Gift Ideas Realtor (Scottsdale, Surprise, Douglas: wood floors, sale, mortgage)
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Two realtors out of the thousands that are licensed here....seems like you are painting with a very broad brush. There is a reason some realtors get referred over and over. Looks like you just didn't do your due diligence. I put that on you, not the industry as a whole.
Most realtors are ethical. In my experience, many are not. I don't know the percentages but at least 30% are most passionate about their own pocketbooks.
You have heard me say it before. If I am a buyer, I like going to the listing agent. Every agent wants both sides of the commission. And some, let that get in the way of their ethics. Now, I have a leg-up (often a last look, inkles where I need to be, etc.) When I go to the listing agent, I always get extra info about how low or how hungry the seller would go, I can carefully frame the words to help the agent "sell" the listing couple to take my bid, etc.
I'm a pretty savvy guy. For me, it's easy to see when I'm being played. I could go on for an hour with specific examples of pocket listings and trying to get your listing value down, or the opposite by giving an inflated value to get the listing, not wanting to take your offer if they have a pocket listing, etc. Those have all happened to me.
With my last home. I learned about why the seller was selling (dementia), that he had money (his 3rd home), that his lawyer son was managing the estate from the Bay Area, etc. When I suggested I was concerned about where the market was going because of the large forbearance (mid-2020), she said was also wondering about how that will impact the market. I said, "I guess you know how to get this done." (but softer words). In the end, he took $100K under the market. All the while, that agent was seeing her $38K. That's just the tip of the iceberg.
To repeat myself. I'm not speaking about the majority. But there are PLENTY shady people to various degrees in every industry. The more that money is involved, the higher the concern. It's human nature. We both know that.
Last edited by MN-Born-n-Raised; 10-04-2023 at 06:11 AM..
After several months of looking around at places to live with a realtor, we were not able to find one. I decided to stop the search and found something temporarily on my own. I feel terrible not being able to give her my business and would like to gift her in some way. I am looking for suggestions. I was thinking of a gift certificate to a restaurant.
Thank you.
I think that is a really nice gesture, and welcome. It doesn't have to be extravagant. I was friends with a real estate agent in Phoenix/Scottsdale. She would routinely be used by people, do a ton of work. drive people around to many places and then be ghosted. It's a real problem learning how to weed out people who do that. You really can't. I remember her saying that she told people they had to sign with her first, after being burned so many times.
Most realtors are ethical. In my experience, many are not. I don't know the percentages but at least 30% are most passionate about their own pocketbooks.
You have heard me say it before. If I am a buyer, I like going to the listing agent. Every agent wants both sides of the commission. And some, let that get in the way of their ethics. Now, I have a leg-up (often a last look, inkles where I need to be, etc.) When I go to the listing agent, I always get extra info about how low or how hungry the seller would go, I can carefully frame the words to help the agent "sell" the listing couple to take my bid, etc.
I'm a pretty savvy guy. For me, it's easy to see when I'm being played. I could go on for an hour with specific examples of pocket listings and trying to get your listing value down, or the opposite by giving an inflated value to get the listing, not wanting to take your offer if they have a pocket listing, etc. Those have all happened to me.
With my last home. I learned about why the seller was selling (dementia), that he had money (his 3rd home), that his lawyer son was managing the estate from the Bay Area, etc. When I suggested I was concerned about where the market was going because of the large forbearance (mid-2020), she said was also wondering about how that will impact the market. I said, "I guess you know how to get this done." (but softer words). In the end, he took $100K under the market. All the while, that agent was seeing her $38K. That's just the tip of the iceberg.
To repeat myself. I'm not speaking about the majority. But there are PLENTY shady people to various degrees in every industry. The more that money is involved, the higher the concern. It's human nature. We both know that.
Still don't understand this philosophy. Sure, you might be able to gain some sort of insider information; however, any buyer's agent worth their salt also does this. But the most important thing comes after the price agreement. What happens when you get an inspection done and a lot of red flags come up? Do you think that listing agent has your best interest in mind at that point? Or do you think his priority is protecting the client that is paying him? They are just using you for the sale, but their allegiance is to the seller.
What happens when you get an inspection done and a lot of red flags come up? Do you think that listing agent has your best interest in mind at that point? Or do you think his priority is protecting the client that is paying him? They are just using you for the sale, but their allegiance is to the seller.
You confirmed the point I was trying to make: that many agents care most about themselves. Hey, the payout can be measured in tens of thousand$. It is absolutely NO different in my industry.
