Hello. I've visited this forum many times, and think it's great. This is my first post.
I bought a condo in the River Market a little over a year ago without a buyer's agent. I didn't think about having my own agent because I was already very familiar with downtown and had done my own research. I found the right building for me at what I considered to be fair price and so I didn't feel like I hurt myself by not having an agent. Now, however, I'm thinking about where I might want to move in a couple of years and I'm wondering if it would be in my interest to have an agent this time. I already know which building I want to buy into, and I know which unit I want, but it's quite a bit more expensive than my current condo. The only real benefit I can see is the possibility that the agent might be able to negotiate a better sales price. However, if the buyer has an agent, it's my understanding that the seller's agent has to split the sales commission. Consequently, I can see how the seller's agent would be more motivated to persuade the seller to come down a little on the price for an unrepresented buyer. But maybe I'm missing something. What do you think? Should I retain an agent if all I need one for is to negotiate the price? Thank in advance for your help.
always -- ALWAYS -- get a buyer's agent! i was in the exact same boat... i had done the research, knew where i wanted to live, etc... buy it's definitely a good idea to have someone working with your interests above all else (as opposed to the person who's in bed with the developer). not that the people selling my building were bad, but it's just a security thing.
Never-Never hire an agent if you've already found the place . You can buy one book and learn how to handle the transaction by yourself. Hardly rocket science. The only reason to have a buyer's agent is if you need the MLS and someone to screen the potentials for you. Further, its nice to have someone set up appointments for you and to meet the appraiser, termite guy etc... If you don't need any of that stuff why hand a sack full of money over to a buyer's agent?
Since I'm on the subject and I've already pissed off the realtors somebody explain to me why, when I bought my place last month from the broker owner and I was unrepresented, I was charged a buyer broker fee of $195.00 by Reece Nichols. Of all the thieving ....
Hey Shrek--don't let the thievin' bastards charge you a buyer-broker fee if you don't have one. They'll probably slide something in early on you for your signature before they show you any places. Sign it "Homer Simpson" or something.
Thaine wrote:
Never-Never hire an agent if you've already found the place . You can buy one book and learn how to handle the transaction by yourself. Hardly rocket science. The only reason to have a buyer's agent is if you need the MLS and someone to screen the potentials for you. Further, its nice to have someone set up appointments for you and to meet the appraiser, termite guy etc... If you don't need any of that stuff why hand a sack full of money over to a buyer's agent?
you do not pay more to have buyer's agent. the fee gets split and the percentage is the same (6%, believe). i can maybe see your argument if you are selling your own place, but not if you're the one buying.
Hi All. First, I want to be honest in disclosing that I'm a licensed agent.
KC_Shrek - From my admittedly biased point of view I believe you are correct in choosing to use a buyer's agent. As you surely experienced in your first condo purchase there are many items from your initial viewing through closing that a Realtor can handle on your behalf which allow you to relax and look forward to a smooth closing.
You've also identified negotiation which is another key reason to use a Buyer's agent. The simple act of having an agent to speak on your behalf to the selling agent during negotiations can do wonders for the sales price.
DaveKCMO has also correctly pointed out that in most cases there is no cost whatsoever to the buyer for the use of an agent's services. When a seller lists their house in the Multiple Listing Service (MLS) they will enter the commission amount that they have negotiated with their Realtor. Part of that amount is designated for the Selling Agent and part for the Buying Agent. Thus, KC_Shrek, in my experience, and of course I can only speak for my company, there would be no cost to you if you were to purchase a listed property.
The only situation in which you might see a cost is if you were to purchase a property that was listed by an unrepresented seller (a For Sale by Owner). This situation would need to be addressed between you and your agent prior to beginning the home search. It sounds like if you already know exactly where you're going to buy this wouldn't be an issue.
Thaine - I do not currently nor have I ever had any affiliation with Reece Nichols so unfortunately I cannot comment on the specific charge you have mentioned in your post below.
