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May 20, 2009
Expectations of Realtors?
I'm a first time home buyer and have been working with a realtor who I met at an open house, and I'm not sure if my expectations for what he should be doing are too high, or if I need to find a new realtor. He has been taking me to a lot of showings that he has never been to before (which turn out to be crappy and thus a waste of my time) or a lot that are out of my price range. The best we have seen are all from searches I've done on my own, and sent to him to set them up. Is it wrong of me to expect that he would be doing research on places outside of his own company, and to have viewed them prior to taking me there? ANd are realtors necessary in today's market, when all the housing information is available to everyone?
Comments
He's obviously not understanding what you are looking for. Some of them don't listen, others are just lazy, many are stupid. You should be able to set up your own appointments. In fact, most brokers should prefer to work directly with you and not have to split a fee with another broker.
Yes, its easier to get "your" broker to arrange the meetings but not if the total effort is a waste of time by looking at things he's found that don't fit.
Posted by: daveinbedstuy at May 20, 2009 12:02 PM
"Is it wrong of me to expect that he would be doing research on places outside of his own company"
Remember that in NYC the agent is an agent of the Seller not the buyer!
Posted by: SenatorStreet at May 20, 2009 1:18 PM
I think you need to clarify whether this is indeed "your broker" or this is a seller broker who is taking you to his client's properties.
Posted by: Putnamdenizen at May 20, 2009 1:22 PM
I have never understood why people use brokers in NYC. First, they rarely get access to FSBOs which, IMO, are a lot of places in brownstone Bklyn. Second, why not just look at the NYTimes and go to open houses or call to set up showings, and ask any deal-breaker questions on the phone. Seems like not a lot of work to me and then you get to see everything plus not have to waste your time going to this broker's places he is trying to sell.
Posted by: WTbound at May 20, 2009 1:25 PM
My husband and I are recent first time home buyers. We looked for about six months and did a lot of the research on apartment listings, neighborhood comps, and went to open houses ourselves. We also worked with a broker who was honest, listened to what we were looking for, suggested listings, and helped calm our nerves. At some point in the early part of the process, I did question whether we needed a buyer's broker-- she really wasn't sending us anything that I could not have found myself. That completely changed, though, once we found the apartment and started the bidding/contract/closing process. I definitely recommend you find someone to work with who you like and who is competent. Even if you do most of the legwork now, it's invaluable having someone to walk you through the process later on.
Posted by: fawn at May 20, 2009 2:21 PM
All the above is good advice,I would add...dump this broker. Use as many agents as you can stand. A good broker is useful but not necessary in any market. A bad broker is a waste of time x2. Unless you have a clear legal agreement, the broker is legally obligated to protect the sellers interests no matter how friendly they are.
Posted by: edifice rex at May 20, 2009 2:21 PM
Do you have extra money on hand to throw away on a broker? Do you really want to keep the parasites living? Let the brokers go out and find a real job just like the rest of us. They are nothing but blood suckers.
Posted by: hannible at May 20, 2009 5:56 PM
If your broker doesn't seem to understand what you like...then why would you want him/her to go see the apartment/house first and then decide if he/she should bring you? Makes no sence.
Posted by: Streetwise123 at May 20, 2009 6:58 PM
WTbound and Hannible why do I get the impression you're those cheapskates that sit at a table in a bar, buy a $6 beer, leave no tip and justify it by saying "I could've gotten a six-pack for the same price in the bodega down the street." Edifice, I will respectfully disagree with you, in NYS, brokers are not always legally obligated to represent the seller, example: if they are showing you listings that isn't theirs - taking you to open house listings by other brokers, in that case they represent you. Saying that - Firstimer, I think you should probably find another Broker, especially if he's not taking you to listings outside his company. In the meantime, feel free to go to open houses yourself. However, as first time homebuyers - beware, that the broker hosting the open house indeed reps the seller and that can cost you if your negotiating skills are not up to par, if not, it may be worth getting another broker.
Posted by: Crownlfc at May 21, 2009 12:37 AM
I think it is really important to clarify the question of who the broker represents - you can't assume that anyone's got your best interests in mind. Unless you have signed a contract with your broker, he represents the seller.
Think about it - without a buyer's broker contract between you and this broker:
1. he only gets paid if you buy a house
2. he will be paid a percentage of the sales price
So, the broker's incentive is to push you to buy any house he possibly can, at the highest possible price. In other words - his interests are completely aligned with the seller.
Also for what it's worth - when we bought our house, we ended up working with a whole bunch of brokers and doing a lot of legwork ourselves. You'll find that a number of smaller agencies in Brooklyn refuse to split commissions with outside firms (this is called co-broking, and is common practice in more-civilized real estate markets). So if you stick with one broker, you probably won't see everything.
Bottom line is - be careful, trust your instincts, and do your research. Why not work with multiple brokers?
Posted by: sweiss at May 21, 2009 9:20 AM
Crownlfc just so you know I don't go to bars and pay 6 bucks to rent beer. I cut out the middleman and invite my girl home and buy my beer wholesale. I have no credit card debt yet I am going to be forced to pay a higher interest rate just so we can help losers like you who can't add.
Posted by: hannible at May 21, 2009 7:30 PM
Hannible - maybe you have had one six-pack too many, now you're making silly statements about credit cards? Is that what you use to pay for your girl? I thought you were sad and bitter, now you just come off as sad.
