Real Estate Agents?

This topic contains 36 replies, has 0 voices, and was last updated by  Bainc 1 year, 10 months ago.

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  • #177901

    gearshark23
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    So I’m 1.5 classes away from meeting my CA requirements before being able to apply for my license. But I wanted to reach out to any current and/or former agents. I know it’s not an easy job, it takes time, dedication and hours dealing with clients (bad and good). It seems like agents these days tell their clients, oh if you find something let me know. On the 2 purchases I made, I was actually the one who addressed the houses to my realtor. Anyway, I want to get some insight. I’m not going to quit working and rely on Real Estate, it’s just something I want to do on the side. I’ve looked into the bigger companies, and Keller was one that seems like it would be a good fit, especially if you get on a team.

    Has anyone worked on a Team? If so, what where the advantages (besides being able to do open houses) and disadvantages?

    I will be doing it just part time, so evenings and weekends as I already have a full time job.

    Marketing yourself is big, so how did you do it? (door to door, business cards, flyers, word of mouth)

    Working with a big corporation 40+ agents vs working with a smaller 5+ agents?

    Any other insight would be helpful as well. I’m sure Doc will have some input for me. 🙂

  • #295308

    ginmart
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    My disclosure….. I am not or ever have been a Real Estate agent. I have though bought 5 houses and sold 4 as a homeowner over the years.
    I wish you the best on your new endeavor.

    With that said, here is why I would not use you as an agent.
    Buying or selling a house is an emotional and sometimes stressful time of our life. I found that it gets no easier even after doing it so many times. Whether I have a simple question or want to see a house I saw online or just driving around, I need an agent that I can talk to now, not 6 to 8 hours later.

    If you look at doing it as a side job, you will fail both yourself and especially your clients.
    I want to be able to see that new listing now, not tomorrow or the next day.
    If I am interested in a house, I want to make an offer and have it presented right away, not tomorrow.
    If a house gets sold before I even have a chance to see it, I would be pretty pissed if my agent had been unavailable because they were at their other job.
    I don’t want to be the backup offer. I want to be first, when possible. Very unlikely if you are at your other job.

    Successful agents work long hours often between several clients at a time keeping them updated and being available at all hours.
    Until you are able to do that for clients, you will not be someone I would use.

    Sorry if that is too blunt, but as a client, that is what I need and expect.

  • #295324

    Bainc
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    I’m no help with your question but I’ll share I’ve thought of getting my licence as well. Perhaps to represent myself as a investor but perhaps for friends and family on the side. During our last purchase our realtor was impressed with my knowledge of the market, neighborhoods, and the process. He thought I should get my license. Following to see responses.

  • #295321

    gearshark23
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    @ginmart 127952 wrote:

    My disclosure….. I am not or ever have been a Real Estate agent. I have though bought 5 houses and sold 4 as a homeowner over the years.
    I wish you the best on your new endeavor.

    With that said, here is why I would not use you as an agent.
    Buying or selling a house is an emotional and sometimes stressful time of our life. I found that it gets no easier even after doing it so many times. Whether I have a simple question or want to see a house I saw online or just driving around, I need an agent that I can talk to now, not 6 to 8 hours later.

    If you look at doing it as a side job, you will fail both yourself and especially your clients.
    I want to be able to see that new listing now, not tomorrow or the next day.
    If I am interested in a house, I want to make an offer and have it presented right away, not tomorrow.
    If a house gets sold before I even have a chance to see it, I would be pretty pissed if my agent had been unavailable because they were at their other job.
    I don’t want to be the backup offer. I want to be first, when possible. Very unlikely if you are at your other job.

    Successful agents work long hours often between several clients at a time keeping them updated and being available at all hours.
    Until you are able to do that for clients, you will not be someone I would use.

    Sorry if that is too blunt, but as a client, that is what I need and expect.

    Nope, I have thick skin. But what you posted can/could happen. Not everyone is like that, but there are some. Thanks for your input.