I hope this post has been helpful. Please feel free to contact me if you have any additional questions.
Last edited by downtownguy on Sat Jan 13, 2007 6:40 pm, edited 1 time in total.
I am working with a buyer's agent right now, and when it was looking grim in the offer/counteroffer phase, she actually offered to remove herself from the whole thing, and still help. Very classy.
Does anyone have a recommendation for a buyer's agent that specializes in the Brookside area? We're going to start looking for a house, but hate to just pull a name out of the phone book. Thanks
A fellow agent of mine who works a lot in that area is Maureen Doolan with Realty Executives. She does a great job. PM me if you want her number. I'd offer myself, but I wouldn't be doing anyone good service to find them something in Brookside.
But I have to chime in and agree with others here. I have been an on-site agent for years and I always recommend to my own clients that they get a buyer's agent even if they're purchasing new. There are very few reasons for a buyer to never have someone representing them since the seller is paying the same commission regardless of whether you have an agent or not, so you don't save anything. This is especially true when you're dealing with on-site agents. Unethical agents will try to persuade people against using a buyer's agent because we get more money if there isn't one involved.
I was in the same situation a few months ago. I had an agent, and I think it was the right call. She got me great information for the negotiation--number of sales in the last year, comparable sales, etc. She also pointed me to the Jackson County website, which had info on the purchase date/price of every unit in the building.
Be careful of relying on the buyer's agent too much during negotiation, because ultimately their motivation is to get the deal done, not necessarily to get you the lowest price--they only get paid when the deal gets signed. A gross generalization, but something to keep in mind.
For me, at least, it was nice to have someone on my side who'd been through the process before. Plus, she played a great bad cop in negotiations.
It's not the end of civilization, but you can see it from there.
Does anyone have a rec for a buyer's agent for the river market/central business district/crossroads area? I randomly contacted someone through the Urban Living Center and was not impressed.
We used Rebecca Buchannan @ Reece and Nichols and thought she did a good job. She was able to show us a lot of different places and knew what we would like and did not waste our time taking us to places they want to sell becuase they had been sitting for a while.
redwood7 wrote:
Does anyone have a rec for a buyer's agent for the river market/central business district/crossroads area? I randomly contacted someone through the Urban Living Center and was not impressed.
Thanks in advance.
With more than 7000 Realtors in KC you certainly have your pic. Aside from myself (a downtown resident for more than 7 years) and RE/___ (not self promotion at any length) I always enjoy working with the group at Boveri Realty. The most important thing to a good Realtor is that you find a home that feels good and is comfortable to you. I believe that Boveri shows all properties regardless of their representation. Yet, Joel Gladstone has been a good contact at the Urban Living Center. I welcome you to the neighborhood...in advance.
We bought our house without an agent. I know a house is a lot different, but I thought we would be OK. It was in our price range and exactly where we wanted to live. I was so, so, so naive and will never do something that dumb again. Young, dumb, and stuck. Please, don't do that to yourself. You can always try to get a better deal.
Is the $250 Broker's fee common, and is it reasonable to ask that it be waived? I'm a little irritated that in a transaction where 3% is going to my agent and his frim that they try to nickel & dime me with another $250.
lock+load wrote:
Is the $250 Broker's fee common, and is it reasonable to ask that it be waived? I'm a little irritated that in a transaction where 3% is going to my agent and his frim that they try to nickel & dime me with another $250.
L+L. It is becoming more common, especially with larger firms. They are looking for every revenue source possible and they will continue doing it until something tells them they need to stop. Complain loudly and in writing. Let them know that you feel ripped off.
lock+load wrote:
Is the $250 Broker's fee common, and is it reasonable to ask that it be waived? I'm a little irritated that in a transaction where 3% is going to my agent and his frim that they try to nickel & dime me with another $250.
don't know if it's common or not, but i didn't pay the one i used anything. he split the commish with the broker. i have heard that is the norm, but don't actually know if it's true.
Why is corporate welfare better than public socialism?
