nigerian who promised you $500,000 if you could only manage to wire him a thousand dollars immediately?

Common sense is free to all those who apply.
1 vote
Dan Tabit, Agent, Issaquah, WA
Wed Oct 26, 2011
@Jolie,
I am very careful to state that not all rebate or discount agents are bad. I just believe that if that is the main selling point there can be problems. If I elect to surrender 1/4 of my pay, I have to do more business to earn the same income. In the case of the agent involved in Kevin's situation, he was dissatisfied with the service and the pressure to write full price offers. A non-rebate agent may not be any better, so I don't believe as many write, "You get what you pay for." In fact too many agents charge high commissions and deliver lousy service, so buyers frustrated with this turn to other models hoping to get a better value.
My consistant advice is to find the best agent available and if that agent happens to offer a rebate or discount model, all the better. But don't think that just because you are charged less you get a better deal.
1 vote
Lew Corcoran, Agent, Easton, MA
Wed Oct 26, 2011
As is always the case, in any market, and with any product or service, "you get what you pay for."

This agent won you over because he offered you a 25% rebate on his commission. Because he's going to take a 'cut in pay," he's going to offer you 'discount' services. He's not going to take the time to fully review your situation, and he's not going to take the time to help you formulate a plan on making offers.

You should look for a new real estate agent who will take the time to answer your questions, review your situation, and help you find the property you want and need.
Web Reference:  http://LewCorcoran.com
1 vote
Dan Tabit, Agent, Issaquah, WA
Wed Oct 26, 2011
Kevin,
If you selected this agent due to their pricing, you now may understand why not all agents select this model. For a volume strategy to work, you must do more business. Some of these agents don't want to fool around doing research or making offers. While this may not be true of all rebate agents, it apparently was for this one.
Are there times when a full price or even higher is needed, absolutely, but this agent didn't seem to persuade you. To use this agent to write a lower offer, doesn't seem to be wise based on their negotiating skills.
My consistent advice is to find a good, experienced knowledgeable local agent who will put your needs first. Someone who will present you with the data to back up their pricing recommendations so you can be on the same team. If the home is overpriced, a low offer may make sense. If underpriced, list may not be high enough. The only way to determine who accurately priced a home is, is to do the research. If the best agent also does some form of rebate pricing, good for you. I wouldn’t put this on the top of my list however. A good negotiator will save you more than the rebate.
As far as cash goes, it can be an advantage, but doesn't automatically result in a huge discount. Cash removes the concern that the financing may run into trouble and will allow you to close more quickly. To the seller's, all offers result in a cash out, as they are not the ones providing financing for the buyer, but with so many lenders being so difficult right now Cash is an advantage.
Find a new agent who listens to you and persuades you they are qualified and competent. If you need a referal, let anyone of us know. Interview the agents, read their blogs hear and elsewhere and get a sense of who they are. Ask for their recent track record of sales. There are good agents out there.
1 vote
Andy Ogorzaly, Agent, Chicago, IL
Fri Jun 7, 2013
Everything he/she recommends should be supported by data. He should show you the closed comps, local market data, and find out as much about the history of the listing you want to offer on as possible. Each listing is different, so sometimes it requires going in at asking price, but you should try to avoid it unless you have to. And since you won't have an appraisal done, it is even more important that your agent does his research..

Ask yourself... would you rather have discounted service or a discounted purchase price? An agent that does their research could probably save you thousands more than their 25% rebate.
0 votes
Deborah Smith, Agent, Oak Forest, IL
Thu Jun 6, 2013
Obtain referrals from your relatives, friends, banker, or attorney that have worked with realtors and were pleased with their handling of their property. In Interviewing realtors, ask questions and obtain references from their past clients. Some important issues would be are they full time, how much experience in negotiating your offer and most important stress that you are the buyer and if they are going follow your directions and wishes in handling your purchase.
0 votes
Tim Page, , 99037
Thu Apr 26, 2012
You may be able to find a real estate consultant to help you before you buy. They will be able to review comparable sales and determine if you are, in fact, getting a good price for the home you’d like to purchase. While the Realtor should be able to help you with this, sometimes, it is nice to get a non-bias opinion. I’ve seen many cases when a buyer would have been better off doing this than listening to the Realtor. That said, I’ve seen many brilliant Realtors that are excellent at determining home value and negotiating for you. Just remember, it never hurts to get a second opinion.
0 votes
Andy Ogorzaly, Agent, Chicago, IL
Thu Apr 26, 2012
Yikes, find the closest EXIT! Cash buyers can make a transaction close 1-3 months sooner, which means the seller is avoiding a huge carrying cost. SS's, foreclosures and traditional sellers LOVE cash buyers. Also, YOU the client are the one in charge of the offer price. Your agent can help you select that number, but he/she should never be pushy about it. It's your money, not mine.

