How did you choose your realtor?

  1. You have chosen to ignore posts from MarieZorn. Show MarieZorn's posts

    Re: How did you choose your realtor?

    Good question, I'd like to hear your answers!
     
  2. You have chosen to ignore posts from tibird. Show tibird's posts

    Re: How did you choose your realtor?

    When I bought, I just contacted the listing realtor for a property I was interested in seeing (found on-line).  I think I ended up with someone else in that office, but it was fine.
    When I tried to sell my place, I went to the same person, but they had left, so I worked with someone else in the office.  We didn't click.  I listed with someone who contacted me by mail and had recent success in my neighborhood.  Not a good experience.  I told her the lowest I could go and asked her if she thought it would sell (I could rent instead, but not sell for a huge loss).  She said yes to get the listing & started insisting I drop it right away.
    We are selling hubby's place and we contacted the realtor he used to buy it.  It didn't end well due to various and disturbing events. 

    We are very gun-shy about realtors now and will be contacting several for "interviews" in the near future.  Hoping to see advice on better ways to find someone!
     
  3. You have chosen to ignore posts from Martha1. Show Martha1's posts

    Re: How did you choose your realtor?

    We decided to use a realtor based on how realistic s/he was re: the true selling price on a home.  We saw so many who would say the house is worth $850,000 and keep dropping the price over a year's time to the true value, say, $700,000!  This seemed so incompetent!  So, we had a real estate group come to our house and got a true selling price on it.  We know it is true, because they have a proven, documented track record of setting a price which is between 0% and 3% higher, on average, than the actual selling price.   The other realtors sell the house at maybe 10 to 20% or more lower than the price they set, and I think that this is ridiculous.
     
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  5. You have chosen to ignore posts from RonnieRealtor. Show RonnieRealtor's posts

    Re: How did you choose your realtor?

    Very good question and I think too often not enough time is spent interviewing for a Realtor that you can count on.  It is very important first and foremost that you find a Realtor that you can trust, count on and be available to you.  Be sure that they are a full time Realtor and very familiar with current market conditions.   I believe in honesty and communication to be the utmost of importance and know what you want and expect from your Realtor right up front.  If you want open houses, be sure they will do them.  No matter what, pricing will always be the number one reason a house gets sold! 
    Ronnie Realtor
    www.ronnienorthroprealestate.com
     
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  7. You have chosen to ignore posts from ronrsr14. Show ronrsr14's posts

    Re: How did you choose your realtor?

    ReMaven makes a few good points.

    I will never understand why people choose agents by Hobson's Choice - they choose whomever is standing there at the open house, and rely on them for good advice.

    I like Ilyce Glink's (real estate writer) criteria for choosing an agent:

    The 7 C's

    Competence
    Commitment
    Communication
    Counsel
    Comfort
    Confidence
    Creative thinking


    bests,
    -rsr-
    Ron Rothenberg
    Exclusive Buyer Broker
    4Buyers R.E.
    ronrsr@4buyersre.com
     
  8. You have chosen to ignore posts from Alfred-D. Show Alfred-D's posts

    Re: How did you choose your realtor?

    What a great post. Very helpful and def impressed.


    I will be 'interviewing' my first realtor next month...What are the 10-12 questions that are a must that I should ask them? I am looking to buy in the reading/lynnfield/andover area. Questions about buyer vs. seller agent, comp ratio, town information, etc....

    Thanks...

    Al
     
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  10. You have chosen to ignore posts from Alfred-D. Show Alfred-D's posts

    Re: How did you choose your realtor?

    Hi All,

    I'm a first time homebuyer, and have narrowed my search down to 2 realtors. One of them informed me, that their fees would be paid by the sellers realtor and I would not pay a dime...Does this make sense?

    What if my realtor is not subsidized the total amount by the sellers realtor and is left with X%? Will my realtor then negotiate concessions on my behalf?

    How does this all work?

    Tks.
     
