Trust in your agent/best place to for s condo?

[APM]

Hey guys its me again. Few days ago I found the condo I was looking for and was ready to make a bid. However, my agent wanted my bid to be higher then what i wanted to pay. Was on the phone for 20min where he was trying to talk me in to it but I did not give in. He said he had spoken to the sellers agent and if we go with that price we would get it for sure. after I said no he called the other agent to tell him no offer from us. Five min later another phone call and now with a lower price after he had spoken to the sellers agent again we would get it. There were a few more things that went on (that I dont want to post just in case he reads this forum) that had me thinking maybe my agent was not looking out for me. I understand he is trying to get me to buy a condo and move on. But, if you are not looking out to get me the best deal then I believe you are not doing your job.
My question is how do you know your agent is looking for whats best for you?
second question outside of mls is there another place I can look for condos?
Thanks

 

[tweep0]

That is my problem with real estate agents representing buyers. They are supposed to be looking out for the buyer's best interest. However, since buyer representatives are commissioned based on the purchase price, it favours the agent for buyers to purchase at a high price, and as soon as possible (i.e. agents would rather you buy an expensive condo right away instead of waiting for a deal on a cheaper condo).

Conflict of interest? I think so! Until buyer's agents change the way they are commissioned, I can't understand how they are truly looking out for the best interest of the buyer.

 

[J0n0001]

That is why you need to build a relationship with your realtor, get referrals. Look for an agent that wants to build long term relationships. There are guys that want to make a quick buck on your purchase, and there are others who want you to be their client for life. Pick the latter as your rep.

 

[dpylyp]

Buyers Agent

Should discuss with you, the purchase strategy.
Should provide/show you details for units that have sold.
Ask for references?
How many times has their licence been renewed?
Look over their shoulder on their laptop, see the other screen in their office?
Will show you all units available for sale
Has an interective website portal so you can look and check for yourself.

I have on numerous occassions, made offers on properties. Then withdrawn for a few days, refusing to be caught up in the emotion of buying. THEN go back and make the offer your prepared to make.
We what happens. You'd be surprised.

New Agents are great with strategies and techniques, but short on life experience that makes deals work.

Selling Agents work for the Seller. That contract is already cast. In this competitive Listing environment the listing commission may be very low. You don't and never will know.

You assume.........

Buying agents represent you to get you the most home for your money. The Listing Agent is legally obliged to represent the owner to get the most for that house.

You may very well get $$$ off the asking price when a skilled negotiator works the offer.

 

[gei]

There were a few more things that went on (that I dont want to post just in case he reads this forum) that had me thinking maybe my agent was not looking out for me.

ahahahahaha... wow I actually laughed out loud at this post.

You HONESTLY think your agent has YOUR best interests at heart?

Believe me they obviously put their OWN interests first, just like any other person would (although typically real estate are more slimy than the average person).

Making money is their first priority. Your satisfaction may be next, but it's a distant second.

 

[rbt]

ahahahahaha... wow I actually laughed out loud at this post.

You HONESTLY think your agent has YOUR best interests at heart?

Good ones do. Good ones are also typically dealing with investments or high value properties. If you get 10 leads and only have time to handle 3 of them, you take the 3 with the highest commissions and easiest to manage clients.

A good agent realizes that any home you buy will eventually be sold, upscaled, downscaled, etc. If they do a good job now and keep in contact there is a very good chance they will be able to handle an additional 2 to 4 transactions on your behalf not to mention referrals (family, friends, etc.).


There is the other side as well. Buyers and sellers often get into stalemates over 1% of the purchase price (couple grand on hundreds of thousands). Seems silly for both parties to walk away when the buyer obviously wants to buy (they put in an offer) and the seller obviously wants to sell (they listed the place and let strangers wander through their home) but neither wants to give on that last 1%.