An agent on your side should respond to your requests in a timely manner, help you find properties you couldn't find on your own, and should help you come up with an offer based on recent market data and what you feel comfortable with. Plus your agent should be a resource and advocate throughout the entire transaction to make sure you are protected.
0 votes
Michael Vrie…, Agent, Chicago, IL
Thu Feb 9, 2012
Hi Kevin -- Some great answers and advice from others below.

Your cash position is certainly an advantage against financed buyers -- though many non-warrantable condo buildings or distressed homes can only sell to cash-only buyers, so you might be comparing against other identical sales. I try to provide my clients with complete market spreadsheets by property type and financing type to help them evaluate the market they are offering in -- you should ask your agent to generate this. (See Web Reference as an example)

Market leading rebates and extremely high quality service are not impossible to find for Chicago area purchases. I've built a business around it.

Good luck to you, hopefully you've already acquired a great cash purchase!
Web Reference:  http://bit.ly/yHFvGB
0 votes
B, , Greenvale, NY
Sun Feb 5, 2012
First, you need to have confidence in the agent you are working with. Cash is king if you prove that you are able to be a cash buyer. Provide proof of funds. When working with a buyer agent they are supposed to have your best interest in mind. They should provide you with comparable properties to support the full price offers they are recommending. I have had 2 properties sell for above asking for cash recently as the homes were priced at market! That is when you will need to pay cash if you want the property. You are competing with investors in this market so unless you are one also you will be at a disadvantage as to your knowledge of the market value of properties. Find an agent that you trust and feel that will do yo justice. I don't believe in commission rebates. I believe in providing top notch service and information. Good luck.
0 votes
Synthia Noble, Agent, New Lenox, IL
Sat Feb 4, 2012
To answer your question directly - how to find a great buyer's agent. Best way is to ask around and get referrals from people you know and trust. Then ask a few of these agents to meet with you, perhaps over coffee. You can imagine hiring an agent as an interview for hiring an employee. you want to find out their qualifications and find out if you would be a good fit to work together. You can also find agents on websites like Trulia.
When talking to prospects, ask the agents about their years of experience, are they full time, do they work mostly with buyers or sellers, do they know the area you want to consider, ask to speak to a few of their clients.

Buying real estate is a huge investment, you want the best team working with you, take time and effort to find the best fit.

FYI, cash buyer's obviously have an advantage, but you do need to provide proof of funds to support any offer. In this market I can't imagine discounting my commission.
0 votes
Stephanie K, Agent, San Antonio, TX
Sat Feb 4, 2012
1. Asking for a verification of funds is not unusual. The sellers will usually want to see it, especially if the listing agent is worth their salt.
2. Offering a buyers rebate doesn't mean the agent is good or bad, nor does it show their level of "seasoning". It just means they are willing to work for less. Agents "give away" money all the time to relocation companies, in the form of referrals from other agents and everbody accepts that as being ok - but offering a rebate is shady. I don't get it, but I don't get the perception that we are next to used car dealers either. I've even known some good used car dealers, but I ramble.

Your best bet is to ask friends and trusted advisors for the names of agents that they have used. Do your own due diligence and ask your agent for their statistics, not only how long they have been in the business, but are they full time? What are their statistics? Do they have any designations or additional training so that they are educated in how to really serve a buyer. What are their policies in working with a buyer? What more will they do for you other than opening the door?

He may or may not have been justified in suggesting that you make a full price offer. That depends on the comps. Sometimes you need to go over asking price. You should be shown the reasoning behind the suggestion.

In the San Antonio market, cash makes a slight difference to everybody in closing costs and possibly a quicker close, but the terms of an offer with 3rd party financing may be superior based on the other terms of the offer.
Your cash is more than trash, but the proof is in the pudding. If you don't give a seller the proof that you are a legitimate buyer with verifiable funds, he may be afraid of your offer.

Good luck! I hope you are able to work this out.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Sat Feb 4, 2012
Kevin,

First thing is walk away from that knuclehead. The second is you need to understand that only weak agents offer commission rebates. Let's be honest when their not able to make it because they have something to really offer (experience, knowledge, etc) the only thing they can do is offer to cut their commission. Great agents simply don't do this.