  • #295322

    gearshark23
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    @bainc 127953 wrote:

    I’m no help with your question but I’ll share I’ve thought of getting my licence as well. Perhaps to represent myself as a investor but perhaps for friends and family on the side. During our last purchase our realtor was impressed with my knowledge of the market, neighborhoods, and the process. He thought I should get my license. Following to see responses.

    Yea, I was telling my realtor things she didn’t even know about. Like certain areas. I told her I did my research, I pretty much know the ends and out of Elk Grove/Folsom and what areas to stay away from etc. We will see where it takes me.

  • #295325

    Bainc
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    Ginmart is right and why it’s tough to break into the industry. However there are different types of clients. I didn’t want to be the first offer or highest offer that’s accepted right away. I wanted a deal and was patient enough to wait. The house we ended up buying we offered low on and the house went pending with another buyer. The house fell out of escrow a month or two later and we offered low again. They accepted and we saved probably 35-40k. Our realtor was a family friend who’s only sold a handful of houses. He wasn’t worried about getting his commission ASAP and forcing us into making an offer on a house we didn’t want or have us make an offer too high because they need to make their own mortgage payment.

  • #295307

    newmom
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    I feel the same Gin. If and when we buy and sell homes we want professionals that do rely on it for a living. We don’t want to wait until they are done with their day job to take care of us. With our last sale the buyer’s agent was horrible and we felt rude and threatening. When it came time for the home inspection I did not want that woman alone in our home with no one to represent us so our agent had to be present during that time. Were that not the agent’s day job, that would not have happened and we would not have sold our house to that buyer.

  • #295326

    Bainc
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    On the flip side I’ve seen full time agents that are terrible. To many clients or too pushy looking for a commission. But for me the worst thing is agents not knowing the area. In EG I basically memorized all the school boundaries, where the mello roos taxes change. Where the lots shrink down to nothing, what areas are maintained well. What’s zoned for vacant land. How many times do you hear home owners shocked about this development or that development AFTER they move in. Look no further than Costco.

    To each his own depending on what they want.

  • #295323

    gearshark23
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    Yes, I’ve met some Full time agents that are bad because they rely on that income, so they’re more pushy and need the sale. We had an agent and I fired him 2 days after home searching because, 1) He wouldn’t listen to what we wanted, he was showing us houses in North Laguna. 2) He was very pushy, trying to sell us on a certain area, when I knew what he was saying wasn’t true.

    I guess it just depends on your clients. It can go both ways. This is another reason why I’m asking this question about teams.

  • #295293

    EGL Admin
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    New agents sometimes work on a team. Maybe as a buyer’s agent or an assistant. A lot of people start with KW because they offer good training. Then they may go elsewhere.

    It’s a lot harder than people think it is. There is a lot of stuff happening and it takes a knowledgeable agent to look out for their best interests. The recession weeded out a lot of agents. Some clients think they know more than they really do. Those are sometimes the ones that end up going sideways.

    Most people start off as part time agents because it takes time. People think they can just rely on friends and family for business. Not going to happen. For some reason people don’t usually ask for a referral when choosing a Realtor and they don’t understand how it works, especially buyers. They think they have to work with agent listing the house. Or they go from agent to agent. You need to build a relationship with someone. If you’re not loyal to them, they won’t be loyal to you.

    You can do it part time. If you can do a handful of deals a year, it’s a little extra income. If I was a looking for a Realtor I wouldn’t work with someone who was doing it part time.

  • #295294

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    @bainc 127953 wrote:

    I’m no help with your question but I’ll share I’ve thought of getting my licence as well. Perhaps to represent myself as a investor but perhaps for friends and family on the side. During our last purchase our realtor was impressed with my knowledge of the market, neighborhoods, and the process. He thought I should get my license. Following to see responses.

    Probably blowing smoke up your rear. 🙂

  • #295300

    joy
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    :doom:

  • #295301

    LC
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    Doc’s answer is the best and most comprehensive. Probably not a coincidence that he’s the only licensed person to respond so far.

    I dropped my broker’s license about a decade ago as I didn’t use it any more and didn’t want the liability, but I was licensed for almost 30 years. My experience is a lot different because I never was in the residential market, only commercial, and there’s virtually no one in commercial who does it part time with any success.

