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Old 11-14-2016, 09:01 PM   #41
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I buy lots of stuff on the internet, but a house would not be on the list.

I'll pay the dough for some professional help on that transaction.
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Old 11-14-2016, 11:01 PM   #42
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Originally Posted by RobbieB View Post
I buy lots of stuff on the internet, but a house would not be on the list.

I'll pay the dough for some professional help on that transaction.
You generally don't buy a house on the internet. These sites are not like eBay. They just provide information about potential properties which includes agent contacts. On rear occasions, the owner is selling their property directly.
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Old 11-14-2016, 11:29 PM   #43
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When I made an offer on my current home and didn't have an agent representing me, I met the seller's agent at her office. In a somewhat underhanded move, she voluntarily "just so happened" to have various other listings printed up that she showed me of other homes that slightly matched the listing I was making an offer on (even though I told her that I was representing myself in the explicit goal of factoring it into my offers, and did not want her to represent me in any capacity on any other deals-and never asked her to search for other possible properties).

If you do approach a home listed for sale representing yourself, and want to make an offer, make sure you put in writing to the agent that you are representing yourself, and yourself only...and that your interaction with the seller's agent is limited to this one offer/transaction only, and you do not want them representing you in any other transaction.

If the agent just so happened to show me a printout of a different home than the one I was making an offer on, even if I had browsed it previously on my own and already knew about the home - if I ended up actually buying this other home that she handed me a piece of paper on, she could have a claim that she allegedly "put me onto" the other home, and she could try to weasel her way into the buyer's agent's commission....even though I never asked her to show me any properties, nor asked her to represent me in any other transactions, and even already knew about the home from my own research.
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Old 11-15-2016, 06:45 AM   #44
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Originally Posted by Fishingmn View Post
So you want to move to an hourly model then. Do you think many buyer's would be willing to spend $100-150/hour whether they purchase a home or not? How will that affect entry level home buyer's since I assume you charge the same to all buyer's? Won't that have the affect of having people look at fewer homes and overpaying in an effort to reduce the time required to find a home?

I've had buyer's look at 3 homes and I've had buyer's look at 85 homes. Under the current model they both seemed happy - guessing that the satisfaction of the 2nd client would be impacted when they got my bill. How upset would entry level buyer's be when they lose out on a multiple offer situation. Start all over from scratch with nothing but a $500 invoice?

Here's an actual real estate broker charging an hourly fee which is where I got the numbers from - HOURLY FEE OPTIONS | Real Estate Cafe
I didn't say anything about charging by the hour, I said not charging a percentage. "Flat fee" realtor services (including "full service") are popping up around the country such as Flat Fee Real Estate - Sell Your Home For $2500 | Redefy and Commission Free Real Estate etc
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Old 11-15-2016, 06:47 AM   #45
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There is all sorts of models out there and you have to figure out what works for you.
I had a closing yesterday, with one of my investors, where my commission was $500 flat fee. I found him the property last Thursday, wholesale deal with assignable contract, and we closed 4 days latter.
I have a closing today with traditional buyers where I showed them 20+ properties and my commission will be 2.7% (Paid by the seller).
I don't have my buyer's sign a buyer's rep contract until they are ready to make an offer. I have no intention of trapping anyone and they're free to work with another agent if they feel it's a better fit.
It's important to look around and find the right fit for you. I work with a lady who's a listing monster. She sells 75-100 houses a year (average in our brokerage is 24) and if you contact her directly she will refer you to me (her buyer's rep). She doesn't like the conflict of interest that can arise out of representing both the the buyer and seller and would rather lose some commission then put her reputation at risk.
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Old 11-15-2016, 04:26 PM   #46
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Quote:
Originally Posted by MooreBonds View Post

If the agent just so happened to show me a printout of a different home than the one I was making an offer on, even if I had browsed it previously on my own and already knew about the home - if I ended up actually buying this other home that she handed me a piece of paper on, she could have a claim that she allegedly "put me onto" the other home, and she could try to weasel her way into the buyer's agent's commission....even though I never asked her to show me any properties, nor asked her to represent me in any other transactions, and even already knew about the home from my own research.
I think the term is procuring cause. It can also be an issue if you see a house with a listing agent and then use say redfin or other discount agent to get a buyer rebate.




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