Posted by: Crownlfc at May 21, 2009 9:22 PM
You are right I am sad to see that we are helping the mediocar people who bought way too much home and now expect taxpayers to help them. The prices of homes in New York have to come down at least by half so they can be considered affordable for buyers and they are not doing that because of those same real estate brokers that started this housing bubble with the help of Alan Greenspan. Yes I am bitter! Very bitter Where is my bailout?
Posted by: hannible at May 21, 2009 9:55 PM
I should have said you need to have disclosure regarding agency relationships. A broker can represent both but is supposed to formally, in writing, disclose his status as buyers, sellers or dual agent. http://www.dos.state.ny.us/lcns/realestate/1736.htm
Posted by: edifice rex at May 21, 2009 10:07 PM
Edifice: Again, a broker doesn't have to sign a legal document to represent the buyer. The DOS requires that a broker give the buyer an agency disclosure form to fill out and sign at the first substantive point of contact acknowledging that he/she understands who the Broker represents - buyer/seller/both. Ironically, since many buyers refuse to sign it by (wrongly) thinking it's a legally binding document, most brokers don't bother. If you really want a (legally) binding buyer's broker (more common outside NYC, where brokers literally drive their clients hundreds of miles every weekend for months) you can - just be prepared to sign a form that for 3-6 months you can only look at places through him/her, and probably pay his/her commission for the honor. Careful what you wish for.
Posted by: Crownlfc at May 22, 2009 10:18 PM
Hey Crownlfc, Your a tool! Get a real job you loser!
First off, getting a "buyer's agent" in NYC is a complete waste of time and you are basically setting yourself up to either 1. pay way more for a property because the listing agent is pissed they have to split their fee (for doing basically nothing) or 2. you won't get the property because the listing agent (and all agents pretty much) are unethical at best. My suggestion, if you aren't from here and/or are used to (a morally ethical) place that actually have state approved/required legal contracts that are used in a real estate bidding/counter-offering/acceptance process, would be to get a good lawyer! Go see as many places by yourself as you want, or heck get some loser agent to take you (just don't sign anything), then when you find a place have your lawyer draw up an offer, and don't bother telling the agent you've been using (because they can't do anything), and send it to the seller's agent. If they want to deal they'll respond, if not then move on. Whatever anyone tells you, "your" agent will do nothing more for you than negotatiate in "good faith" (which is all verbally and worth as much as the paper its written on) with the seller's agent AND then will have you get a lawyer to fill out the contract that you could've done by yourself. If this sounds ludicrous... that's because it is! And that's also the reason that people with real money (and brains) don't waste their time dealing with a "buyer's agent". Deal directly with the scumbag seller's agent and you'll get deals done faster and for less. If you still feel like you just don't understand things, spend the extra hour talking with your lawyer (who hopefully you found through a recommendation or if not at least knows real estate) and learn how the process works and what you should put in a contract. The only worthwhile thing about not having the state approved contracts is that you don't have some scumbag agent, who wants to get paid by making sure the deal goes through no matter what, filling out the form without the right contingencies (contingent on appraisal, financing, etc.) but instead you have a lawyer who is impartial because they get paid regardless.... But you already knew this because you've been doing your homework online right???
"You want the truth??? You can't handle the truth..."
Posted by: goodoleboy at May 23, 2009 2:00 AM
A broker can represent both but is supposed to formally, in writing, disclose his status as buyers, sellers or dual agent.
Posted by: edifice rex at May 21, 2009 10:07 PM
Gee that sounds like a great plan! I'm sure the agent (or uh broker... that sounds SO much more professional... kinda like a Stock Broker...) is going to act with the utmost fiduciary capacity for all parties but themselves. Let's all think about this together....
Agent - Hey Mr/Mrs X I'll be working for you in good faith to help you negotiate with Seller Y
Agent - Hey Seller Y, we're gonna get you SO much money, you'll be glad you choose us.
Agent - OKAY X I think its gonna take a million
X - Gee that's great we thought it was gonna be more. We'll offer a million then.
Agent - Hey Y, these people can afford more than a million, you want me to tell them you have a bid for more?
Y - SURE
Agent - Sorry X there is a bid for more by another buyer. I really like this property though. I think you guys would love it. I bet 1.5M would do it.
X - We love it too sure, we can afford it. Tell them 1.5M.
Agent - Well they came back with 1.5M, but I really think we can get more.
Z's agent - Hi Agent for Y, My client would like to buy Y's house. They offer 1.75M but that's the max.
Agent - I'm sorry, (I don't want to split my commission) but there is already a higher offer out there. Sorry.
Agent - Hi X, I thought they'd accept it but they apparently have a bid for more.
X - Well Gee that's too bad. Thanks ALOT for really helping us. Better luck next time I guess...
Agent - uh, well wait gosh, maybe I can talk some sense into the seller. I REALLY want to help you guys out. You seem like a nice couple and I just want to do the best I can for my clients......
Posted by: goodoleboy at May 23, 2009 2:13 AM
Oh Dear, Ladies and Gentlemen - The ramblings of a madman. It's really sad to see bitter ex-agents that couldn't cut it in the business mumble on incoherently but what do you expect from someone who’s up at 2am. What are you going to rant about tomorrow? Let me guess: Obama is an alien and we're being controlled by the waves coming through our televisions. Just please be a little more concise this time. So sad. I hope you get the help you need.
Posted by: Crownlfc at May 23, 2009 3:42 PM
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