Using a Buyers Agent?
Do you think using a buyers agent is a bad idea? Are sellers agents less willing to split commissions? Will it reduce the chances of getting a bid accepted? We’re new to all this.
Do you think using a buyers agent is a bad idea? Are sellers agents less willing to split commissions? Will it reduce the chances of getting a bid accepted? We’re new to all this.
I agree with some of the previously said comments. You can have buyer’s agents mess you up with dishonesty, but if you can find a buyer’s agent that you trust, maybe a friend of a friend or something, you can get the help that everyone needs in the big real estate market. Try http://www.buyersagent.net, Good luck!
If 90 percent of listings are not on the MLS, isn’t that another reason for a buyer to approach the seller’s agent directly?
I am a broker, and tanner I think it’s great that you had such a wonderful experience with a small company but that doesn’t mean that there aren’t brokers that work for larger firms that provide that same level of service.
Also,in nyc unless you have a contract with and are paying a fee to your buyer’s broker, they do not really represent you. That is not to say that they aren’t trying to get you the best possible deal and looking out for your interests but the seller’s broker can provide that same service. It really all depends on what your needs are. If you are a real estate junkie like many NYers and enjoy doing your own research and going to open houses, etc, you are probably better off on your own bc you will get a better deal without a broker. Most selling brokers agree to accept a lower commission if another broker is not involved in the transaction.
My first time buying I felt that there was really no such thing as a true buyer’s broker here in NY. I could never really tell how honest and upfront an agent was, and they always seemed to have THEIR best interests at heart–and that was quite often in conflict with MY best interests…
The second time I bought (here in BK), I was living out of state and was SO happy to have gotten a recommendation here on Brownstoner to call Erin at HouseByWe.com. She and her partner offer buyer’s (and seller’s–I think they have a few listings of their own) broker services, as well as home renovation management. Basically, they provided me with true buyer’s broker services–like you might find in a state that legally requires them (like CA), and very unlike here. She worked her ass off for us and found us the perfect, perfect home! It was really helpful to have someone who felt truly “on our side” take us through the whole bidding, contract, closing process. But most of all, it saved me from devoting every spare second of my life searching the market, meeting with brokers at every real estate house, etc.
This is all to say, I wouldn’t recommend using a “buyer’s broker” if it’s someone from one of the big real estate houses… but someone like HouseByWe I wholeheartedly WOULD recommend.
BTW, the comment that seller’s might be more reluctant to sell to you since they pay your broker doesn’t make sense unless it’s a FSBO. Otherwise, I don’t see why the seller should give two craps–they pay their 5 or 6% to their broker, who must split it with any buyer’s broker who brings the deal.
OP (yeah you know me) here.
Thanks so much for the lively and varied responses. All of of our offers were within 10% of asking and one was over asking. And we’ve got 15-20% down payment, our credit is excellent, etc. I was just wondering if using a buyers agent was a potential negative factor that we hadn’t considered in the whole process.
One thing I will say, is no matter how crazy NYC and Brooklyn real estate is…one thing works: this forum! Thanks!
That was not a sales pitch and I have never hidden the fact that I am a broker — as anyone who’s ever read my posts can attest. No BS involved and I am currently working with enough buyers not to be trolling here for business.
Guys, you had an OP ask a fair question, and you had someone come on and give a broker’s sales pitch as an answer, without disclosing that she was a broker. It deserved to be called out.
I don’t care if you all use Bernie Madoff as your buyer broker. I call BS when I see it. Good luck.
I think it really depends on how comfortable you are with negotiating real estate. If you’re new at it or just uncomfortable, then maybe it makes sense. But on the other hand, since the seller is paying out broker fees, there may be less $$$ to negotiate w/ you. I would think that the sellers are ultimately looking to maximize what they put in their pockets…and it may not matter whether its as a buyer credit or a broker fee.
I agree with Babs and IrieMan…
1. I think we’re all adults here and can draw our own conclusions about people’s posts. Frankly, I’d rather have as much information as possible from a variety of sources and make my own judgments about credibility, usefulness etc… than have someone appoint themselves gatekeeper.
2. Joe: Let’s keep it civil.