  11. You have chosen to ignore posts from tibird. Show tibird's posts

    Re: How did you choose your realtor?

    Hi Alfred,
    It is typical for the seller to pay the commission for both the listing and the buyer's agents. 
    There are first time homebuyer classes that are offered throughout the state and are REALLY helpful with understanding the process.  I recommend attending one even if you don't qualify for the benefits.  It helped me out a lot!
    Here's a link that gives more info.
     
  12. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: How did you choose your realtor?

    www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/02/ED4C1BP3O5.DTL">http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/02/ED4C1BP3O5.DTL

    That is what you need to know. Real estate is a cabal.

    You - THE BUYER - pay the commission! It is buried into and part of the price the seller marks up their home in order to cover the commission.

    It is no different than buying any product which has a cost of sales and overhead associated with it!

    As a managing real estate broker, there is a reason why agents tell you that "don't worry, the seller pays the commission".

    It is to eliminate; upfront; a very important sales objection. If you think that you are not paying an agent to buy a home, you will look the other way and forgive most of them and their very shoddy and basic retail mentality sales practices - 9 times out of 10 and stick with the person “you came to the dance with”, as they are along for the ride with your money.

    Think about that and how easy it is for anyone who can fog a mirror to get a Real estate salesperson license, after which then announces that they are a "real estate professional" and are entrusted by the public to help buy or sell the largest asset in someone's life.

    All you need to do is to take a sum total of a 24 hour class in order to then take the real estate salesperson test. That can be done by sitting in on (2) 12 hour classes on one weekend!

    When anyone feels that they are getting something for nothing - such as a buyer when they hear that the seller is paying the commission - that is a huge incentive for the buyer and they focus less on the agent.

    If buyers felt that they were paying their agent and the listing agent's commission also, they would start to make the commission and what the agent's make part of the overall negotiation. I.E., if the buyer and seller are close to agreement but they are still some distance apart, the buyer would then ask both agents to cut their commission to make the deal work! It happens, but very, very rarely. Out here, our foreign buyers and sellers do but we Americans are used to not negotiating and paying whatever the price sticker says. We are not a barter country, as is most of the world.

    By telling the public the myth that the seller pays the commission and the buyer and seller are not in a room negotiating the deal but using middlemen - the agents - doing it for them for their own vested interests - the commission discussion doesn't come up.

    If a seller wants and needs to net, say $500K for his home, that seller marks up the house by $25K or $30K or more to cover the cost of the commission. However, it is the buyer who brings their borrowed money to pay the sum total and out of that inflated sum, out comes the commission from the seller.
     
    It is mostly a shell game and no different than buying a car or anything which is sold on commission. The car dealer pays the used car sales rep a commission, but the buyer pays the car dealer and if the dealer isn’t making enough on the car and to cover his cost of sales (rent/overhead) and his salesman’s commission, there is no deal.



     
  13. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: How did you choose your realtor?

    I assume that nearly everyone is computer literate, but for those who aren't, the URL I posted from the San Francisco Chronicle is dated Feb. 2, 2010 and titled "Cut foreclosures by slicing real estate fees".

    You will need to copy the entire URL and paste it into your browser.
     
  14. You have chosen to ignore posts from Alfred-D. Show Alfred-D's posts

    is it always this hard?

    dealing w/selecting a realtor, and have a bit of a head-ache.

    haven't signed the contract, but guy wants me to assume liability for the fees/commissions...isn't this taken care of by the seller??? on top of this, they want 3%, which doesn't jive w/the 2.5% I'm seeing being offered to buyers realtors...i'm not paying the difference, and certainly not paying 3%...

    Am i missing something here???

     
  15. You have chosen to ignore posts from rodman75. Show rodman75's posts

    Re: How did you choose your realtor?