Every single time I've gained valuable information when I talk with the listing agent. Even if I rarely hire a buying agent, if I want a property, I'm going to call that listing agent (they won't know I'm the same person).
As soon as the agent thinks they have both sides of the commission, most start to sing specifically IF you are good at interpersonal sales skills. I quickly learned why they are selling, what they do for a living if they are getting a divorce, transferring jobs, their sense of urgency, if a deal has fallen through, how frustrated they are, do they need the proceeds for another purchase, etc. It comes out a little bit at a time over a 30-minute conversation. There is an art to it. I intentionally talk about other properties to divert their intentions as I am exploring other options, etc. Normally, it's only a matter of time before I get the info I want.
It's outside of the scope of the thread. But let's just say you would be absolutely shocked at how much you can learn. It's not for everyone. If there are red flags, there is no better person to negotiate with than an agent with both sides of the commission at stake! I completely trust my ability to read people, probe for answers, give analogies if I get pushback, etc. In other words, sell the listing agent on my point so they can use the same message to the buyers in order to see my POV. That agent has twice the financial reason to save that deal. And their job is to close that sale n o matter who they officially represent. I don't care if they are more passionate about the seller. Of course, they are going to think this is the best for their buyers as they rationalize that the ends justify the means. And when I feel like I won, often, the agent is going to feel like they served their buyers. So it's a win-win.
As a side note on the house I am sitting in as we speak, the inspection report showed arcing in the panel (2017 build), a missing shingle, and a few other details, like Hunter Douglas blinds that were damaged. The sellers refused to cover it. I explained that I had no problem paying for the missing shingle and a few other small deals. I would take care of the blinds under warranty before the house closed (warranty does not transfer). But that panel arcing is a no-go if they don't cover it. I reminded the listing agent that now, everything I found has to be disclosed to other potential buyers if we part as friends. And while the seller may not feel like they should have to pay, it's going to impact the value of the sale going forward. you knew what she told the seller. And he came back needing to fix a potential fire hazard. They had to put in an entirely new panel for $3K (I needed proof it was done). I took care of the $100 shingle and the 10 blinds that were not working under the original buyer's warranty because potential buyers did not know how to use them during an open house. I digress...
I could go on for another hour. Helping friends, etc. It can be a very dirty business. And I'm savvy enough to enjoy it. Most people are not designed that way. But my point is that I always assume the worst when it comes to money. And that also includes RE dealings.
I like all the gift ideas so far and I'll add one, a Visa gift card, that's my favorite gift to receive so I can use it anyplace I choose.
BTW, l'm so happy my realtor, he's so nice and honest. He has over 300 well deserved five-star reviews, that's why I chose him. My advice would be to check a realtor's reviews before you decide on one.
How does a buyer's agent work? Does the client have to sign an exclusive agreement for a realtor to act as their buyer's agent before they start looking at property? Does the buyer's agent commission get added to the seller's agent commission and cost the seller more money? If so, would a seller rather pick the buyer without a buyer's agent to save money? When I go to an open house, do I tell the realtor I have a buyer's agent when they ask me if I have a realtor?
When I was thinking about selling my house to a buyer without a realtor involved, I called a few realtors about being my buyer's agent but they seemed disinterested because they wanted the commission from the house sale and were trying to talk me out of selling the house without a realtor so I never called them back.
BTW, I've only used a realtor to sell, never to buy, so I don't understand that side of the real estate business. Thx.
How does a buyer's agent work? Does the client have to sign an exclusive agreement for a realtor to act as their buyer's agent before they start looking at property? Does the buyer's agent commission get added to the seller's agent commission and cost the seller more money? If so, would a seller rather pick the buyer without a buyer's agent to save money? When I go to an open house, do I tell the realtor I have a buyer's agent when they ask me if I have a realtor?
When I was thinking about selling my house to a buyer without a realtor involved, I called a few realtors about being my buyer's agent but they seemed disinterested because they wanted the commission from the house sale and were trying to talk me out of selling the house without a realtor so I never called them back.
BTW, I've only used a realtor to sell, never to buy, so I don't understand that side of the real estate business. Thx.
Glad you asked... when a seller lists their home with a realtor/brokerage, they negotiate the commission and the seller pays both sides - the sale of the home, and the purchase of the home. So when you sold your home, a portion of that commission was also paid to the buyers side. The total commission comes from the seller proceeds, and the buyer is not out of pocket (this may change in the future!). This is considered cooperative to give the green light to list agent to market the home openly and to attract buyers and their agents to ultimately sell the home.
