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Meet you on Sedna!
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Discussion Starter #1
Got one?

The markets are crazy! Hence, got any leads on buying agents that will give a break on their commission (thus lowering the overall closing price)?
 

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Sonrisa. Tawa. Be Happy.
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Are you looking for New Construction or Re-sale? I know a few decent Buyer's Agents (very friendly & fair)

And I might be able to help, if you're looking for New Homes. PM me if you want :thumbup
 

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Take one of the "First Time Buyer" seminars throughout the lower mainland.

I teach a first time seller's course, however they are different.

Don't go shopping without getting pre-approved for a mortgage. In this market, your offer wouldn't be considered without pre-approval, in most cases.

PM if you want some professional real estate advice.
 

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Je ne suis pas Francais
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I beleive Thumper 8 is an real estate agent
 

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You get what you pay for. Nickel and dimeing professionals isn't a wise move when you're moving hundreds of thousands of dollars in a single transaction.

The accounting firm I'm with isn't cheap, and we lose clients occasionally because of that. But they often come back a few years later, more than happy to pay the higher fees after they've been shafted.

The market isn't what it was, some less than desirable properties are not moving as fast as they would have a year ago. Especially when not well marketed.
 

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Still defying gravity...
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nutcracker said:
I beleive Thumper 8 is an real estate agent

I resemble that remark :laughing

PM me if you have any questions.

Max, any interest in the VFR yet??
 

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If your buying you dont pay commision. I can point you to a couple agents I know for a small commision ;-)
 

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Although it's true that the seller pays the commission, a lower commission can also result in a lower price for the buyer.

When I bought my condo, I didn't have a buying agent, so the listing agent acted as both but only collected half the commission. If I had a buying agent, s/he would have wanted his/her share which probably would have meant either I would have paid more (or the seller would have taken a lower price). Assuming that you're a good negotiator and you've got the seller at their rock bottom price, an extra agent in the formula means the buyer's going to pay extra.

Buying without a buying agent means you have to do a lot of research yourself (online, real estate newspapers, sending your name to the big listing agents in the area, etc.), but I found it a great experience and helped me recognize good value when I came across it - cuz you have to act fast in those situations. It ook a lot of time, but luckily I was already living in the same neighbourhood, so I never had far to travel to see a place.

If I were to do it again, I would do it the same way.
 

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Mortgage Pimp
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Jager said:
Although it's true that the seller pays the commission, a lower commission can also result in a lower price for the buyer.
Remember this though, the listing agent is not working on your behalf, so in order to actually get your own representation I would recommend working with a realtor. 95% of the private deals (no realtor involved) I work on as a broker have problems, and usually the buyer is getting the short end of the stick. And if it's not private and the realtor is double ending (working for both buyer and seller), there is really no negotiating. Who is the realtor working for? You or them? most likely them.

FYI, a couple thousand of dollars you may save on the price by cutting commission will seem like peanuts if you buy a questionable property.

Get someone to work for you... but most importantly, someone who knows what they're talking about.
 

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independent Amsoil dealer
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We used Jon Mele from Royal Lepage, and Brian Kirkwood from Remax. Also Justin Glasser from Royal Lepage. Got nothing but good things to say about these guys.
 

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X-nasty
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You don't need an agent in Kamloops right now. Put out a sign and it is gone within a week, usually in a bidding war.

Save yourself $10K+, try it on your own for a few weeks and see how it goes.
 

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Sonrisa. Tawa. Be Happy.
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chromedome said:
We used Jon Mele from Royal Lepage, and Brian Kirkwood from Remax. Also Justin Glasser from Royal Lepage. Got nothing but good things to say about these guys.
I sold a development with John Mele out in Surrey called "Alder Park". He is a fantastic guy! Real easy to get along with and definitely knows his stuff. He's been in the industry for a long time. I highly recommend him as a buyer's or listing agent.

Jason - Did you purchase in Alder Park a few years ago? I thought I recognized you when we met on that ride out to Manning Park, but I wasn't sure so I didn't say anything. (Talk about small world...)
 

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independent Amsoil dealer
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Dazeegirl said:
I sold a development with John Mele out in Surrey called "Alder Park". He is a fantastic guy! Real easy to get along with and definitely knows his stuff. He's been in the industry for a long time. I highly recommend him as a buyer's or listing agent.

Jason - Did you purchase in Alder Park a few years ago? I thought I recognized you when we met on that ride out to Manning Park, but I wasn't sure so I didn't say anything. (Talk about small world...)
Hi Jess. We sure did. Unit # 35. We have since sold and bought a house in Cloverdale , going on 2 years now. They are nice townhomes. Too much crap started going on, and with baby on the way we decided to get a bit of property with house. A bit more room for the little one to run . And boy she sure does.
I will have a bike next season so we will have to go for another burn to Manning.
 

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Meet you on Sedna!
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Discussion Starter #18
Thanks for replies everyone.

Firstly, I do know the seller pays the commission, but if your buying agent is flexible with his commission, then the overall closing price can work in your favour.

As for "you get what you pay for", I don't believe that in all cases... assuming the agent is "competent" does he really warrant making $10K in commission for a day's work... over the next guy?

Anyways, if anyone knew good leads and maybe a good commission break, that would be better than any other "good guy I know" references... but thanks all.
 

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J_Scott said:
Remember this though, the listing agent is not working on your behalf, so in order to actually get your own representation I would recommend working with a realtor.

.

Get someone to work for you... but most importantly, someone who knows what they're talking about.
Truth be told, both agents are really working for themselves - they just want the transaction to close so they can get a commission. They have very little incentive to get a higher price for the seller nor a better price for the buyer. I'm stealing this from the book "Freakonomics", but on a $500,000 house, if there are two agents, each agent will probably make at least $5,000 personally in commissions (after their company takes their share, etc.). For the listing agent to try and negotiate $10,000 more for the house, the added commision is about $100, but he risks not closing or delaying the sale. His motivation is to close the sale right now, pocket his $5K and move on to the next deal.

I wouldn't rely on a realtor to steer me away from a questionable property. That's what inspections and appraisals are for. In my case, the listing agent did recommend an inspector (as she knew that they would find nothing which they didn't) and my bank also did an appraisal. And, of course, you need to have a lawyer. For strata property, you should also read through ALL the minutes to see what issues the building might have. You can also talk to the neighbours or previous owners.

Buying with out a buying agent is not easy. It means a lot of work/research and if you don't have the time then, I think finding a good buying agent (good luck) is the route to take. I say good luck not because there aren't any good agents, but in this market, the good ones are pretty damn busy and not likely to cut their commission.
 

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Jager,

You must have had some bad realtors then. There are a lot of slimey ones out there, I've worked with them before. But you can't lump them all in together, we as a riding community should know that.

I know Tony personally, he has a world of knowledge of the market out there and would never steer any client into a shitty property. I've talked with him about a couple condos and you'll always get the full story. Few agents are like that, but the ones that are, always do well.

As for getting an agent to cut their commission for you, I can't comment since it's not my business. However, I will say this. What would you say to your customers if they asked you to work for half price in your job?

In addition, the realtors that are willing to cut their commission are usually the ones with the least integrity, a good respectable realtor will charge you what they deserve and they do a job worthy of that commission.

As a mortgage broker I'm lucky I don't have to charge commission, but if I had to, I'd make sure I deserved it.

All that being said, I hope you find a place you love for a great price!
 
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