I've attached a link to a somewhat recent blog I posted here on Trulia that offers advice to Buyers like yourself on how to find a great buyer broker. I hope you find it helpful and wish you the best of luck.
0 votes
Gary Geer, Agent, Antioch, IL
Fri Feb 3, 2012
Kevin,
The first step to being a good buyers agent is to listen to your buyer and learn. The first step to being a good buyer is to listen to your agent and learn. In our business communication is king. Sometimes we have opinions that get in the way. Your agent is correct that cash offers don't always make the difference, but sometimes it does. Your agent should be asking questions and getting answers from you and from the seller or the seller's agent (if the seller is represented by an agent). These questions should be designed to help you understand the seller's position so your offer can be configured (if possible) to meet the seller's needs and yours. Understanding the seller's position is key to getting your offer accepted. If the chemistry between you and your agent is not going to work, then ask to be be released from any buyers agent agreement and find an agent who will listen to your needs and respond back to you, putting everything in perspective. A 25% commission rebate is great, but means nothing if you don't have a deal.

All the best,

Gary Geer

http://www.GaryGeer.com
0 votes
Victoria Com…, Agent, Clarkston, MI
Wed Feb 1, 2012
Hi Kevin, I just found your question and would like to put my own input in. Here in Michigan, in the Oakland County and surrounding areas, we ask for Proof of Funds documents or preapproval letters from the lenders. It ensures the buyer has the funds and allows the buyer's agent to negotiate the best deal. Homes are generally priced based on location, square foot pricing, size and type of lot/acreage, out buildings, and amenities specific to a home if relevant. A buyer's agent can run a CMA (Comparable Market Analysis) to let you know what other homes in the area are selling at within the last few months. It doesn't always mean the seller would be willing to sell for this price but it is where a buyers agent starts to determine basic value for a property. All properties in the CMA are then reviewed to determine the differences. A buyers agent begins negotiations as soon as you are interested in a specific property, especially if it is overpriced for the current market. It is important to look at the comparables which will give you an range price to work with, find out if there are any other offers and then determine what would be your best offer. A property with no other buyers gives you the advantage, especially cash... If there are other buyers you must offer what you would like preferraby within the comparables to what you think the home is worth to you not to lose. There is no way to determine what the other offers are. Sometimes we might find out the offers are over list price and then really have to think about whether we should offer. Don't get attached before you own the home. When a property goes to highest and best, generally 3 or more offers again you look at the comparables offer what you feel comfortable with and then move on if you don't get it. Fnd an agent who works with the comparables. You analyze the comparables with the agent and you determine the amount of the offer based on the advise of your agent. I truly work hard to ensure the buyer offers based on what they can afford (according to them, not always what the bank allows), what the value of the home is on the day, and what I hope the seller will accept and days on market can be a consideration. As well as seller knowledge and what we can find out about the need to sell. Many factors play in to making an offer. So when you call an agent or they call you, just ask how they determine what to offer on a property. If it is a long drawn out discussion, you have propbably found your agent. I hope you are happy with your home.










jak
0 votes
Susi Yarbrou…, Agent, ALPHARETTA, GA
Mon Jan 30, 2012
I would get a personal referral on an agent/broker that a friend/family has used. There are many fabulous agents out there...don't 'settle!
Susi Yarbrough
Broker/Owner
OpenHouseAtlanta Realty
770-598-6057
0 votes
Jim McCowan, Agent, Arlington, VA
Sun Jan 29, 2012
One bad apple doesn't spoil the whole bunch! Talk to friends and get some recommendations on realtors that had positive experiences.
Web Reference:  http://www.JimMcCowan.com
0 votes
John Potter, , Cook County, IL
Sun Jan 29, 2012
Most agents realize it is a closed sale that pays commissions. When an agent looks at the difference in say the amount of commissions based on list price versus a contract price the difference is usually negligible.
The most important is an accepted offer that closes.

Not really sure what you mean when you say a REAL agent that has your best interest on his/her side. That can be viewed in at least 496 different directions. Since your best interest could be up or down, side to side, or front to back! And then what is perceived to be your best interest from the start can change down the road.
0 votes
Donald Reich, , Larchmont, NY
Sat Jan 28, 2012
I know I answered this one before, but I have to add . . . .

