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Why you need a Realtor to purchase any homes whether new or exisiting homes?

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LaWanda Lendsey, "DownHomeRealtor"

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I recently was contacted by a buyer who ask me to split half of the 3% if he puts my name down as his Realtor when he purchases a new home. Immediately my question was huh?why? he proceeded to tell me all Realtor do is submit paperwork and collect a check. Well unfortunately you do have some Realtors just as in any profession who show up late and want to leave early in so many words. Buyers need a Realtor for several reasons but one main reason and that is to "represent you" that friendly sales agent does not represent you and is not obligated to tell you anything that the sekler does not want you to  know unless "you" ask. For example, do not rush to put earnest money down until you know what the upfront cost is and what is refundable or not, has their been any foreclosures the the "new" subdivison in the past year, ask for a home price evaluation and don't fall for the incentives allthe time, sometime the incentive isnot worth it if the closing cost(fees) are hgher. I would not go to court without an attorney, you would not cut your own hair without a licensed stylist so why would you purchase a huge investment blindly? Most of all it is FREE to utilize all our resources and education.
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June 06 - Houston
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Michael Russell, "real estate mike"

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More importanly would it be o.k. if you went to a store and the salesperson said buy this widget and I'll give you some of what I make! Does that make the saleperson a good negotiator. Would you want a buyers agent who can't even earn their money, trying to negotiate a deal on a property? I've had several sellers interview me and after proving to them that I can sell houses the next thing they wanted to see was could I negotiate my own commission? When properly explained most sellers immediately see the value of a sellers agent who knows how to negotiate. In todays market environment many low offers do come in and a seller better not have a weak kneed agent or they stand to lose thousands. So many agents will list a house slightly above market price to immediately satisfy their clients and it truly hurts their marketing efforts to begin with. 
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June 06
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Roberto Ribas, "azrob"

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Actually, this is a bunch of BS!

If a client already knows what home they want to buy, I will work for a reduced commission. 9/10 of the work/time is driving the client around and looking at homes.

I will reduce commissions for listings in my neighborhood, as I prefer to work in my neighborhood, rather than driving all over the metro.

If a client is doing both a buy and sell with me, I will negotiate a reduced commission for their loyalty, and using me for both deals.

A decade in the business, plenty of clients, and I'll put my negotiating skills against anybody, but I'll run my business the way I see fit to, and I don't see a need to demand the same 3% commission on every deal.

LaWanda, reread your NAR ethics points. You can't say your "services are free" without also mentioning that you are being compensated by the seller.
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June 06
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Michael Russell, "real estate mike"

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Original question: why the need? A buyers agent should ask lots of questions and know your needs and wants. Also the agent needs to know the preapproval amount so they can pick out the houses that suit the buyers qualifications. Then depending on the buyers time frame and accessability preview or show the buyers these houses. On mls houses the selling brokerage offers x% and this is the buyers agents commission. R.R. are you saying you take less than the sellers broker is offering? I see no reason to do that even with my most loyal clients. The selling side is where I sometimes reduce my fee for loyal clients and friends(and this depends on how demanding they are).
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June 06
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cthomas101

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With the information available online I have yet to have a realtor bring up a house I didn't already see. I see no reason to give them my pre-approval  qualifications since I already know the houses I want to look at. Personally I think it is a crock since all I really need them to do is unlock the doors to the houses I want to see, but the way it is right now I am forced to pay a 6% markup on a home for a doorman in a Lexus. Some people may need more assistance and that is fine for them, but I dont understand why I have to pay the same rate.
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June 06
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K101

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"I would not go to court without an attorney, you would not cut your own hair without a licensed stylist so why would you purchase a huge investment blindly? Most of all it is FREE to utilize all our resources and education."

In case there was any doubt, LaWanda has confirmed for us with her ridiculous verbatim repeat here that this is straight out of the NAR talking point handbook.  You just left out a reference to performing dentistry at home...

As Rob states, to even be partially honest (though misleading) you have to admit that the "seller pays" a buyers' agent's commission so they aren't "FREE" - which then leads to the full story that, actually, the buyer pays those commissions (since they are rolled into the house price) and the seller just passes the check for it down the closing table.
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June 06
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wetdawgs

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Sounds like NAR  brainwashing has worked.  So sorry!

A buyer's agent spends considerable time screening, showing, driving etc.   If all the agent has to do is the paper work, they are getting a very generous payment to get full commission.   We've bought several times, and every time my estimate is that the agents have put in 10x as much time in the screening and finding of the right house vs the actual purchase process.   Therefore, if not doing the screening etc, why do you want to be paid for that time?  Sounds a bit selfish to me.

"Most of all it is FREE to utilize all our resources and education. "  Ah, you are saying you don't paid?   One of the big myths of the real estate world is that the buyer is getting these services free.   Is not the buyer paying the seller for the house including the ~6% commission?    Whose pocket does that 6% come from ultimately?