    My understanding is that if you are buying a house and working with a buyers agent that you should not have to pay any fees/commissions, etc.  Your only expense should be the cost of the house (including $1000 deposit) plus home inspection and closing.  Definitely do some more research before signing on the dotted line.  Those realtor contracts are ironclad and once the ink dries you're stuck.  Talk to a few other realtors/agents and see what they have to say.  Good luck

     
  16. You have chosen to ignore posts from hazel1222. Show hazel1222's posts

    Re: How did you choose your realtor?

     There are key questions to ask any agent you interview to help you gain insight into their experience and professionalism.

    1.      How long have you been in real estate and is this your full time profession? Experience is key in a landscape littered with potential pitfalls. If an agent is dabbling in real estate or only conducts a couple of transactions a year, they may not be able to anticipate common problems before they arise. A full-time, seasoned agent won’t necessarily see every problem before it happens, but chances are they are better equipped to protect your interests.
     
    2.      What is the volume of your closed transactions? This is are a good indicator of whether your agent will be able to make it all the way to the closing table with you. A good agent will do their best to keep your sale on track and the result will be a healthy sales volume.

    3.      Do you have any advanced degrees? It’s easy to take a weekend course and get your real estate license. But an agent with one or more advanced degrees, such as ABR, GRI or CRS, indicates a professional dedicated to improving their skills and broadening their knowledge. These degrees require a vigorous time and monetary commitment and benefit you the customer.

    4.      Are you a Realtor? Not all agents are Realtors. These are members of the National Association of Realtors and by joining agree to adhere to a strong code of ethics meant to strengthen the profession and protect the consumer. Membership ensures you are dealing with an ethical professional.
      
    5.      What is your relationship with other brokers in my market? A good reputation with fellow brokers indicates an agent who will see to it your sale proceeds smoothly and with professionalism, especially during those times when transactions can get heated.

    6.      Have you ever had a complaint lodged against you with your local real estate board or with the state?  If the agent is a Realtor, consumers or other brokers may direct complaints to the local board of Realtors. If not, complaints can be filed with the Division of Professional Licensure. You can go directly to these organizations and inquire yourself.

    7.       What is your plan to market my home?  For some agents, a sign out front and a spot on the Multiple Listing Service is enough. Some don’t even attend the showings of your home. Others are more aggressive. They  actively use the internet and also market to the brokerage community. They attempt to be present at every showing in order to give buyers a first hand account of the features of your home. Not surprisingly, you will hear fewer agents advocate the use of print ads. More than 80% of house hunters begin their search online and that number grows every year, which makes print advertising a bit of a dinosaur in our technological age.

    8.      How often will you be in touch and how can I reach you? Do they take your listing and disappear into the mist or do they have a plan to keep you informed? They should provide you with regular feedback on market conditions and always report back the results of any showings or open houses in a timely manner. A great agent will give you their home phone number and allow you to call them during reasonable hours. 
     
    9. What is your average days on market? What isn’t important is how many listings the agent has on the market. There are two kinds of agents: one who lists houses and one who sells them. Some agents delight in collecting a long list of over-priced properties that sit on the market for months. It may look good for them to have their real estate sign hanging all over town, but it’s not doing you any good if your house is languishing on the market. A more important question would be the agent’s average days on market for their listings. The longer your house sits on the market, the less money you will get.
     
    Possibly the most important thing to look for in a real estate professional is enthusiasm and that is something you can judge just by talking to them. They should be excited about your home, or your family’s search for a home. Real estate is a demanding profession. Agents can become burned out and lack the excitement necessary to stay on top of a constantly shifting market. You will find others still energized by every transaction. That enthusiasm should be evident.
     

    Once you find the person who has the right combination of experience, professionalism and enthusiasm, you should be ready for a successful and satisfying real estate experience. Good luck!

    Sandy Balzer Tobin, ABR

    Accredited Buyer Representative
    Coldwell Banker
    sandy.tobin@nemoves.com 
      

     

     
     
  17. You have chosen to ignore posts from Mahealani61. Show Mahealani61's posts

    Re: How did you choose your realtor?