Remember that a buyer's broker, just like a seller's agent, is a commission salesman. He only gets paid if you do a deal. The more you pay for the house, the more money he earns. It is in the buyer's agent's best interest for you to close quickly, and pay as much as possible for your home.

Regardless of what type of an agent you use, hire a good lawyer, and . . . . BUYER BEWARE!!
0 votes
Danny Lewis, Agent, Chicago, IL
Sat Jan 28, 2012
There are so many different ways to find out about agents in the Chicagoland area. I see ads online, in flyer form and in signage everywhere I go. That's great and all, but are these agents looking out for your best interest?

The most tried and true way to find a quality agent is still the same way it was when the whole agency concept began: referrals. There's no better way to find a quality agent then to work with a satisfied client from the agent's past. If someone you trust tells you to trust your most valuable asset with another person, the agent must be doing something right!
0 votes
Terri Vellios, Agent, Campbell, CA
Sat Nov 5, 2011
The question I have of you would be the type of properties you are offering on. If they are priced AT market value and ones which would have competition, then a full price offer may be to your best interest. Just because you are paying cash it doesn't mean the seller is willing to leave money on the table.

A Buyer's agent should review your goal with you, are you intending to purchase below market on hot properties? And at what % below market would that offer start?
Have you provided proof of funds to close and submitted along with your offer?
Are your contingencies and time lines reasonable?
A comparable market analysis should be prepared for the home and presented to you.

Although many buyers believe CASH is King, I say knowledge is KING. When a buyer is well informed and they are competing with financed offer and then write a competitive offer with cash, then they have the opportunity to get that offer.

If you are not satisfied with your agent, explain to your agent and see if you two can work it out. If not have the same conversation with the next agent you select.

All the best to you.
Web Reference:  http://www.terrivellios.com
0 votes
Amy Stanley, Agent, Manassas, VA
Thu Nov 3, 2011
But from what I was reading from your comment, it sounds like you might be over paying for some of these properties. Cash is very competitive with financed offers. I just think he is just trying to get you a rebate off of the total purchase price so that he gets a decent commission. But you get what you pay for. In the end, its your money you dictate how you spend it. The agent is supposed help you get through the transaction smoothly and look out for your best interest. Hope that helps. Good luck...
0 votes
J, Agent, Greensboro, NC
Thu Nov 3, 2011
I read similar situations on Trulia all the time. The best way to find the right agent for you is to speak with several agents and weed out those who are not a good match. Too often seller's and buyer's get hooked up with the wrong agents. Purchasing a home is important enough to take time and locate an agent that truly has your best interest in mind. Even getting a referral from a friend or family member may not be a good match for you. Most importantly, please do not obligate yourself and your time to somebody if it does not feel right----#1 mistake.

Your experience should be positive and educational, not leaving you feeling fraustrated and unhappy. Good luck to you!
0 votes
Linda Walters, Agent, Wayne, PA
Thu Nov 3, 2011
This is a not a good fit and brings out the point that just getting some cash back may not be in your overall best interest. If you get $2,000 back but you over-pay, you are not ahead. Better to interview some agents who specialize in buyers (look for the ABR designation) or try to find an exclusive buyer agent (one who works for a company that does not take listings). If you have a good agent, you will be educated when you make an offer sot hat you agree with the worth of the house and it is merely a matter of technique as to how you get the best deal. Using your cash advantage is the first things I would do. But I would not low ball sellers. That puts them on the defensive and makes the rest of the transaction costly. Best of luck to you.
Web Reference:  http://www.FindAHomeinPA.com
0 votes
Phyllis Stel…, Agent, Chicago, IL
Mon Oct 31, 2011
Hi Kevin,

Interviewing agents is the best way to find the right buyer's agent for you. An agent should meet with you at the beginning and while it is important to get to know one another, be sure you are taken through the process so you understand exactly what will be expected of you and when. That way, there should be no surprises later.

With that said, as a cash buyer in the City, you will still be expected to provide verifiable "proof of funds" to prove your position, just as a non-cash buyer would be expected to provide a pre-approval letter to prove their position.

As buyer's agents, our legal, fiduciary duties are to our buyers. As about an Exclusive Buyer-Broker Agreement between you and your agent so you have a contract outlining your agent's obligations and duties.

I do specialize in real estate in Lincoln Park. Please feel free to reach out if I can help you.

Phyllis Stellato
@properties
0 votes
Donald Reich, , Larchmont, NY
Thu Oct 27, 2011
Getting a rebate on the commission is nice, but is it really worth it if the agent is no good, and does not properly represent you?