Thanks for the joke.  A great way to start a Saturday!!
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June 06
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BMFPitt

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You turned down 1.5%  for what would have amounted to maybe 10 hours work, tops?  I wouldn't want someone with so little financial sense to represent me, anyway.
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June 06
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jkonstant

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K101 and the "Who actually pays the commission" thing cracks me up. Keep it up. Sooner or later they'll learn. AZROB is right on target. Why agents seem to forget that compensation is not tied to representation is beyond me. I will cut my fees all day long for the same reasons mentioned and as for the OP, take the gift. Jesus! Oops, that's another thread.
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June 06
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Lydia Player, "LydiaPlayer"

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One of the items forgotten in this debate is the E&O - errors and omissions insurance that I am required to carry as a Realtor. If something should go wrong with the transaction, guess who everyone wants to sue?

Interesting, in the commission negotiation, it is usually the seller who wants to negotiate a reduced commission to sell their property. I'm asked to reduce my commission on a regular basis. The seller wants to pay me 2% while offering the buyer's agent 3% (in order to stay competitive in the MLS). However, the costs of marketing the property comes out of my pocket - regardless of if the house sells or not. And if I bring the buyer without another agent, guess who wants to save on the commission? The seller  - and the buyer.
 
I might make more if I charged by the hour and got paid whether the property sells or not. I wonder how many sellers - or buyers - would be willing to pay someone an hourly rate to help them buy or sell a property?

You can hire a real estate attorney to help you sell or purchase a property. They can handle the paperwork. Check their hourly rate and then decide for yourself.
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June 07
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sunnyview

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Most clients even in a full service relationship with an agent never hit their errors and omissions insurance due to the fact that most contracts require lengthy arbitration and preclude the client suing the agent directly. In short, the arbitration agreement that is signed by all parties usually does a good job of insuring that the E&O policy does not have to pay out so the policy becomes mute.
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June 08
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dacolan

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I might make more if I charged by the hour and got paid whether the property sells or not. I wonder how many sellers - or buyers - would be willing to pay someone an hourly rate to help them buy or sell a property?

You can hire a real estate attorney to help you sell or purchase a property. They can handle the paperwork. Check their hourly rate and then decide for yourself.

Many buyers would prefer this model. Getting a flat 2-3% regardless of the time and effort put into a sale is absurd. And if I hear one more RE agent compare their skillset and education to a RE attorney... <sigh>
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June 08
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"You can hire a real estate attorney to help you sell or purchase a property. They can handle the paperwork. Check their hourly rate and then decide for yourself."

The difference there, Lydia, is that the NAR has ingeniously arranged for agent commissions to be paid through the buyers' financing.  I am sure that many buyers would prefer to use an attorney over an agent if they could similarly roll the attorneys' fees into their mortgage instead of paying out of pocket.  Further, using an attorney should normally not cost any more than the 3% buy-side commission, and is probably less in most cases.
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June 08
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One of the items forgotten in this debate is the E&O - errors and omissions insurance that I am required to carry as a Realtor. If something should go wrong with the transaction, guess who everyone wants to sue?


Hey lydia - try being in a real profession and having to carry Malpractice insurance.  Then you will understand what it feels like to be in the Tort Bar's crosshairs.
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June 08
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I love this post. it has greed written all over it..... :-(

AZ Rob kinda hit it.

If yo are un willing to pass some thing back to the buyer who is going to make your job even easier that is greed motivated 9/10.

I am not saying you should offer this on every deal but is some money better than no money?

dont get it...
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June 08
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Terry Osburn, "PawsitiveRealEstate"

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You are talking about 2 different types of buyers. There are first time home  buyers and many times repeat buyers who demands a professional to lead and guide them and oversee and anticipate any issues thru the whole process and then there are those buyers who are very knowledgeable about real estate construction and the ins and outs of the real estate contracts who do not need the full service of a Realtor. Basically only want the agent to write up the contract and oversee the rest of the escrow process for them. That is kewl. Those type of buyers should be able to work with an agent on reduced commission etc.  AS LONG as it is legal, above the board and is reported on HUD statement where a loan is involved.
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June 08
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Samantha Mitchell, "SamanthaRealty28"

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Thank you LaWanda. 

I read some of the responses and unfortunately we will never have the complete respect we deserve as professional licensed real estate agents because of the few "agents" who do exactly what your buyer thinks.

I've had many contracts as of late that not only needed extra attention but my experience and knowledge to keep together.  The average person who wants to write his own deal and thinks there is nothing left to do except close has a fool for a client. 

