Buyers Brokerage A No-Brain’er
By Anthony Longo 26 02 2008
Do not go out and buy on your own. Let me say that again….Do Not Buy Alone!
I know sometime real estate agents are a pain in the butt to deal with…but don’t make the bad decision and buy alone. Of course it is fine to search properties via the web or even visit open houses, etc….but when the time gets close, make sure you DO NOT get stuck buying alone.
Many people think that buying a condo is pretty simple and straight-forward, and many times it is…but I would say more times than not they are just as complex or even more complex than buying a single family home.
To put the product type (condominium) aside, buying real estate is one of the biggest financial purchases you will make in your entire lifetime. Most sellers hire a selling broker often known as a listing broker. These real estate brokers are professionals and they work for the seller, ALWAYS. Even though many of these listing brokers are very kind, they have legal obligation to work solely in the sellers best interest and to get their client (the seller) the highest possible price. Now why would you want to try and negotiate with a listing broker alone?
When you hire a buyers broker (there is never a charge…we get compensated by the listing broker -split commission), you are hiring a broker who is going to work legally and solely in the best interest for YOU. Helping YOU scout and compare properties and eventually to help YOU negotiate the Lowest Possible Price!
To sum this up short and sweet. Do Not Buy Alone. You are not saving any money (because buyers brokerage is free for you) and you will have all of the stress of running comps, negotiations and paperwork. You don’t gain anything if you buy your new condo alone.
Now that we drilled that message home you can also look into innovative brokers like us, BuySideRealty or our pals at Redfin. Even though all buyers brokers are free for you to utilize, some (like us) take it one step further and actually compensate YOU for using a buyers broker.
For example, we operate on a Flat Fee Buyers Brokerage model (Compare Us) and we only accept the first $5,000 of our commission paid by the seller and we REFUND the remainder to you.
On an average $500,000 condo, our company receives a $15,000 commission check from the sellers broker, we accept the first $5,000 and REFUND you the remainder…or $10,000 cash back to you in this example. So yes…you get our professional services & assistance, your new condo for the lowest possible price AND the majority of our Buyers Brokerage Commission check! Sound too good to be true…. See How It Works
Top Priorities of CondoDomain Team Members as an EBA:
- Exclusively and confidentially represent you as our client and put your interests first
- Provide transparency in our opinions, the good and the bad including property information, neighborhood information and community information.
- Help in the search & compare process
- Negotiate and get you the lowest price possible with the best terms possible
- Refer you to top legal, financial, appraisal & inspection professionals
Bottom line: Do Not Buy Alone…work with a buyers broker! If your looking to buy a condo…hopefully we end up representing you!
Visit our site today…it is the most elaborate real estate website in Boston !!!
How about using the fact that YOU ARE ALONE and not working with a broker and negotiating at least the co-broke commission rate 2.5%(standard) right off the top of the asking price? I think savvy buyers that have been through the process of buying a home at least once should have enough common sense to do market research and come up with a number in which to start negotiations all on their own.
I have ran into so many buyer brokers that were ALL formerly seller’s agents a few years back, (before buyer’s agency came into NE) that claim to be working in the best interest of their client but are more concerned about getting a deal done quickly and getting paid.
The internet is an amazing tool that gives buyer’s access to basically all the information that buyer’s brokers have. Home buyer’s should realize they stand on stronger ground if they are armed with as much information as possible on a specific property (comparable sales, prior sales in the development) and approach the seller or seller’s agent with the fact that they are Not working with a broker and ready to work out a deal.
Especially in this market where offers that were once considered “low-ball” are now commonplace and expected by most developers and sellers. Don’t be afraid to start low.
Remember it’s a business and it’s all about the bottom line. Sellers, Buyers, Brokers alike.
Nice argument. Buying a new home without an agent is risky; agents are real estate experts and are familiar with the market and with pricing, features, options etc. offered by builders. There’s no reason why you should buy a home without using an agent, it’s just one more way of ensuring your happiness.
Matt you make a great point (not an argument). I am doing a post on it right now…stay tuned.
PS - are you the famous actor
?
Jayson…thanks for the backup!