    In Response to Re: How did you choose your realtor?:
    [QUOTE]What a great post. Very helpful and def impressed. I will be 'interviewing' my first realtor next month...What are the 10-12 questions that are a must that I should ask them? I am looking to buy in the reading/lynnfield/andover area. Questions about buyer vs. seller agent, comp ratio, town information, etc.... Thanks... Al
    Posted by Alfred-D[/QUOTE]
     
  18. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: How did you choose your realtor?

    I hate to say this, but no matter what questions you ask a real estate agent or broker, we are well versed to respond to any and all potential objections. There are just so many objections which come up and we know how to address them.
     
    I’ve seen agents craft all types of information that they know won’t be investigated by the average buyer or seller, as 99% of real estate is an emotional business. Which is why every agent has so much “vanity” marketing – it’s all about us and how great we’re supposed to be – rather than the focus being about the buyer or seller.
     There are so many agents that in the public’s mind, we’re all interchangeable and replaceable. In many cases, they’re correct.

    We study selling and objection handing scripts that deal with both buyers and sellers until we're blue in the face, by such trainers as Mike Ferry or David Knox or hundreds of other men and women.

    I grew up in this business and I know every sales technique in the book, but nearly every time I needed an agent to sell one of my out of State properties, it has often been a disaster. Since I'm not licensed in the States where I have properties, I can't get onto their MLS systems to see if what they're telling me is 100% accurate.
     Some agents seem to have a great track record, but only during the real estate bubble and/or only due that they’ve been selling for many years in a local area and have tons of referrals. This doesn’t mean they’ll be good or bad, it just means that they’ve been around a long time and are good with networking and trolling for new clients.  There are public real estate sites which give me and you some information, but most of the really useful information is behind a MLS member only, paid firewall and you have to be not only a licensed agent in that State, you have to also belong to that specific MLS.

    I've used referrals in the areas where I had rental properties, I've went by my gut, I’ve used only CRS and GRI agents, but when all is said and done, your mileage will often greatly vary from the experience someone else might have had. Sometimes your friends had a lousy experience and don’t want to tell you out of embarrassment, but they will still pass their agent’s name onto you. Weird but true.
     There are also many instances where there is some type of relationship – family, marriage, a business relationship or them being paid for referrals by the agent – which you don’t know of.

    It is like getting married and you find out that you were sold a bill of goods that is much different than what you were expecting. Or dating someone and after a period of time, realized that "it just isn't happening".

    Finding a good salesperson - a good real estate agent - is a crapshoot. Sometimes you get lucky and oftentimes you don't, regardless of all the analysis you do.
     

    Think of all the first round professional athletes who were went bust and they had been studied for many years by many different experts!

     
  19. You have chosen to ignore posts from ARR12. Show ARR12's posts

    Re: How did you choose your realtor?

    In Response to Re: How did you choose your realtor?:
    [QUOTE]\

    I will say Maven you really seem to have no respect for real estate agents/brokers.  I am one.  I have been in the business for about 14 years.  Most of the agents I meet fit your views.  They are worse than used car salesmen.  In the state of MA anyone can be an agent. 
     You need to look for an agent that has experience-thats it. 
    One who has a formal education and can spell helps as well too.  I always shy away from those that have magentic boards on their Hummers as well.  Or those that ask for referals on their voicemail.
      Designations and being a member of the board of realtors means nada.  Their code of ethics is BS and the board is useless.  I think the worse agents are ones who tote around the NAR status.  It truly is meaningless.  (Can you tell how I detest them in this rant?)

    Other states have much stricter requirements therefore you are dealing with a better breed as well.


     
  20. You have chosen to ignore posts from AgentWest. Show AgentWest's posts

    Re: How did you choose your realtor?

