There are some people, who feel that a real estate transaction can be carried out without the assistance of a real estate agent. Once I was also thinking like the way you are thinking now. With just one transaction, I have changed my feeling or attitude and I fully convinced that for the best deal, the service of real estate agent is inevitable.
Of course you can get deals without the support of real estate agents, but not the best deal! I am sure you will also change the mindset in a short time.
If you are thinking that you have to pay commission to a real estate agent when you buy a property through him, I can tell you that you may be wrong. It is only the seller who pays the real estate agent. As a buyer, the service of a real estate agent will not add up in your expenses. Avoiding the real estate agent simply means that you are adding up the profit of the seller. Policies of commission may vary from state (or country) to state (country) as well.
When you deal with a real estate agent you should better make sure that he is not charging you any commission from you as a buyer. You can have a dialogue or interview with the agent so that you will be clear about his terms and conditions. And also this will help you to get a primary assessment about the capabilities of the real estate agent as well.
Many real estate agents are out there who work with sellers as well as buyers. There are many real estate agents who work with either with sellers or buyers only.
If you are a potential buyer looking for real estate properties, make sure that the real estate agents you prefer have good experience in working with buyers. Good real estate agents will be there with you until the deal is closed. They will support you during the time of transactions, documentations and approvals.
You can interview the real estate agent to find out whether he is familiar with the programs like down payment assistance. If he is not well versed with such programs, you should not hire him. The agents who do not have familiarity in these types of transactions will not be having much experience as well. So you will not able to get your investment through them.
First step in selecting the best real estate agent should start by making a short list of agents to be interviewed. You can get information about the agents from friends and family members or from lenders. Generally lenders may suggest some agents and mostly they will be agents working with buyers. The recommendation of the lender will be a good choice as they know each other and must have worked earlier together.
The agents who work with the buyers only will be the best option for you, if you are a buyer. Similarly those who work with only sellers will b the best choice for you as a seller. You should discuss with the real estate agents about his fees in the first interview you have with him. This will assure you a transparent deal.
You can ask for a sample contract to see the terms and conditions. You have to make sure the agent will work in favor of you, not for the other party. You should spend much time and efforts to locate a perfect real estate agent; you should not rush in deciding the agent. Make sure that you get an agent who is not a man after money only; he should have a genuine interest in supporting you in the deals.
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Help answer the question about real estate agent
What duties should I expect a real estate agent who is a relocation specialist to do for me?How is a relocation specialist r/e agent different from a standard agent?
I am moving to a new city in a short amount of time. I need to find temporary living and then will be in search of buying a home. Should I expect either type of agent to help me find temporary housing for my family? What should I expect out of my real estate agent throughout my move?
You have a LEGAL AND BINDING CONTRACT. all disclosures within the contract should be what the seller knows about the property. Now the other agent cannot FORCE you to sign anything. Basically what the agent is trying to do is cover his clients ass- if the selling side has a problem with it you can always take it before arbitration (see how they like that). Either way the selling agent is not within his rights to present other docs. for disclosures, nor do you let them off the hook. You will have no recourse if you do. Hope this helps.
Check with your local Howard, Perry & Walston school, or go to http://www.hpwreschool.com for all the info you are looking for. Good luck, it's hard but well worth it in the end.
The seller, in this case the lender, pays the agents.
great…. thanks..
this guy and people like him are why we are in a recession right now, i cant believe he said the things he said,he is basically saying to trick people into buying a more expensive house then they can afford so that you get a bigger commission,what a piece of shit,that is exactly why so many people are losing there homes,realtors and bankers getting people to focus on the monthly payment and disregard things like two separate interest rates (80/20 loan)interest only and adjustable rates.
Common sense. Thanks.
I bought a home in foreclosure 3 months ago and you SHOULD ABSOLUTELY WORK WITH A REAL ESTATE AGENT. As a first time home buyer myself, there are many situations that come up and you need someone who is experienced to be working for you. And that is the key your real estate agent should be working for you!
I worked with 3 different realtors before we found someone that worked for us and we did not sign exclusivity contracts with any of the realtors. The only time you enter an agreement with your realtor is when you go to make an offer on a property.
The commission is paid for by the owner, in the case of a foreclosure, this is the bank.