Generally the buyer, seller, and their reps walk away unhappy when a deal falls through because of that. Buyers still need to buy a place, which probably is not as good as their first choice that fell through. Sellers still need or want to unload their current place.


In the end the buyer is in charge. If your representative is not following your directions you should 1) complain to RECO or TREB, and 2) find somebody else. Incidentally, when given bad directions by the client it is pretty common for the agent to ask you to sign a written copy of the order and you acknowledging that they warned you about it.


It doesn't sound like the request was unreasonable BUT if I was representing you I would have asked you to sign a written acknowledgement that low-balling, if that is what you wanted to do, the seller can piss them off and result in them not liking you. In negotiating, you want the seller to like you and want to deal with you rather than being adversarial. If they like you, they'll give on the price more. If you piss them off, they'll become very defencive in negotiations.

If they really don't like the buyer they might refuse to deal with the buyer OR, even worse, feel screwed over and try to get back at the buyer in some way. Don't be surprised if all the lightbulbs are missing, the place is a pigsty, appliances have been swapped (serial numbers on the agreement!), plants in the garden have been taken or poisoned, or other things which still obey the letter of the agreement but aren't very friendly.

 

[lowesthangingfruit]

I am sure as with any other industries, there are good and bad agents. Having the disclaimer aside, here is my stories:

I remember having a half hour conversation with an agent that was trying to convince me that his/her services were "free". That's the most retarded thing I ever heard.

I remember an agent that was wanting me to plot down $300K++ on a place and the best reason he/she could give me was it was a loft and the exposed beams looked cool. I then told him/her that I come from a country that tried to move out of factories and warehouses and now he/she wants me to live in one ?? Correction, that is the most retarded thing I ever heard.

I have also came across agents that I picked up valuable pearls from. Whether they meant to give it to me or not, who knows, but there are some smart/good ones out there.

If on MLS and you don't have a choice, just go with the listing agent and hack down the commission with the listing agent assuming he/she is not a totally greedy A-hole.

 

[ducati0000]

Im very lucky that the person I deal with has connections that is related to all aspects of buying a home..from loan brokers,lawyers and VIp showing.Most agents are doing a excellent job but like other industries there is some bad sellers/buyers.The best way as a buyer/seller is to educate yourself as much as possible and never believe anything unless its in writing.There is so many agents out there right now it takes a lot of patience to find the right one.References is the key to a good agent but even then sometimes they push the "dog suites" to unexpecting buyers to make up for a slow week.IMHO put a bid that you think it might be accepted and just wait,there will always be other treasures out there,be patient.

 

[Jason_Mycondonetwork.com]

Maybe Im a bit biased here because I'm a Realtor, but I would say that the worst thing a buyer could do is, purchase directly through the listing agent.

The listing agent is always representing the best intrests of the seller, no matter what they tell you or what kind of "deal" they are giving you.

It's like going to the lawyer who is suing you for legal advice. You shouldnt do it.

As a listing agent, I sometimes provide a provision in the listing agreement, that says I will discount the commission if I can find a buyer.

So hacking down the commision is still not getting a deal, sometimes all your doing is agreeing to something that was already negotiated with the seller.

Find a buyers agent.....A good one....

 

[gei]

My advice is to NEVER sign one of those buyer-agent agreements that makes them your exclusive agent. That way if you get a bad feeling about them, or feel they arent doing the job right, you can just walk away from them.

If they insist on making you sign one, just tell them you'll find someone else. As someone said above, real estate agents are a dime a dozen.

If you are very confident in them or have heard good things about them and they are making you sign one, make sure you put in a clause stating that you are able to break the agreement at any time at your own discretion, and aren't indebted to them in any way after that.

 

[OnceAThief]

Is it true that agents are not able to make an offer on your behalf without signing that form?

 

[vancouverguy_76]

Is it true that agents are not able to make an offer on your behalf without signing that form?

As long as you have provided some sort of authorization, you should be fine. I'm speaking as a lawyer.

