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Ask a Realtor anything

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  • #46
    Re: Ask a Realtor anything

    Would you sign a buyers rep agreement if you were buying a house?

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    • #47
      Re: Ask a Realtor anything

      Originally posted by bcampb00 View Post
      Would you sign a buyers rep agreement if you were buying a house?
      I'm pretty sure Dave and I are going to disagree on this point. He has stated before not to sign. I prefer my clients signs. Why? If I am going to dedicate and invest the time in them I don't need them running to a cousin or friend after I've done all the work and have that person put an offer in. (True story and sadly it was a freakin family member who pulled this nonsense on me).

      I've only had two clients not sign a buyer rep (so far) and one was the example above. The other was a nightmare of time and energy but they eventually signed as well.

      I ask my buyers to make a commitment to me just as I am making one to them. I have an out clause and I don't make the agreements long (only 3 months). If we are not getting along or its just not going to work out I am happy to release a client. (Hasn't happened yet).

      I also have it stated in my buyer rep that my buyer commission is 2.5 % or as listed on the mls and agreed upon so my buyers aren't out of pocket if a listing agent is cheap and pays the buyer agent less. (Or tries to charge the buyer agent a "marketing fee" out of the commission....) (Which if I recall was one of the issues Dave had with a buyer rep...that a client would be out of pocket if there was a differential)....

      I also don't whip out a buyer agreement right away but after looking at a few places yes, I ask my clients to sign. I've not had any issues. (Lesson learned, I will also not work directly wth family anymore. I will refer to another agent)

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      • #48
        Re: Ask a Realtor anything

        Dave, thanks for having started this thread. Your comments are very informative.
        This isn't a dress rehearsal. Enjoy yourself. There's no do-over.

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        • #49
          Re: Ask a Realtor anything

          Originally posted by ace in the hazard View Post
          Witness the ongoing fights with sites like HomesSold.
          I was getting sold data from Fraser Beach through their torealestatesold.com site and then it abruptly stopped last fall, after they got their wrist slapped. Just received an email from them this week with new sold info, so hopefully it's back up and running.

          It's quite obvious that TREB is trying to restrict the data because they know that controlling the MLS information will keep commission rates high. But the internet will always find a way.

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          • #50
            Re: Ask a Realtor anything

            Originally posted by mpare View Post
            Dave, thanks for having started this thread. Your comments are very informative.
            Also great to have Frorose on board always a good idea to have more than one opinion,
            plus the added benefit of the opposite sex's perspective to any given situation.
            Resolve to be tender with the young, compassionate with the aged, sympathetic with the striving, and tolerant with the weak and wrong, because sometime in your life, you will have been all of these. Dr. Robert H. Goddard




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            • #51
              Re: Ask a Realtor anything

              Dave, thanks for starting this thread as I'm sure you can see from the questions, we are happy it got started.

              My question is if a seller agrees on a 4.5% commission, what services should the seller expect from their agent in terms of marketing their home?

              Thanks.
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              • #52
                Re: Ask a Realtor anything

                Originally posted by bcampb00 View Post
                Would you sign a buyers rep agreement if you were buying a house?
                Not until I find the home I want and the term is only valid for the length of the conditions (if any).
                Let's say you walk into a Ford dealer and the salesperson says I'll be happy to show you some Fords but first you must sign here. It stipulates for a period of time that if you buy not only a Ford but any make from any dealer, you'll pay me the commission in the agreement. You'd walk away so fast your head would spin.
                I've become quite good at recognizing the buyer who works for the flavour of the day and isn't likely to have any loyalty to their agent and I let other agents waste their time on these unqualified buyers. Also when so much of your business is by referral, you are working with people who know your past history of service.
                To me an agent has to earn your respect before locking you in to a legally binding commitment.
                Funny story on this topic. I got a call from a Toronto Police officer who signed a 6 month buyer agreement. His agent essentially told him to find a home he wanted then tell him and he'd do the offer. The agent refused to let him out of the deal. I told the officer to put his uniform on and go to the broker's office and ask the broker for a release. It's amazing! They released him on the spot!

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                • #53
                  Re: Ask a Realtor anything

                  Originally posted by Mersey View Post
                  Dave, thanks for starting this thread as I'm sure you can see from the questions, we are happy it got started.

                  My question is if a seller agrees on a 4.5% commission, what services should the seller expect from their agent in terms of marketing their home?

                  Thanks.
                  Very difficult to answer in a short form but it should be no less than any higher commission amount. The best bet however is to call in 3 or so agents and have them go through what you can expect. To be honest, once you weed out all the baloney on what's actually important, there wouldn't be much difference from a full service broker. That being said, the agent you choose can make all the difference.

                  Comment


                  • #54
                    Re: Ask a Realtor anything

                    Question, if one of your clients found a home up for private sale, what's your position on this? Assuming you'll get back cut of commission.

                    Comment


                    • #55
                      Re: Ask a Realtor anything

                      Originally posted by sauerkraut View Post
                      I was getting sold data from Fraser Beach through their torealestatesold.com site and then it abruptly stopped last fall, after they got their wrist slapped. Just received an email from them this week with new sold info, so hopefully it's back up and running.

                      It's quite obvious that TREB is trying to restrict the data because they know that controlling the MLS information will keep commission rates high. But the internet will always find a way.
                      I'm sure there's some truth to the protectionism but the data is available at the municipal offices but it's not nearly as convenient to access. The only argument that I buy though is that through their dues over decades agents have spent millions on collecting this data so why should they hand it over to people who didn't spend a dime amassing the data? It's generally felt the government will force the hands of boards very soon.

                      Comment


                      • #56
                        Re: Ask a Realtor anything

                        Originally posted by DCBABY View Post
                        Question, if one of your clients found a home up for private sale, what's your position on this? Assuming you'll get back cut of commission.
                        There probably isn't any commission available in this scenario. I've had it happen and even did the offer paperwork for my client for free knowing they would be future clients for life. This is another reason not to sign the buyer agreement because if it were active the client would owe me commission.

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                        • #57
                          Re: Ask a Realtor anything

                          Dave,

                          Will Tiger win another Major?


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                          Ball: What's on sale?

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                          • #58
                            Re: Ask a Realtor anything

                            Originally posted by DCBABY View Post
                            Question, if one of your clients found a home up for private sale, what's your position on this? Assuming you'll get back cut of commission.

                            I just did one of these this week. Negotiated a commission fee with the seller in advance (they signed it before we presented our offer) They did the .comfree route

                            My buyers got the property for 30K less than an identical unit that sold the day before (and 5 k under what the seller was asking) but the private sellers didn't know the sale price of the other unit. total win for my clients. It had been on the market for 84 days..... (unit upstairs sold in under a week listed with a realtor)

                            My guys were giddy and would have happily paid me the 2.5 had it come to that.

                            Comment


                            • #59
                              Re: Ask a Realtor anything

                              Originally posted by Leftygolfer30 View Post
                              Dave,

                              Will Tiger win another Major?
                              You're a riot Alice. (if you know this quote you're old)

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                              • #60
                                Re: Ask a Realtor anything

                                Originally posted by Frorose View Post
                                I just did one of these this week. Negotiated a commission fee with the seller in advance (they signed it before we presented our offer) They did the .comfree route

                                My buyers got the property for 30K less than an identical unit that sold the day before (and 5 k under what the seller was asking) but the private sellers didn't know the sale price of the other unit. total win for my clients. It had been on the market for 84 days..... (unit upstairs sold in under a week listed with a realtor)

                                My guys were giddy and would have happily paid me the 2.5 had it come to that.
                                Nice!

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