Acting as your own buyer's broker
I am currently apartment hunting in Windsor Terrace. Assuming that I have a real estate license in NY (currently processing the application and I should be able to obtain the license because I am admitted to practice law in NY), can I act as my own buyer’s broker and retain the same commission that a…
I am currently apartment hunting in Windsor Terrace. Assuming that I have a real estate license in NY (currently processing the application and I should be able to obtain the license because I am admitted to practice law in NY), can I act as my own buyer’s broker and retain the same commission that a third-party broker would receive. Has anyone had experience with this?
You have the legal right to represent yourself if you are licensed as a broker. But the reality is that there are things that you learn as a salesperson when working under the umbrella of an established broker that will tell you the practicalities of how to act as a broker. So you honestly aren’t going to do yourself any good in representing yourself, other than to save some $. This is obviously not a bad reason to try it. But just understand and appreciate that you will be relying on the other broker to carry your weight on the other end. It’s sort of like a FSBO. You can do it. But in order to do it right you really need years of experience and the insight of an experienced broker.
Not to mention you are the buyer – period.
Alot of people, such as myself, dont use a buyer’s agent at all. Should you be entitled to split the fee with the seller just because you have a license? You are still just the Buyer.
Many proporties (Seems like most these days) are also exclusive where the broker will not co-broke with anyone anyway.
Final Point – If the seller knows you getting half of the commission, wouldnt they use that information against you while negotiating?
The previous poster does have a good idea though. Call up a few brokers and inquire about a specific posting. Tell them about your situation and that you expect to be compensated as a buyers agent if you close the deal. perhaps they would be willing to deal with you.
You won’t get a nice reception because brokers here in nyc don’t believe in the concept of buyers broker and have probably spent their entire career either sharing only with another agent from their firm, or more rarely an agent from one of the other big three or four firms.
“it should be the same as any other situation where a buyer’s broker is involved”
You do have a point.
Why dont you call a few brokers that have listings you have no interest, in and pose the question?
I see that point. But really, it should be the same as any other situation where a buyer’s broker is involved. Essentially, I have done everything that a buyer’s broker will do. Would an agent be less likely to work with someone because they have to co-broke? Maybe. But I suspect that is equally true in every instance in which the buyer has their own broker.
Interesting proposal – But I would say common sense would say no, you cannot collect the commission just because you are acting as your own agent. Why would the broker share their commission with you just because you have a Broker’s license?
If anything they would probably be less willing to work with you becuase of it.