But like I mentioned it is extremely important to have an agent. When we were buying our house, the bank that owned the property had certain rules that we had to abide by. For example they determined the closing date and for every day we went past that closing date, we would have to pay the bank $100 a day. Our realtor was on top of everyone, especially the mortgage broker, to make sure we closed on this date. Your mortgage is really where you will get held up in the process so having our realtor to deal with everyone and expedite the process is why we are now happy homeowners.
After you have met the eligibility requirements and passed the examination, you may apply for your real estate salesperson's or broker's license. You must submit your application for license to the Missouri Real Estate Commission within six months of the date of your 48-hour pre-examination course completion. If no education is required, proof of satisfactory completion of BOTH portions of the required examination must be completed within six months prior to the date the application for license is submitted to the Missouri Real Estate Commission. Follow the instructions on the reverse side of your passing score report to apply for your salesperson's or broker's license.
Questions About Licensing
Questions regarding license application or information concerning licensure requirements should be directed to:
Missouri Real Estate Commission
3605 Missouri Boulevard
P.O. Box 1339
Jefferson City, MO 65102
573-751-2628
Fax:573-751-2777
How to Contact AMP
For inquiries and general registration information, you may contact AMP at:
Candidate Services
AMP
18000 W 105th Street
Olathe, KS 66061
1-800-345-6559
MOREP@goAMP.com
My father is a commercial real estate broker and he has definetly made a very successful living off of it. I dont know exactly how much comission he makes, but I have heard he has made 4 million before on one building, I dont know if that is the highest he has made on one building though. He has sold 70 million dollar buildings before. It definetly makes you much more than residential real estate. And the market doesnt get bad for commercial. It is a better market and a smarter choice.
The last person that answered and said it is not possible to collect a commission if you are the principle is incorrect. They may want to check their source.
I am an active real estate agent. I have bought 2 homes that were my primary residence in the last 7 years. Each time I represented myself as the buyer's real estate agent. Each time I deducted my commission from the price of the home because that is how I wanted to get paid. But I had the option to get paid the normal 3% as the buyer's agent and have that money go through my broker and their commission split to be taken out. So in order to avoid all that, most brokers allow their agents to have at least 1 personal transaction in order to benefit from it. Maybe things are different in NY – I am a TX agent. I say get your license but don't be a broker (more expense and liability) just be an agent. Find a broker that will just charge a minimal desk fee ($250) per month or a certain amount per transaction ($200) and they also will pay your E&O insurance. As long as you keep your license active, this will be a great asset to have in the future as you and your family or friends buy homes. It will save you money in buying and selling. Just make sure that everyone involved in the transaction knows you are a licensed agent and representing yourself.
Good luck.
i’ll suck up any info i can as a new agent, thanks!
@crispybacon100 OMG so saw this and thought DON VITOS A REAL ESTATE AGENT?
2:40 “how to list entire developments” – this would make a great topic for a video.
This guy sells one house and he thinks hes the best agent ever.
The Realtor is telling the truth.
New home builders actually build in the 3% they pay Realtors. If you don't bring one the 3% goes directly to the bottom line.
Go into a new home development and tell them you want 3% taken off the top of the home.
They will most likely tell you to go take a hike.
Realtors can actually ask very specific questions that you as a neophite would never think to ask.
Realtor also know that the "Statute of Frauds" prevents the salesperson in the model home from VERBALLY promising you things and not putting it in writing.
Many people decide to NOT use an agent to buy a new home and pay dearly for this decision.
Here's what normally happens.
They go into a new home development and the salesperson working for the new home builder asks "Are you with your agent?"
If you go to the models THE FIRST TIME without an agent you cannot bring your agent back to negotiate the contract.
Once they know you are not represented by professional council then they can go to work on you. How do they work on you? By VERBALLY promising things they know they don't have to live by because it was never put in writing.
P.S. Always remember this if you decide to "Go it alone" Verbal promises cannot be enforced in a court of law due to the "Statute of Frauds"
Hope this helps!
Terry S.
http://www.Welcome2Arizona.com
Here’s A Great Course For Agents On Bank REO’s
moneywithbankreos (dot) blogspot (dot) com
You have to join a real estate investment group AND BE ACTIVE!
In your areqm there may be a landlord association or a real estate investment group.
Its up to you to do your homework.
You cuold call a few offices to make an appointment to look at some property OR tqke one or two out to breakfast or lunch.
OR you could go for a little ride in your neighborhood or area. Look for complexes and the names of those offices managing them.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
Nice one………..