    I’m a contrarian and feel it is my duty to not be a “sunshine and lollipops”, “now is the best time to buy”, ethics challenged salesman. We have too many of those and I fault the whole independent contractor status which agents operate as.  Let’s face facts. We agents work for free until we sell something. Then we wait a long time to get paid. That is after a ton of real estate agent dues, office desk fees (whether we use the office or not), copy fees, telephone fees, color copier fees and commission splits are then taken out.  How any agent can keep spewing out the same old boilerplate “how to choose an agent” which has been around forever and available on all of our corporate web sites for us to copy, is only trying to fool themselves and/or the public. We agents know other agents who sell a ton of homes, but they themselves rarely fit the model which has been provided as examples for buyers to follow. Agents, even the so-called “top agents,” have been turned into not too much more than paper work/contract facilitators, as so much about a home transaction involves professionals  (Lawyers, Engineers, etc) in which we agents do not have the education, license, bonding or expertise to offer an opinion w/o getting ourselves sued.

    The real estate industry has made the buying and selling of real estate way too complicated, way too expensive and has way too many people holding their hands out to grab some  money.

    We've done a great job of turning the buying and selling of a property into an over emotional business and then praying upon those emotions.

    We lock sellers into listing agreements which are far too long and make them difficult to break. We even have “buyer broker” contracts to lock in our buyers. No other selling industry attempts that. That alone tells you how much of a commodity we are.

    We have too many franchise brokerages and agents who live from transaction to transaction and don't have the expertise, money or technical savvy to upgrade their skill sets into the 21st century. We still rely on newspaper ads as part of our “marketing”. The real estate industry is way too broker centric and not enough consumer centric.

    We have way too many agents - full or part time - chasing way too few sales and since we agents are not on any type of salary, treated as an employee in the eyes of the IRS, are not offered company provided health care, 401k, retirement, or benefits, it forces agents to fight among one another, bad mouth one another and turns many into - to use an analogy one sales trainer mentioned - "dogs fighting over the same piece of meat".
     Agents have to spend nearly all our time trolling for new clients (which the broker and brokerage should be providing, but don’t), which leaves us little time to provide enough time, expertise and our money for our clients. The more successful we are, we start or join a sales team and yet still spend our time “rain making” for new clients, find one, then move onto the next one.
     
  21. You have chosen to ignore posts from duffco12. Show duffco12's posts

    Re: is it always this hard?

    I believe you have been asked to sign a Exclusive Buyer's Agent Contract which means that you are committing to working with this broker for the purchase of a home within a certain amount of time.  These contracts are not widely used in most of Massachusetts but they are becoming a bit more common.  Some agents will not take a buyer out to see properties without having a signed contract.  As an agent I understand the reasoning behind having a contract with the buyer because it eliminates the possibility that a buyer will go see a home with me and then use another agent to purchase the home.  Agents get burned very often by buyers who use them to get into a property then have another agent write up the offer to purchase, leaving the original agent out of the picture.  That being said, as a buyer myself, I would probably not sign one of these contracts.  The 3% commission that the broker is asking you to agree to means that if you want to buy a home, while under contract with that agent, that the co-broke commission offered is only 2% or 2.5% you will have to cover the difference out of your own pocket.  In a situation where you do not sign an Exclusive Buyer's Contract, you will buy a home and the agent you use will get whatever the co-broke commission that is offered is and you won't have to pay anything on top of the purchase price in the way of commissions.  Another thing to be aware of in signing one of these contracts is that you will owe the agent a commission if you purchase a home at any point during the contract period, even it is a purchase from a family member or a For Sale By Owner.  Read the fine print carefully.  Good luck & please let me know if I can be of any help to you.