What I always try to remember is that for every person who does not want to use an agent, there are many more who do and who actually appreciate our services and expertise.  Good luck with your business this year! 
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June 08
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Sam
 The general population is.. well... dumb. So yes you still have plenty of victims AHEM I mean clients to choose from. Good luck condescending used house lady!
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June 08
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Kathy Hessberger, "KHessberger"

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The reason I left the Real Estate Business and went into mortgages is because I was tired of spending every weekend showing homes to families for months. When they finally found the home they liked or could afford wanted me to reduce my rate to make the deal happen.  LOL. Or listing a home that you tell the owner is too expensive for a depreciating market but they refuse to listen .....Realtors earn thier money....Tell the guy to go buy from a FOR SALE BY OWNER, then see if the title company will let them close without the proper legal docs signed;;)
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June 08
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SoCal BubbleBrain

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Give me a break. You can hire an RE attorney to go over the docs, for the fraction of the overinflated commish that a used house sales person gets. Get a grip. 
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June 08
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sunnyview

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I believe that there are many licensed agents that deserve complete professional respect, but that there are none that are entitled to as a result of their profession alone. Respect is earned by each professional through their own actions and every profession has some people in it that do not represent their profession very well. That is the way of life. Some clients are unrealistic and some agents are unprofessional. No group is homogenous and made up of only one kind of person. That is why if you have a bad client or a bad agent, you should do what you can to find a better match with someone you can work with to get a deal completed that you will be happy with. There are good agents out there and if you don't have one you should look until you find one.
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June 08
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LaWanda Lendsey, "DownHomeRealtor"

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Wow I read everyone's responses, what a morning! Thanks Lydia Player and Samantha Mitchell and others who agreed. Let me clarify when I say it is "free" to work with me, I am referring to the commission because it is paid by the seller,however you want to analyze it, chopped it up or fry it.  I am aware of the NAR ethics and this profession. I do have loyal clients and I do contribute 1% of my commission on NEW home sales. On the other hand I am a business woman and a business survives money  and if people respect your knowledge then your compensation should not be a question? Everyone I know when THEY go to work they get paid, when I was a teacher I was never asked to reduce my pay because my class was small or because I was off in the summer, my plumber may be here 30 minutes to fix a small leak/crack and charge me a ridiculous amount but I do not ask him to charge me half because he "just" "fixed a leak", I CALLED HIM. I have adjusted my commission with clients who were referred me by previous  buyers/sellers, I have a strong referral base. I have to keep in mind I am a mom with healthcare, schooling, retirement accounts, car note, mortgage, etc.. also. It is not selfishat all because  I work hard, I stay educated and it is a Full time job. I deal with buyers from all economic backgrounds and stiuations and I will reduce as I see fit but just as my plumber may work for 30 minutes or I may go the doctor's office for 30 minutes for he or she to tell us to take allergy medicine, it never crosses my mind that their knowledge is not worth something. So those who post I am selfish and full of greed, take the spec out of your own eye before you try to judge me. I volunteer my time  and donate to charity a certain percentage of my commission. Don't judge me because I consider this a real job and others may just want a check. I am  fair with all clients because my worst nightmare is for a seller to run into another seller and tell them how their commission varied or a buyer runs into another buyer with different experiences . Be fair with everyone!
Love ya'll
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June 09
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K101

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LaWanda,
If you have been reading threads here for any period of time you would know there are many of us that recognize that the "buyers agents are FREE" line is a bunch of BS propaganda meant to mislead the public and, thereby, prop up a monopolistic system that seeks to force "buyers agency" or "double bubbles" (and added commission cost) on every purchaser, whether they want it or not.  Frankly, it makes a difference how you chop/fry the information up, and it detracts from your professed professionalism when you participate in the NAR deception.
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June 09
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Terry Osburn, "PawsitiveRealEstate"

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Sunnyview,
Thanks for your comments. Of the many who comment, you seem to respond  out of thoughtful review and oversight of the issues at hand.
Many who are so negative apparently themselves had fallen victim to one of the "bad" apples.It is not always about good or bad. It is about personalities. Some personalities do not jive. I do believe the face of real estate is changing in that there will be more choices for the consumer.
It does not take away from full service realtors. With the advent of internet and the ability to share so easily information, consumers are better armed and prepped and more knowledgeable than even 10 yrs ago. There are those consumers who appreciate the full service realtor and the professionalism and care they receive from their realtor. There will be those who may not need the full service of a realtor but are willing to pay for and recognize the value of those services they seek.Most of the realtors I know, including myself work a minimum of 40 hrs if not 60 hrs a week. Besides being a negotiator, we are team captain, we must anticipate issues and seek strategies and solutions to correct situations or pull our clients out of contract within the contingency period time frames. For those who hate realtors, they should just never work with them. I don't work with buyers or sellers who cannot appreciate what I have to offer. I certainly have not responded to sellers and/or buyers who have asked me to partake in fraudalent activities. Value is in the eye of the beholder. What is of value to one may not necessarily be of value to another IN ANY profession.
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June 09
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sunnyview