    Most of us worked two or three jobs for the first couple of years, but all of us worked all day and then some during the weekdays in real estate. I taught at Sac State at nights. Another friend aerated lawns and fixed sprinklers. Another was a part time firefighter, and another bartended. All to make ends meet while building a career. By the third year, all of us were in six figures and able to drop the other work–I didn’t for another four years because i liked it. I don’t know if residential agents can get to six figures in three years, maybe. I don’t know the business.

    As a weekender, you’ll probably be sitting on open houses to get your card out and maybe scrape up a few bucks. Another possibility is working for a homebuilder in the models during the weekends. Within a year, you’ll know if it’s for you. i don’t know the residential attrition rate, but I imagine it’s very high after the first year. Ours is traditionally lower, but still close to 50%. Good luck. You do have the analytical personality that I think could make you a success if you stick with it and hang around with the right people.

  • #295302

    LC
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    A better path, in my way of thinking, is to get some experience on someone else’s dime like sitting on opens, then start your own remodel business. Scrape up some bucks from family and friends, find a contractor partner, buy a house, fix it up, sell it. You won’t make much with that many hands out, but after a few you’ll have enough money to do it yourself, maybe keeping a builder as a partner. You’ll certainly get a plethora of exposure to all facets that way, and if you’re not terribly risk averse, you’ll probably do better than most agents.

    You can start with what we called ghetto deals. I started in Rancho and bought a property from McDonald’s. Then 44th and Fruitridge, bought a corner from Chevron for $100K, leased it to a street vendor for $20K a year which paid down the credit line, then sold it for $150K a few years later. Nothing big, but turning and burning until the two of us were on our own in better areas, like Elk Grove and Folsom. It does take some time and sometimes the income dictates how much you’ll eat, but it can pay off with some dues paid.

  • #295327

    Bainc
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    @lc 127971 wrote:

    then start your own remodel business. Scrape up some bucks from family and friends, find a contractor partner, buy a house, fix it up, sell it. You won’t make much with that many hands out, but after a few you’ll have enough money to do it yourself, maybe keeping a builder as a partner. You’ll certainly get a plethora of exposure to all facets that way, and if you’re not terribly risk averse, you’ll probably do better than most agents.

    This is exactly what I’ve considered and why I’d be interested in getting my licence. Do you think that’s possible to do on the side?

  • #295303

    LC
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    @bainc 127972 wrote:

    This is exactly what I’ve considered and why I’d be interested in getting my licence. Do you think that’s possible to do on the side?

    Of course it is. Why would you want a license if that’s your path? Property owners don’t need to be licensed to buy or sell. Its better not to be licensed if it’s not required to avoid potential liabilities.

  • #295328

    Bainc
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    Licensed to sell to keep an additional 2 1/2% commission on each buy and sell but you could be right about liability sucking up those savings. Just thinking out loud.

  • #295312

    CJay916
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    @EGL Admin 127966 wrote:

    New agents sometimes work on a team. Maybe as a buyer’s agent or an assistant. A lot of people start with KW because they offer good training. Then they may go elsewhere.

    It’s a lot harder than people think it is. There is a lot of stuff happening and it takes a knowledgeable agent to look out for their best interests. The recession weeded out a lot of agents. Some clients think they know more than they really do. Those are sometimes the ones that end up going sideways.

    Most people start off as part time agents because it takes time. People think they can just rely on friends and family for business. Not going to happen. For some reason people don’t usually ask for a referral when choosing a Realtor and they don’t understand how it works, especially buyers. They think they have to work with agent listing the house. Or they go from agent to agent. You need to build a relationship with someone. If you’re not loyal to them, they won’t be loyal to you.

    You can do it part time. If you can do a handful of deals a year, it’s a little extra income. If I was a looking for a Realtor I wouldn’t work with someone who was doing it part time.