    Katie Duff - REALTOR®
    William Raveis Real Estate
    293 Washington Street
    Norwell, MA 02061
    (617) 653-8433 cell
    (781) 659-6650
    katie.duff@raveis.com

    In Response to is it always this hard?:
    [QUOTE]dealing w/selecting a realtor, and have a bit of a head-ache. haven't signed the contract, but guy wants me to assume liability for the fees/commissions...isn't this taken care of by the seller??? on top of this, they want 3%, which doesn't jive w/the 2.5% I'm seeing being offered to buyers realtors...i'm not paying the difference, and certainly not paying 3%... Am i missing something here???
    Posted by Alfred-D[/QUOTE]



     
  22. You have chosen to ignore posts from AgentWest. Show AgentWest's posts

    Re: is it always this hard?

    In Response to Re: is it always this hard?:
    [QUOTE]I believe you have been asked to sign a Exclusive Buyer's Agent Contract which means that you are committing to working with this broker for the purchase of a home within a certain amount of time. 

    These contracts are not widely used in most of Massachusetts but they are becoming a bit more common.  Some agents will not take a buyer out to see properties without having a signed contract. 

    As an agent I understand the reasoning behind having a contract with the buyer because it eliminates the possibility that a buyer will go see a home with me and then use another agent to purchase the home.  Agents get burned very often by buyers who use them to get into a property then have another agent write up the offer to purchase, leaving the original agent out of the picture. 

    That being said, as a buyer myself, I would probably not sign one of these contracts.  The 3% commission that the broker is asking you to agree to means that if you want to buy a home, while under contract with that agent, that the co-broke commission offered is only 2% or 2.5% you will have to cover the difference out of your own pocket. 

    In a situation where you do not sign an Exclusive Buyer's Contract, you will buy a home and the agent you use will get whatever the co-broke commission that is offered is and you won't have to pay anything on top of the purchase price in the way of commissions. 

    Another thing to be aware of in signing one of these contracts is that you will owe the agent a commission if you purchase a home at any point during the contract period, even it is a purchase from a family member or a For Sale By Owner.  Read the fine print carefully.  Good luck & please let me know if I can be of any help to you. Katie Duff - REALTOR® William Raveis Real Estate 293 Washington Street Norwell, MA 02061 (617) 653-8433 cell (781) 659-6650 katie.duff@raveis.com In Response to is it always this hard? :
    Posted by duffco12[/QUOTE]

    Buying and selling real estate is a minefield and at its core is very anti-consumer. If you choose a real estate agent to work with, then by all means you should be loyal to that agent, just as they should be with you.

    However, many agents get lazy and there is a subtle corruption which enters any salesperson's mind once they think that they have you locked up with a buyer/broker contract.

    It is a two way street, but many agents I know and work with tend to develop the “tail wagging the dog” mindset, which is that you have to start dancing to the tune of the agent and the agent can waive the buyer/broker contract over your head and tell you that if you try to buy a home for the next 3 or 6 months without them (due to you and the agent having a falling out or that the agent romanced you enough to get you to sign the contract and now that you have, they aren't the person you once thought) you owe them money. 
     

    It’s like a first date which then went south after the second or third date. Happens all the time.

    Buyer/broker contracts should never exist. Every salesperson selling anything is always going to have buyers changing their minds, having a mutual clash, changing their minds - but only in the real estate industry - which has nearly 1.4 million agents chasing way too few sales and therefore many agents are all the same and have become an interchangeable commodity in the public's mind - feel they need a hammer over their buyers heads. Sad.

    Lastly. No matter what, it is you – the buyer – that pays the commission! The myth is that they seller pays the commission, but who brings their borrowed money to make the deal happen? You do! 

    Out of that total amount, which covers what the seller wants or needs or what the bank wants or needs, is coming out of the money you borrowed to buy the home. 

    Agents promote this myth that the seller pays the commission as it eliminates a huge objection before it even comes up, which is what does your agent do that justifies them charging a total of 5% or 6% to sell a home? 

    Do you know of another industry which charges that amount of money to pay to their salespeople to sell something? No! 

    If they had to justify that huge amount, then there would be a lot of pushback by buyers. It is only done so that the industry can keep adding way too many agents for free, who then work for free, put their dues help fund the expenses of the real estate office.   
     