Have you friends who have bought in the area refer to a broker. Look at different broker's websites (look at mine http://www.reichrealestate.com ) Has your broker sold many homes in this area? Will they help you look at comps, or do they just want a quick sale and quick commission?
0 votes
Terry Bell, Agent, Santa Rosa, CA
Thu Oct 27, 2011
Hummmm, well Kevin, I guess what you should think about is what type of agent would want to work for an agency that automatically cuts their commission, unless of course, it is because they receive solid leads. But I don't really know anyone in my office that works as hard as we do, wanting to work for less money. You sound like an investor who wants to make money, but I truly believe that you should think about developing a good team with a lender, experienced realtor and inspector, and all enjoy success together! The fact of your inability to understand his methodology suggests that you need someone who can communicate better with you. I would consider rebating some of my commission, if the other agent is also willing to do the same the make the numbers work to close a deal. But I think it should be my decision not my broker's.
0 votes
Anna Campbell, , Pleasanton, CA
Wed Oct 26, 2011
I would suggest meeting local agents and seeing if you have a connection. Working with someone that has your best interest in mind, also means that you are thinking about them as well. You will be working as a team and if you are expecting your agent to committ to working with you, then you should committ to working with them.

I often wonder why it seems so absurd to ask a buyer or seller to share a portion of their salary with a real estate agent, and it doesn't seem so absurd to ask a real estate agent to share a portion of their commission (which they only receive once the transaction is complete). For many hard working real estate agents, their commission is equal to less than $1 an hour when the transaction is finally complete.

I strongly believe, you do get what you pay for. In California, the seller pays the commission for both listing agent and buyers agent. If your buyers agent is giving you money back? Then what are they not doing in place of the money they are losing by working with you?

This of course is my own opinion.
0 votes
Terry Bell, Agent, Santa Rosa, CA
Wed Oct 26, 2011
By asking for a rebate you are putting the agent into a conflict of interest situation, as the agent would certainly want to have you pay a higher price so that the commission will be larger! Any why a Buyer's agent? Lots of us regular agents have plenty of integity to go around! Why don't you have some different agents show you around and have an opportunity to listen what the agents have to say before you start negotiating with them. If you gave it a chance to develop a working relationship with an agent, you might just find out that they are worth their full commission. Best, Terry Bell, Realtor, Santa Rosa, CA
0 votes
Jolie Muss, , Upper West Side, New York, NY
Wed Oct 26, 2011
Kevin- I have to answer Lew and Dan! Just because someone wants to or is able to share their commission by giving you a rebate, does not mean you are getting less care or service! If they are an exclusive buyer's broker, who doesn't list properties, they will actually have more focus, time and no conflict of interest because they are not representing any sellers, marketing properties, holding open house, staging and the many many things a competent listing/selling agent ought to be doing! So before signing a buyer agency and rebate agreement (listing?) spend some time with this agent broker, sit down and discuss you needs and wants and your financial qualifications, perhaps have them show you a few homes they have chosen at some open houses and by asking questions, find out if you are a good fit! Remember a buyers agent/broker loyalty is supposed to be only to the buyer! Please check out my blog for info from the US DOJ on "Competition in the Real Estate Industry" and links to their website
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Oct 26, 2011
If you don't have a signed agreement with your agent, you are free to work with whoever you wish. Interview in person a few agents, or as many as needed, from different realty companies, then choose the one you like best; choose your agent with care, not by rebates alone...
0 votes
Jolie Muss, , Upper West Side, New York, NY
Wed Oct 26, 2011
Kevin,
It doesn't sound as if this agent has your best interests at heart if they are pushing you to make full price offers (and an exclusive buyer's agent has a fiduciary duty to you-what form of agency did you agree to? Sounds like dual agency !) If you are bidding on properties in high demand making too low an offer could lose you the deal or possibly put the seller off- but all agent/brokers are required to submit all qualified offers to the sellers whether they are representing you or the seller..You might talk to this agent's broker and tell them you are not happy and perhaps they can assign you someone more in tune with you.
0 votes
Roger Roberge, Agent, Springfield, MA
Wed Oct 26, 2011
Interview a couple agents and explain what you're hoping to do. If you're trying to parlay your cash strength into a 5-10% discount off of retail market prices, find an agent who is confident in his/her ability to deliver.

At the end of the day, an agent rebating the commission to you is going to get paid less... and typically you get what you pay for.
0 votes
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