    I agree, this is a good response. I was a licensed real estate agent for about 8 years. Started working in high school delivering fliers creating mailers, but got my license when I was 18. I worked on a team doing paperwork, showing houses, etc… Got a few listings a year on my own working the front desk, referrals, etc..
    I’ve known a lot of people who think just because they get a real estate agent their friends will actively promote and refer them. Doesn’t always happen. It takes time to develop a name and learn what it takes to be successful in real estate.
    Also, you won’t get a commission check for at least 6 months. Especially during the boom I saw many new agents start, bought the outfits, new car, computer and were shocked when they didn’t close an escrow for months, if they were lucky.
    Working part time might be a way to build your real estate business why still making money to pay the bills.
    Be honest with your clients. If you cannot show houses or work during the week day, let them know. Nothing more frustrating than an agent that is too busy. Either you walk away with upset clients, or they will cancel your listing. Then you are out time, money, etc…
    I went to college full time while selling real estate. That is more flexible than a daily 8-5 but definitely got in the way of business at times.
    Also, if you sell 1 house or 100, you still have yearly fees to Sacramento and California Associations, E&O insurance, etc.. If I remember they were several thousand dollars a year. Also there are marketing costs, MLS fees, etc. Just be prepared.
    I also worked at a new house development. Didn’t enjoy that.
    Overall I liked Real Estate, actually graduated with a Degree in real estate and land use planning from Sac State, but I am not a sales person and I found out early Real Estate sales was not going to be my career forever.

  • #295313

    CJay916
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    @bainc 127974 wrote:

    Licensed to sell to keep an additional 2 1/2% commission on each buy and sell but you could be right about liability sucking up those savings. Just thinking out loud.

    If I were going to be buying and flipping houses I think I would represent myself when I sold and bought my own houses. I wouldn’t double end the deal as the buyer agent, listing agent, and owner. That’s not a good scenario. As long as you are upfront and disclose the agency, good way to make some extra money and one less person to worry about during the process..

  • #295304

    LC
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    @cjay916 127976 wrote:

    If I were going to be buying and flipping houses I think I would represent myself when I sold and bought my own houses. I wouldn’t double end the deal as the buyer agent, listing agent, and owner. That’s not a good scenario. As long as you are upfront and disclose the agency, good way to make some extra money and one less person to worry about during the process..

    It’s generally considered bad form to use your license to extract a commission when purchasing for your own portfolio. Let the broker keep it, and ask them to bring you deals. They sure won’t show you first if you’ve got our hand out. Selling the same–you can have your own signs if you wish , but offer the selling broker a full pop for a quicker sale. Take half if the market is really on fire.

  • #295295

    EGL Admin
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    As a new agent you start off at 50%. So if you sell a house worth $300K and the commission is 3%, you will get 1.5% and your broker gets the rest. They move you up depending on either the amount of deals you do or gross sales. Most will never give you over 80%. Usually it’s 80% tops and then take out a 6% admin fee so it’s really only 74%. There are some brokers that you pay them a flat fee and then you get over 80%.

  • #295296

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    @bainc 127974 wrote:

    Licensed to sell to keep an additional 2 1/2% commission on each buy and sell but you could be right about liability sucking up those savings. Just thinking out loud.

    You’ll never that back. As a new agent you would get 1.5% back. You don’t have to get licensed to sell, but you can’t list it on MLS if you don’t. Trying to sell for sale by owner is possible but that’s another can of worms.

  • #295329

    Bainc
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    Interesting info. I haven’t completely vetted the process and looks like it might not be worth the savings.

  • #295297

    EGL Admin
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    The yearly fees to belong to the SAR is about $700. If you want to list homes you have to belong to metrolist and that is about $145 a quarter. Your broker takes care of the E & O insurance, but you would still need some type of liability insurance yourself.

  • #295314

    CJay916
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    @EGL Admin 127986 wrote:

    The yearly fees to belong to the SAR is about $700. If you want to list homes you have to belong to metrolist and that is about $145 a quarter. Your broker takes care of the E & O insurance, but you would still need some type of liability insurance yourself.

    I think each broker might be different. I had to pay E&O as an agent working for Lyon Real Estate.

    And even if you don’t list houses, you still need MLS to search for homes. Unless things have changed.