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I really appreciate and respect good Realtors/RE agents. The internet has changed real estate for sure, but a good agent can help clients consider issues that they may not consider themselves, find information that may not be available in other places based on their detailed knowledge of the local area and also help clients negotiate effectively. Some clients can do that for themselves, but they may be too busy at that time or feel uncomfortable with handling the whole process themselves. Agents just like clients come in all shapes and sizes. When someone on Zillow complains about their agent, it just makes me wish that they had a better agent for them. The only time I get really upset is when I feel like the client is being lied to or put in a bad position by the agent that is getting paid to represent them. I think those agents give the hard working majority a bad name. 
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June 09
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dacolan

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I wish I understood why so many REAs are against the flat fee model.

How much more work goes into selling a $100K house vs. a $500K house?

With the cost of housing what it is living in SoCal, where $500K is closer to the rule and $100K closer to the exception, it's difficult to justify spending $15K, especially when you consider the overwhelming majority of buyers will end up paying 30-years worth of interest and excess property taxes on that fee as well.

Does a REA really provide 5 times the value on a $500K purchase vs. a $100K purchase?
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June 09
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CarpeDiem2

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Six months ago I would have said that one could do ok w/o a buyer's agent if willing to do the homework.  However, my most recent experience in trying to build a home in Central Florida has been  nothing but a nightmare.  Had I had a buyer's agent--looking out for my interest--I believe I would have avoided this horrid situation.

I recently moved here from Dumfries, Va after having sold my home FSBO. I had contracted with a local builder in Mount Dora.  To qualify for the builder's program to close on both the lot and the home at the same time, I was required to use the builder's mortgage company and according to the contract addendum pay 10%.  Mortgage insurers stopped insuring 90% construction to perm loans, thus the builder's mortgage (broker) co said they could not get me a loan.  The loan officer did not even submit my application to an underwriter for determination.  The builder refuses to return my deposits to me because they say the contract does not have a contingency clause, states a 80% LV.  Yet they ignore the fact that the addendum only asks for 10%.  In short I have had to hire an attorney and sue.  Moreover, Colonial Bank is closing on a land loan against the builder.  So while I fight to get my deposit, there is also a concern that the builder will go out of business.  I now have an agent who has helped me get a rental in the same community.  All this to say that in today's market, it is better to spend more time finding a REALLY GOOD agent and save yourself the heart ache and money. 
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June 09
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BMFPitt

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Since April 2009

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LaWanda, perhaps you should rethink your policy of never questioning the "sticker price" on services.  I'm not a handyman by any means, but I wouldn't call a plumber over a simple leaky faucet.  I wouldn't go to the doctors just because I sneezed.  I mean as long as you're turning down checks for thousands of dollars on some misguided principle, you can probably stand to save a few bucks.

This guy wants to do (or already has done, as I read it) the work that you claim you would privide, and due to the way the system is set up, he has to pay a 3% commission to someone with a piece of paper that says they can get commissions.  He's offered to generously give you half of the money he is being forced to pay for work he did himself.

If you were required to pay $100 to fix a leaky faucet, and you fixed it yourself, would you not want at least $50 from the guy who comes in and collects the check because you can't?  I look forward to the next time I buy a house, because by then realtors as they currently exist will probably be like stock brokers today.  Used by some people in some situations, but 90% replaced more efficiently by the internet.
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June 09
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sunnyview

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Carpe, so sorry to hear about that mess. I am sure your agent will be able to help on their end. Many builders are in trouble right now, but many are starting to pull out of it a little bit. I hope it turns out ok for you.
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June 09
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K101

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Carpe,
I am sorry to hear about your situation.  However, it is not clear that you would have ended up better off if you had used a buyers' agent.  What I have observed in my Central FL development (also a place where the builder is still putting up homes and fell into financial hardship) is that the buyer signs the builder's contract and still ends up financing through the builder because they are "required" to in order to get builder incentives, whether they are represented or not.  Further, I have seen several cases in my development where "represented" buyers did not obtain "good" deals - even though it was crystal clear that tens of thousands of dollars in concessions/price cuts could have been achieved.  Nowadays, with many builders falling into financial turmoil, it is more prudent to retain an attorney than to rely on a REA in my opinion.
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June 09
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Natausch

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Buyers should never allow themselves to be deceived into thinking that their agent represents them. The buyers agent is there to collect a commission, just like a doctor, dentist, or barber is there to collect a pay check.

The main difference is that in the past 10 years we haven't developed a tool that eliminates well over half of the work for other licensed professionals.

There is a place for agents, obviously on selling and on buying, however, the pricing structure needs to be significantly more transparent, including negotiating that up-front on part of the buyers just as the sellers are allowed to do.

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June 09

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