I agree that signing an exclusivity agreement with an agent may be a bad idea...especially with the stories I have just read above. If you don't have a personal relationship with an agent, don't sign the exclusivity agreement. Tell them you'll go with an agent who doesn't require this... after all, if they're doing their job and find you the right place, this agreement shouldn't be necessary. Realtors may have legal recourse against the client if the client side-steps realtor efforts. For example, after a property is found, the client drops the realtor and acts alone or goes with another realtor.

 

[dpylyp]

The law is the law

"at the earliest practical opportunity an agent shall discuss agency, dual agency and buyers agency"

Give a brochure describing same and have you acknowledge receiving it.

Present you with Buyers agency documentation. either for that tour or those properties.

Obtain Photo ID (FINTRACC Legislation)

Do you need a Buyers Agent - Using a realtor

We're talking (or at least Ontario) every offer has to be accompanied by a completed Confirmation of Co-operation and Representation form (OREA form #220). This has to be signed by both agents, as well as the Seller and Buyer, and places on record who's looking after who and how the Buyer's Agent will get paid (usually by a share of commission as stipulated in the MLS listing). **If you refused to sign a Purchaser's Agency Agreement I attach one Blank unsigned and write on it refused.

As a Buyer Agent, you do need to realize that my primary responsibility is to take care of your buyer client's best interests.

This means two essential things.

On the one hand, we shouldn't focus on selling the property for as close to the asking price as you can. Rather we should make sure that the offer price properly reflects the market value, particularly by setting it against an appropriate Comparative Market Analysis.

On the other hand, we should help our buyer client to determine that the property represents the best value for their money. This means that we need to demonstrate that each one of the comparables isn't going to be a better buy.

If you will, our job is to get the Buyer "the most house for the money" as opposed to enabling the Seller to get "the most money for the house." The difference is a critical one and you have a legal duty and obligation to apply it in your dealings with your buyer clients.

Simply put, would you prefer I work for the seller or you. On a personal note, I have 19 experience selling homes. We will go on one "tour" where all these issues are dealt with. If you choose not to sign up on your next tour, I am not interested in having YOU as my client.

 

[vancouverguy_76]

I received a personal email from realtor David Pylyp, and I quote: "You're a Lawyer and you encourage them to Avoid and ignore the law? You better crack another book open."

I ask where exactly in "the law" it states that such an agreement MUST be signed between a potential purchaser and a realtor. Is an initial exclusivity agreement the ONLY way an agency may be proclaimed between potential buyer and agent? Is not using one ILLEGAL? I agree that FINAL documents in a sale of purchase must be legitimized via form, but we're referring to representation and bidding on properties.

I know that I'd like to have the option of backing out of having some jackass take me around looking at places. Especially if he tells me it's 'the law' that I sign one, and we later don't get along. Can you imagine... you look to purchase your dream home and you're forced to work with Hitler? Shop around for realtors, and don't accept guys like the one above who will immediately have you sign an exclusivity agreement.

By the way, I know a great realtor in Toronto if anyone is interested. I know I'm not supposed to advertise, but his name is Roy Runions and he was absolutely awesome. He didn't have me sign any initial agreements, but wow I was so glad I worked with him. He gets my personal recommendation, plus he's gay friendly.

 

[dpylyp]

Buyers Agency

Buyers Agency Agreements can be signed for a single day, a single house or for a specified durstion of your home search.
I have had in my (IMHO) people who have searched for years for the right home on the right street etc etc.
It is a mutually agreed period of time for the contract.
I do not wish to bind people to a contract that I cannot fulfil or they do not wish to conclude. That frustrates everyone.
I provide people with a choice. If they are displeased I release them. They are free to do as they wish.
But making a blanket statement to NEVER sign with a Realtor is in direct contrevention with all the Rules of RECO and TREB directly regarding agency and duties.

I often preface my remarks with "I am not licensed to practice law please consult a lawyer".