  • #295315

    CJay916
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    @lc 127978 wrote:

    It’s generally considered bad form to use your license to extract a commission when purchasing for your own portfolio. Let the broker keep it, and ask them to bring you deals. They sure won’t show you first if you’ve got our hand out. Selling the same–you can have your own signs if you wish , but offer the selling broker a full pop for a quicker sale. Take half if the market is really on fire.

    I represented myself when I bought my personal home when I was an agent. I disclosed it to the seller. I didn’t take commission, just lowered the asking price by the difference. I don’t see a problem with it. I could understand a potential conflict of interest if you are the listing agent and seller, but I have seen other agents do that in the past, doesn’t bother me. Just disclose and be honest.

  • #295309

    ginmart
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    @cjay916 127990 wrote:

    I represented myself when I bought my personal home when I was an agent. I disclosed it to the seller. I didn’t take commission, just lowered the asking price by the difference. I don’t see a problem with it. I could understand a potential conflict of interest if you are the listing agent and seller, but I have seen other agents do that in the past, doesn’t bother me. Just disclose and be honest.

    I would never let my listing agent be the seller and have stipulated that when I have sold previous homes. The buyer may want to know things such as what the lowest price the seller may take is, or is there a situation that might influence their offer. The listing agents job is to serve the seller, look after their best interests and get the best price. You can’t do that if you are wearing two hats.

  • #295316

    CJay916
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    @ginmart 127991 wrote:

    I would never let my listing agent be the seller and have stipulated that when I have sold previous homes. The buyer may want to know things such as what the lowest price the seller may take is, or is there a situation that might influence their offer. The listing agents job is to serve the seller, look after their best interests and get the best price. You can’t do that if you are wearing two hats.

    I understand that there is a conflict of interest in the deal. Its up to the seller and buyer to decide if they are comfortable with the situation. If not, then find an agent to fill the gap or move on.

    But I am confused by your post. you said “I would never let my listing agent be the seller and have stipulated that when I have sold previous homes.” if you are selling the home, then the listing agent cannot be the seller, unless you are the listing agent.

    also, I am not sure what you mean by the “buyer may want to know things such as the lowest price the seller may take.” Even if the seller and listing agent are different people, why would the listing agent tell the buyer what the sellers lowest price is. As you mentioned, the listing agent is there to serve the seller, not the buyer.

  • #295310

    ginmart
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    @cjay916 127992 wrote:

    I understand that there is a conflict of interest in the deal. Its up to the seller and buyer to decide if they are comfortable with the situation. If not, then find an agent to fill the gap or move on.

    But I am confused by your post. you said “I would never let my listing agent be the seller and have stipulated that when I have sold previous homes.” if you are selling the home, then the listing agent cannot be the seller, unless you are the listing agent.

    also, I am not sure what you mean by the “buyer may want to know things such as the lowest price the seller may take.” Even if the seller and listing agent are different people, why would the listing agent tell the buyer what the sellers lowest price is. As you mentioned, the listing agent is there to serve the seller, not the buyer.

    Maybe less confusing………..If the listing agent has a buyer come to him and wants to make an offer, the listing agent, who represents me, has to refer the buyer to another agent. There are way too many potential conflicts to let the same agent represent both buyer and seller. I have never had an agent complain about having to do this . If they did, they would not be the right person to list my home.

  • #295319

    plasmadrive
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    Funny you bring that up. When we first moved to EG in ’87 I wanted to build a home. I found an agent that I thought I would like. She was with Lyons at that time. I made an agreement with her that if she found us a property and recommended a builder we liked, I would pay her commission and not the seller or the contractor. I wanted her to represent us 100%. We agreed. She found us a lot and a contractor that she had dealt with in the past. After a few meetings and after we started looking at plans and so on, I found out in our conversation that the GC was paying her commission. I walked out of that meeting and never looked back. That made me kinda pissed off.. But I do understand your point ginmart

  • #295298

    EGL Admin
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    @cjay916 127992 wrote:

    But I am confused by your post. you said “I would never let my listing agent be the seller and have stipulated that when I have sold previous homes.” if you are selling the home, then the listing agent cannot be the seller, unless you are the listing agent.

    also, I am not sure what you mean by the “buyer may want to know things such as the lowest price the seller may take.” Even if the seller and listing agent are different people, why would the listing agent tell the buyer what the sellers lowest price is. As you mentioned, the listing agent is there to serve the seller, not the buyer.

