Finding a good realtor

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  1. I'd like to purchase a condo but am having trouble finding a realtor. My price range is completely reasonable for my expectations, but the two realtors I've spoken to say, "You're lucky to get a studio for that much" (this is ridiculous, as I live in a very nice area of Lincoln Park and there's a large one bedroom right on the street in my price range) and then insist on showing me higher-end places.

    Also, is it good etiquette to work with just one realtor? I couldn't care less who I buy from and would like to work with more than one just to get better exposure. However, I've heard this is a big faux pas from realtors I've spoken to.

    Thanks for any words of advice!
  2. Get meetings with several different realtors and ask them to show you some examples of some listings. Ask them if they "specialise" in Buyer or Seller...and also ask their fees!

    You need good buyer representation, especially if there are problems with the Condo that need to be fixed. Either way, meet with a few different realtors and go with who yout hink would represent you, your needs, and your goals best and who you also get along with :smile:
  3. Also...If you have any friends or coworkers who have bought (or sold!) in the area recently, ask them for some recommendations. They'll let you know who is good and who tos tay away from :smile:

  4. I've heard it was a faux pas too, to work with more than one realtor.

    I agree with asking around to friends, family & people you work with to see if they can suggest anyone. I've been looking at real estate websites through the moving company Van Lines (they have a real estate section) and they seem to have a wide variety of realtors there.

    Good luck finding a new place!
  5. Annie, worry about YOU and YOUR pocketbook, not about a faux pas:yes:

    If you see a spot you like for sale, call the listing Realtor, then you can usually save $ by not paying your own Realtor and getting that 1/2 of the commission off the sales price.

    By doing this, you may find a Realtor you really like and then they can go ahead and 'represent' you, but you have zero obligation to one realtor, don't be guilted into using the same one if you two don't completely gel.
  6. I was going to type something similar...ITA!
  7. I am not a realtor, but I disagree with this point. If you do this, then the realtor is essentially "on both sides" and he/she cannot negotiate for one person or the other. Generally, a listing realtor is going to want to get the highest price for their client, which is not best for the buyer. And, if something goes awry with the sale, then it's nothing but bad news.

    In my opinion, purchase a home yourself without a realtor, and have papers drawn up by a real estate attorney. That's how you save commission.
  8. I definitely agree with this point as well. This is certainly a great option if you have the time to get out there and look for a place yourself. Most times you will find that you can do better than a realtor. You will not owe anyone a commission--so you will save more money.
  9. That's not a given as when you sell a property the commissions are negotiated with the selling agent (Let's say 6%) then the selling agent negotiates with the buyer's agent. You don't pay your agent, the SELLER pays your agent.
    Just because you don't have an agent doesn't mean that the commission given out is now only 3%, it's STILL 6%. That 6% is negotiated in the seller's contract and what the seller's agent and the buyer's agent do is up to them. Can the seller's agent up the co-op? Sure. Can they kick some back to you? They could but in this market...good luck with that! You could attempt to negotiate with the seller's agent but without adequate representation you could very well get screwed. Not to mention, many sellers prohibit their agent from being both the buyer's and seller's agent.
  10. "In my opinion, purchase a home yourself without a realtor, and have papers drawn up by a real estate attorney. That's how you save commission.[/quote]" <<<<Lori's Quote

    In some instances this is very true. But only in states where they do not use a title company (Like NY) but for all intensive need a realtor! Most will come in and actually give a nice presentation to you as far as what services they will offer and what they will do for you. Any realtor worth their weight in gold will e-mail you an MLS listing of what can be HUNDREDS of houses that YOU can spend the time online perusing and then contact THEM about which one's you'd like to schedule a viewing.
  11. The WORST experience with a realtor was in the Chicago suburbs there... sorry to make generalizations - but all of the ones I met were SERIOUSLY SHADY....

    I will forever be weary of realtors because our experiences there...

    On the way in - our realtor DID NOT listen to what we wanted to look at. We felt like we were on a time crunch (looking back, we shouldn't have felt so rushed...) and just needed to pick something. This husband & wife team pushed us into an area we DID NOT like, and a house that wasn't what we were looking for. I will NEVER deal with Coldwell Banker after the horrible service and snotty "pre-sale" attitudes we encountered.

    On the way out - a different realtor (GMAC realty)... We were told to send a check for a "flat amount" to the closing (we had power of attorney, since we both had to work), and we would receive a check back for the amount to be refunded. We received a call the next day, saying "Good news!! The closing costs ended up coming out to EXACTLY THE AMOUNT OF YOUR CHECK!!!! So everything is taken care of, enjoy your new location." :wtf:

    By this point, DH & I was so worn down with having to deal with realtors and the horrible business ethics that we didn't pursue the probably $1000 we lost on that DEAL.... SHADY SHADY SHADY... Nothing comes out to exactly $x0000.00, when the sale of the house was an ODD number!!! :cursing: :cursing:

    Sigh... on the bright side, when we moved to Michigan, we had a fantastic realtor. She was patient, actually LISTENED to what we were looking for, and ended up with a house that is perfect and a great deal too... I would definately recommend Century 21 for a realtor and will be using them in the future...
  12. WORK with more then one - and make them work for it... If they don't feel like they have to work for it, you won't get the best service. I DIDN'T shop around as much as I should have in IL, and regret that...

    Don't let them push you around. If NM doesn't have what you want in stock - you walk down to Saks & buy it.... realtors, lawyers, PR agents, marketing firms, etc. are no different. I owned a business in IL, and felt 100% someone should be there because it was right for them, not just because they felt like they "should" be there...

    When we moved to MI, I worked with multiple realtors and found it to be quite effective. The one that really wants your business and is right for you will stand out. :yes:
  13. As someone else said you don't pay your agent a commission. Your agent is paid by the Seller.

    A far as working with more than one agent. You don't want to have three agents working for you, showing you homes and then you choose someone else. They would be PISSED. And rightly so, if they are good agents, they are spending a lot of gas and time showing you properties. Work with one at a time, if it's not working sever ties and move on to the next.

    ^^^But don't worry about that. Interview several agents. Some agents specialize in only working with buyers only. That would be best. Ask friends and family. People don't refer people that gave them horrible service. Remember they are working for YOU.

    I would recommend getting an agent. If you see a property and you contact the listing agent, the only thing the listing agent can legally tell you is to make an offer. They CANNOT (if they are ethical and care about legality) help you negotiate because they have a legally binding listing agreement with the seller. Unless you find a place so perfect that you'll take the terms as is-- you're gonna wanna negotiate. Purchase price, earnest money, home warranty, anything you want changed etc... it's negotiable. But the listing agent cannot do this for you. They are looking out for the sellers best interest not yours.
    Of course you can buy directly from a listing agent. Happens everyday, but you want someone that is looking out for YOU.

    Or at least this how it works in Georgia.

    Good luck!!!
  14. We've purchsed a lot of homes {TX, TN & OK} and we always try not to have an agent and just use the Selling agent. We've never had any trouble getting the 3% back and we've never had any trouble w/ a contract or Seller either.
  15. Word of mouth and recommendations on friends.

    If they're not going to work with in your budget, then don't use them. I don't know what your budget is, but one of the great things about Chicago is there is a variety of price ranges available. When we went looking with my agent they were very helpful and only showed me things in my price range, they shouldn't pressure you or make you feel like your money isn't good enough for a purchase.

    Just going to add, that while some people are more experienced real estate buyers, sometimes it is good to have a professional help through the first purchase. They might be able to tell you things about the property you wouldn't have known or things to consider that you didn't think of.