I’m a little surprised you can’t fire your agent after you’ve signed a purchase and sale. It’s been almost a year since I’ve signed my purchase and sale (requiring all of an hour of my agent’s time) and haven’t heard from him since and I’m two days away from closing. $10,000 for an hour of work is a pretty good deal for him. At least now that I work at Redfin I know I won’t make that mistake again - that mistake being the one where you think your agent is ‘free’ since the seller pays for them.
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13 responses so far ↓
1 jo // Feb 13, 2007 at 12:02 pm
You can’t even fire an agent after you’ve signed just a reservation agreement.
2 Steve // Feb 13, 2007 at 12:09 pm
I am assuming since you signed a P&S a year ago you are buying a new condo that is just getting finished. If you used the on site agent you would probably be receiving more attention. It is also not free because sellers take into account the cost of listing and selling. If you would have used the on site agent you could have used the fact that the seller was going to pay no selling commission as bargaining power. Just a thought. Nice advertisement for Redfin though.
3 Foster // Feb 13, 2007 at 12:31 pm
I would be leery using the onsite agent, as they will always have loyalty to the seller before they have loyalty to you. Additionally, when it comes time for inspectors and etc… they may not hire the inspectors who would be the most detail-oriented, whereas an independent buyer’s agent would. (Assuming you hired a good one)
4 Matt // Feb 13, 2007 at 1:19 pm
Steve, yes it is just getting finished (close Feb 15.) While I likely would have received a bit more attention I’ve been very happy with the level of support I’ve received from Javila the onsite agent (the building is The Meritage, a William’s Marketing project.)
I do find it surprising that in general using the onsite agent doesn’t reduce your purchase price since I’m sure (though don’t know) that the onsite agent doesn’t receive 3% for every unit they sell that doesn’t have a buyers agent. I’m assuming they are salaried or paid a flat fee per unit.
5 Steve // Feb 13, 2007 at 1:40 pm
Foster - It is the responsibility of the buyer not the buyer’s agent to hire an inspector it is actually looked down upon for a buyer’s agent to recommend any particular inspector. A good agent will give you multiple inspectors and then have you pick one. Also, on a site like Meritage the site agent is legally obligated to represent the buyer if the buyer doesn’t have their own agent.
Matt - The on site agent definitely does not receive 3% commission usually they will get set amount for every sale and then more if there is no outside agent.
6 jo // Feb 13, 2007 at 4:53 pm
I hope you weren’t counting on the 15th Matt…
:(
7 Javila // Feb 13, 2007 at 5:08 pm
Yes, the inevitable new construction delay. Cross your fingers for next week!
8 Matt // Feb 13, 2007 at 5:08 pm
Heh. No kidding. I’ve been bumped to moving the evening of the 26th.
9 Cameron // Feb 14, 2007 at 10:01 am
Your agent may get this commission but loses in the long run because you will never recommend him. Shortsighted on his part as it sounds like he could have kept you happy with a few phone calls to check in and see how you are doing.
10 Ben // Feb 14, 2007 at 10:59 am
Matt - question for you. In respects to Redfin, how would buyers take advantage of their services with pre-sales? Many developments have registration requirements (commission reduction) and usually the buyer’s agent need to be at the sales center to write up the contract in person. I’m just curious mostly and maybe something for Redfin to greenlight.
11 Matt // Feb 14, 2007 at 11:05 am
Ben - When buyers sign in we ask that they sign in by putting Redfin as their agent. Then when it comes time to sign purchase and sale a Redfin agent will accompany them.
12 SMD // Feb 16, 2007 at 7:05 am
for an additional price… forgot that
13 Steven // Feb 25, 2007 at 12:07 pm
I believe the reason builders do not want to negotiate down the price for buyers without agents is that this would hurt their relationship with the brokerage community. In our market, builders report as much as 95% of their business comes with agent representation. Some agents may offer a rebate.
While you may have an unfortunate situation with the particular agent you are working with, an agent can add a lot of value to the process of purchasing new construction.
We offer these suggestions to our agent members. If your agent does not perform these services, then you should find another.
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