    On the first part I think he means he doesn’t want the listing agent to represent the buyer. On the second part I think he means if the seller tells their agent what the lowest price is they will take, that he is afraid they will tell the buyer that if they are representing them. There is definitely a potential for a conflict of interest. Some agents try to represent both sides and can engage in some quasi unethical stuff. That happens in Rancho Murieta some. Agents keep pocket listings, which means they put up a sign but don’t officially list the home on MLS. They want buyers to drive by and see it and then call them. If you’re working with another agent then they try to make the buyer think they have to use them.

  • #295311

    ginmart
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    @EGL Admin 127999 wrote:

    On the first part I think he means he doesn’t want the listing agent to represent the buyer. On the second part I think he means if the seller tells their agent what the lowest price is they will take, that he is afraid they will tell the buyer that if they are representing them. There is definitely a potential for a conflict of interest. Some agents try to represent both sides and can engage in some quasi unethical stuff. That happens in Rancho Murieta some. Agents keep pocket listings, which means they put up a sign but don’t officially list the home on MLS. They want buyers to drive by and see it and then call them. If you’re working with another agent then they try to make the buyer think they have to use them.

    That’s exactly what I was trying to say. Guess I could have been a bit clearer.

  • #295317

    CJay916
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    @ginmart 127994 wrote:

    Maybe less confusing………..If the listing agent has a buyer come to him and wants to make an offer, the listing agent, who represents me, has to refer the buyer to another agent. There are way too many potential conflicts to let the same agent represent both buyer and seller. I have never had an agent complain about having to do this . If they did, they would not be the right person to list my home.

    That makes sense. I agree.

  • #295305

    LC
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    Different priorities for different types and sophistication levels of buyers, I guess. I have absolutely no problem with a double ending agent. I am not looking for hand holding–I’m the one responsible for the due diligence review and decisions, not the agent. I may ask the agent for comps, but it is I who sets the price floor or ceiling, not the agent. A double ending agent has more commission to play with too to make a deal, if need be.

  • #295320

    plasmadrive
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    @lc 128003 wrote:

    Different priorities for different types and sophistication levels of buyers, I guess. I have absolutely no problem with a double ending agent. I am not looking for hand holding–I’m the one responsible for the due diligence review and decisions, not the agent. I may ask the agent for comps, but it is I who sets the price floor or ceiling, not the agent. A double ending agent has more commission to play with too to make a deal, if need be.

    I just sold a building where the agent was representing both buyer and seller. I had no problem with that.. worked out great actually.. What I hate is two faced agents that agree to one thing and do another…. If they are representing both, that needs up front disclosure.. would you not agree?

  • #295318

    CJay916
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    @plasmadrive 128009 wrote:

    I just sold a building where the agent was representing both buyer and seller. I had no problem with that.. worked out great actually.. What I hate is two faced agents that agree to one thing and do another…. If they are representing both, that needs up front disclosure.. would you not agree?

    That is one part of real estate that I HATED. Two faced or unethical agents…..

    I would definitely disclose upfront that I was working with both buyer and seller. If you don’t disclose it looks shady. During escrow it legally needs to be disclosed.

  • #295306

    LC
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    @plasmadrive 128009 wrote:

    .. If they are representing both, that needs up front disclosure.. would you not agree?

    I think they have to, but I’m not certain. It’s pretty difficult to overdisclose in any fiduciary relationship. Our commercial business is different than residential. The stakes are usually higher, and I’d guess well over 90% of the agents that have been around for more than 3-4 years are pretty trustworthy. If they aren’t, they’d have been nailed either by us talking (it’s not a big community) or in court.

  • #295299

    EGL Admin
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    You have to disclose if you are working with both parties in a transaction.

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