Are most real estate agents both buyer's and seller's agents? (house, buying)

[I_Like_Spam]

When I bought my house, I was shown a dozen different properties and ended up buying one that the broker had the listing for as well- so at the closing there were just 4 people, me, the real estate guy, the guy from the bank and the seller.

It worked out fine, if I didn't have confidence in the broker, I wouldn't have called him in the first place.

[Kippy]

When I bought, I found the home I liked through online research and had the listing agent show it to me. I went ahead and used the listing agent as my buyer's agent. My thought process was that since she was looking at making a 6% commission, as opposed to just 3%, she'd be motivated to convince the seller to meet my terms. For whatever reason, it worked out to my satisfaction and I got the home at what I considered a fair price, and all my terms were met.

[selltheburgh]

Originally Posted by wyoh

I guess I see how a flat fee would be problematic. It just seems like every incentive for agents is to increase the price of housing which is at odds with what is best for buyers.

That's not really true if you are talking just a few thousand dollars. It is really the difference of tens of dollars in the agent's pocket BEFORE being taxed.

The whole idea for the agent is to make their client happy, not to increase the price for the buyer they represent. It is a referral based business and a happy buyer hopefully means a future happy buyer and two future happy sellers that you can work for.

I think ultimately the answer will be the internet, as it is with so many other things these days. Eventually enough information will be available on the internet that all buyers will need is someone to do the paperwork. We're already well on our way.

Being that you've never bought a house, you are 100% mistaken.

Houses that are listed generally sell for almost 10% more than if they were for sale by owner. This is because it reaches a much larger buyer pool, is marketed, priced properly, and negotiated by an expert. That means it is in the seller's best interest to have their house listed.

Thus, buyers would need representation so that they can be counseled by an agent to make the process smoother and easier.

[groar]

i personally don't see an issue with an agent who also has properties for sale. however, i would be reluctant to use an agent who is also the seller's agent for the specific property i was interested in, unless i knew them very well and trusted them. *that* seems like a conflict of interest (although in a perfect world, both you and the seller have the same goal of getting the house sold for a fair price). don't think there are any agents out there who exclusively represent buyers. and you'd want a buyer familiar with the market you are buying in so i wouldn't go for one who only has listings outside of your area of interest.

[Copanut]

Most agents are honest, believe it or not. But, if they can list a property and be the selling agent as well, it's a double dip. I have a broker's license that I use for investing and occasionally I'll sell to a good friend. A few years back I showed a bunch of house to a long time friend, naturally the one he wanted was an open house, as soon as he walked in, I was no longer his agent. He called me and I said low-ball the heck out of it, the agent would rather take a lower price since she is getting both ends. He did, and the sellers accepted it.

[selltheburgh]

if a buyer is represented by an agent and walks into an open house, their agent can still represent them.

[robrobrob]

I think Copanut was doing it more as a favor to a friend and didn't want to screw up the friends deal just to put money in his pocket. My guess he valued the friendship over a commission. Might have been different if it was a 10 million dollar house.

[Copanut]

[quote=robrobrob;23693139]I think Copanut was doing it more as a favor to a friend and didn't want to screw up the friends deal just to put money in his pocket. My guess he valued the friendship over a commission. Might have been different if it was a 10 million dollar house.[/quote]


Got that right!

I've known the guy since 1st grade, you don't screw up a friendship like that.

[Northern Maine Land Man]

"Are most real estate agents both buyer's and seller's agents?"

The good ones are.

[Goodjules]

You can ask for references. I've gotten references of realtors when I have been buying and when I've been selling.