Buyers agents are free for the buyer, so their time, gas, and expertise are free until the day you close. They work with you until they find you your home, they negotiate for you and oversee the transaction till close making it as seamless as possible. Their brokerages get paid from the seller proceeds at closing; and the list agent and buyers agent will get their percentage from their brokerage.
It used to be verbal agreement for buyer to work with a buyers' agents- but as you see from some responses it's shady on both sides; there are buyers who would work with the buyer agent in bad faith not have any intention of using them at the end. So today, the buyers agent should have buyers sign an employment agreement so the commitment will be on both sides. For those who think going to the list agent saves on price or has insider info advantage is so wrong - in fact the list agent just collects the commission on both sides and cannot promise you loyalty, obedience, disclosure and confidentiality, so there's no added advantage to use the list agent unless you don't have a buyers agent. If a list agent is giving you more info than they are allowed then they are in violation - it takes experience and skill for an agent to be an effective dual agent.
Glad you asked... when a seller lists their home with a realtor/brokerage, they negotiate the commission and the seller pays both sides - the sale of the home, and the purchase of the home. So when you sold your home, a portion of that commission was also paid to the buyers side. The total commission comes from the seller proceeds, and the buyer is not out of pocket (this may change in the future!). This is considered cooperative to give the green light to list agent to market the home openly and to attract buyers and their agents to ultimately sell the home.
Buyers agents are free for the buyer, so their time, gas, and expertise are free until the day you close. They work with you until they find you your home, they negotiate for you and oversee the transaction till close making it as seamless as possible. Their brokerages get paid from the seller proceeds at closing; and the list agent and buyers agent will get their percentage from their brokerage.
It used to be verbal agreement for buyer to work with a buyers' agents- but as you see from some responses it's shady on both sides; there are buyers who would work with the buyer agent in bad faith not have any intention of using them at the end. So today, the buyers agent should have buyers sign an employment agreement so the commitment will be on both sides. For those who think going to the list agent saves on price or has insider info advantage is so wrong - in fact the list agent just collects the commission on both sides and cannot promise you loyalty, obedience, disclosure and confidentiality, so there's no added advantage to use the list agent unless you don't have a buyers agent. If a list agent is giving you more info than they are allowed then they are in violation - it takes experience and skill for an agent to be an effective dual agent.
Wow, thanks so much for the informative and helpful response, I'll be sure to refer to your advice when I decide to sell my home! I don't understand the highlighted part, does the list agent collect commission on both sides mean the listing agent acts as a buyers and sellers agent? If I go to an open house without my buyers agent, does the agent showing the property want to become my buyer's agent and he's already the sellers agent? If so, do I tell the open house realtor I already have a buyers agent I use but he's not with me today? I hope I was clear about my confusion, lol, it's difficult for a layperson to understand how the RE business operates now, imo.
For those who think going to the list agent saves on price or has insider info advantage is so wrong - in fact the list agent just collects the commission on both sides and cannot promise you loyalty, obedience, disclosure and confidentiality, so there's no added advantage to use the list agent unless you don't have a buyers agent. If a list agent is giving you more info than they are allowed then they are in violation - it takes experience and skill for an agent to be an effective dual agent.
I can give you many examples proving your point is inaccurate. I've bought and sold aa few dozen properties. For ME, it works like a champ! For others, not so much.
In one of many examples, I was actively buying and selling RE as an investment, I worked with a pair of agents who called me when they got a listing that was a deal. Everything I bought was on a lake in Northern MN. I purchased properties from them. With each property they brought to me, I was their 1st phone call. And in each, I paid under asking. I either jazzed them up a little or spun them at a better time of the season. I also split some larger properties up. Each time, they got the listing when I resold it. Think 16 properties in total.
No, I wasn't promised "loyalty, obedience, and confidentiality". It was well understood without saying a word that I was a buyer only at the right price and they would get the listing when I spun it back on the market. Think several hundred thousand of profit.
I could go on, and on, and on. It's not for everyone. But to say I don't have an advantage is simply not true.
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Now, I have a leg-up (often a last look, inkles where I need to be, etc.) When I go to the listing agent, I always get extra info about how low or how hungry the seller would go, I can carefully frame the words to help the agent "sell" the listing couple to take my bid, etc. 