  23. You have chosen to ignore posts from hollyd. Show hollyd's posts

    Re: How did you choose your realtor?

    In Response to Re: How did you choose your realtor?:
    [QUOTE]My understanding is that if you are buying a house and working with a buyers agent that you should not have to pay any fees/commissions, etc.  Your only expense should be the cost of the house (including $1000 deposit) plus home inspection and closing.  Definitely do some more research before signing on the dotted line.  Those realtor contracts are ironclad and once the ink dries you're stuck.  Talk to a few other realtors/agents and see what they have to say.  Good luck
    Posted by rodman75[/QUOTE]
     
  24. You have chosen to ignore posts from hollyd. Show hollyd's posts

    Re: How did you choose your realtor?

    In Response to Re: How did you choose your realtor?:
    [QUOTE]In Response to Re: How did you choose your realtor? :
    Posted by hollyd[/QUOTE]
    While the buyer doesn't actually write a check for the comission, it is the buyer who facilitates the sale and therefore they do pay the commission! As far as a buyer's contract being "iron clad", if the buyer isn't happy with the service he or she is receiving or the relationship is not an amiable one, most agents are very happy to rip up the contract. The idea of the contract in the first place is to formally agree on the expectation of the agent to perform for the buyer and for the buyer to communicate with the agent in a way that insures that a smooth relationship is established and the goal of finding a good property at fair price is accomplished.
    Lastly, the expenses of buying a house don't stop at the 1000.00 deposit or earnest money check. There is the 5% deposit of the total price needed when the purchase and sale agreement is signed, and closing costs including, application fees, attorney representation, title insurance as well as the cost of the inspection etc.
    Lastly, no agent would take a listing without a contract. It guarantees performance of the part of both buyer and agent. The same is true of a buyer broker contract.

    Holly Donaldson
    Coldwell Banker Residential Brokerage
    Cambridge, MA 02138
    617-245-8029
     
  25. You have chosen to ignore posts from AgentWest. Show AgentWest's posts

    Re: How did you choose your realtor?

    In response to Holly Donaldson's above comments:

    I am a listing agent “par excellence” and I’m here to tell you that we agents/brokers need a listing contract in order to take a listing for quite a number of legal and financial reasons (one of which is to compensate the real estate broker, his/her company and lastly, the agent).

    This is the way of the industry and there is nothing wrong with that, however, we make breaking the listing contract way too difficult for a seller to break. Here in Orange Country, I’ve witnessed on many occasions over the course of many years, a broker and his/her company not releasing the seller from the listing agreement for a whole host of issues – some real, very many not so real!

    The listing contract doesn’t guarantee that the home will sell, sell at or near the listing price and it certainly doesn’t guarantee performance on the part of the agent! If it guaranteed anything, there wouldn’t be countless homes which were withdrawn, cancelled or expired for not selling due to poor marketing, poor salesmanship or several other reasons.

    Same thing with buyer-broker agreements. They seem to only be commonly used in certain areas of the country and Boston seems to be one of them. I have many friends who are agents and brokers around the country and most of them don’t use buyer-broker agreements, even though every State makes them available for us to use.

    I believe that a good agent that continually demonstrates their “unique value add” will separate themselves from the thousands of other agents in every town or city (you can’t swing a dead cat without hitting someone who has a real estate license in the United States) and therefore doesn’t need to lock in their prospective clients/prospects with a buyer broker agreement.

    How many items or in what other industry is a person pressured to sign a document like a buyer broker (should really be titled, “buyer-salesperson) agreement? None.

    Whether or not a person (for instance, a bride and groom) sign a pre-nuptial agreement or not, does that contract guarantee that the marriage will be a happy one and won’t break up? No.

    Just as pre-nuptial agreements are always being challenged in the courts, the same is true with buyer broker – I mean, buyer-salesperson – agreements.


     
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