Saturday, March 21, 2015

Now is the Time to Decide Whether You Will Engage Your Own Broker....

Yet again another client who has followed us for years was ready to make an offer on a property. However when we spoke she mentioned she had only one very impromptu appointment the night before with the listing agent who was planning to be at the property. Unfortunately it turns out she had also sent some very specific questions to the broker after the meeting. The broker kindly responded in detail.

You never know how an agent will respond when a buyer breaks the news that they would like to have their own representation. REBNY actually has a protocol for this that allows for a buyer to bring in his own agent after the fact. We treat it case by case and weigh all the facts before deciding on a course of action. We are most concerned with our new client, however also want to respect the other agents involved.

If you are planning to utilize our services or any other buy-side agent it is very critical that you engage your agent/broker before visiting any properties via private appointment or contact any listing agents. There is no advantage to not having your own representative, it's nonsense when people tell you that listing agents will favor your deal. Only crooked agents would act in such a way; all offers must be presented to the seller. The seller with assistance from their agent will decide who is the most qualified, it's not always about the highest offer either.

It's up to you to do some research and find an agent that you can trust and work comfortably with. Don't laugh, they are out there :). Even if you are undecided, best to write in "Broker to be determined" at open houses that you visit.

With our model that offers rebates we can also mitigate any manipulation of commission on the sell-side. Call me and we can go deeper into our strategies and how we can help you maximize your bid without depending on the sell-side for guidance, information.  Remember, the listing agent is rightfully looking out for the best interests of the seller, not yours. Read about the perils of dual agency here.

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