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How long are you morally comitted to using a paticular agent if you feel he is not adequatly representing your interests?


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#1 trex

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Posted 11 January 2012 - 09:34 AM

Most of us that have sold properties are familiar with the listing realtor process.
The listing realtor has a contract for 60 or 90 days and after the contract expires the seller may chose to relist with that realtor or use a different realtor (assuming the property did not sell).

But what about a buyers agent?
I have never signed a contract with a buyers agent before and assuming I do not in the future how does one deal with changing buyers agents?
Obviously I would never contact or use two realtors at the same time as buyers agents.
But how long are you morally comitted to using a paticular agent if you feel he is not adequatly representing your interests (eg.30,60,90 days)?
Do you have a responsibility to notify the buyers agent that you are discontinuing his services?

#2 MarkoJ

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Posted 11 January 2012 - 07:19 PM

Most of us that have sold properties are familiar with the listing realtor process.
The listing realtor has a contract for 60 or 90 days and after the contract expires the seller may chose to relist with that realtor or use a different realtor (assuming the property did not sell).

But what about a buyers agent?
I have never signed a contract with a buyers agent before and assuming I do not in the future how does one deal with changing buyers agents?
Obviously I would never contact or use two realtors at the same time as buyers agents.
But how long are you morally comitted to using a paticular agent if you feel he is not adequatly representing your interests (eg.30,60,90 days)?
Do you have a responsibility to notify the buyers agent that you are discontinuing his services?


You do not have to sign an "Exclusive Buyer's Agency Contract," as they are not a requirement in order for you to purchase a MLS® listed property. That being said many REALTORS® are using such contracts and will not represent you without such a contract. If you do not want to sign such a contract you should find a buyer's REALTOR® that does not require an "Exclusive Buyer's Agency Contract."

In the "Exclusive Buyer's Agency Contract," the term of the contract is specified and agreed upon by the buyer and the REALTOR®. It could be 60 days or it could be 180 days.

There are a number of early termination clauses that can allow the buyer and brokerage/REALTOR® to end the contract.

Yes, you should always notify your buyer's REALTOR® to let them know that you are discontinuing his or her services.

It is really important to interview at least 3 buyer's REALTOR® before making a decision as to whom you think will best represent you.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#3 Fat Tug

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Posted 22 January 2017 - 08:19 PM

Picking up on this years-old thread since it echoes the situation I'm in right now. I've been looking at properties for a few months, hoping to find the right place to buy. I've been working with a realtor informally (no paperwork was signed) to get emailed listings, a few showings at places without open houses, and a bit of advice here and there. However, I no longer feel confident that the she is the right fit for me. Do you have any advice on how to tactfully notify the realtor that I'll be looking around for someone else?

 

I feel a bit bad since she the time she has spent so far will have essentially been volunteer time, but definitely don't want to be relying on someone I have reservations about while trying to make such a monumental purchase.


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#4 VicHockeyFan

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Posted 23 January 2017 - 08:44 AM

Can you voluntarily pay her a fee for her time so far?  Like $25/hour for the time she has been out on the road with you?  That seems fair.  I mean even if you did not make a purchase, you probably did receive some value for that time, like seeing comparable prices and properties to the one you eventually buy.

 

I think you could probably call the brokerage manager at her office and ask the best way to do things.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#5 Mike K.

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Posted 23 January 2017 - 08:46 AM

Yeah, totally, pay her something reasonable for her time, and you're good.


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#6 nagel

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Posted 23 January 2017 - 09:24 AM

When I bought my house back in 2006 I had "fired" my first agent. Had told him up front we wanted in town and something to reno. He kept pushing sooke as affordable and even drove us out there to tour places. Wouldn't give up on it even though we made it clear we weren't interested. So yeah I called him on the phone and said we were going another direction.

I went with another realtor that had inspection skills, because honestly we were doing our own hunting by then. Agent never sent us a house but provided online access to the listings within our criteria.

#7 MarkoJ

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Posted 23 January 2017 - 10:07 AM

Fat Tug :)


Ask yourself this question.  If the first home you viewed was your dream home, you made an unconditional offer, it was your average $800,000 home, your realtor took home $13,500 commission, for example (***commissions may vary***) would she have said "okay Fat Tug, I am making well over $2,000/hour here, it's not reasonable, here is $6,750 cash back so you can do some repairs when you move in?" 

 

Now give some thought to Vics and Mike's "reasonable" suggestions.  Just saying.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#8 johnk

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Posted 23 January 2017 - 11:05 AM

I think its really an ethical question. If the agent made good honest effort on your behalf you could offer a payment or you could certainly recommend her/him. Personal choice, I guess.

If the agent insisted on taking you to areas that you have clearly indicated you don't want, then it seems to me the agent

1) is not listening to you. Unacceptable.

2) the agent may well have his/her own agenda. Again, unacceptable.

 

If one or both are the case then you owe nothing. Not your problem if they burned gas and time because they didn't put you first.


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#9 LeoVictoria

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Posted 23 January 2017 - 02:23 PM

You owe him nothing regardless. Did you deal with her in good faith while you thought she was right? Then you're fine. Part of the cost of doing business in a commission model. If you intentionally wasted her time right from the beginning that just means you're an ass but then you wouldn't be asking this question.
When you test drive a car and decide not to buy it do you pay the salesperson for their time?

When you walk into a store and don't buy anything do you leave them a couple bills on your way out?

The best thing you can do for her is explain exactly why you are going elsewhere so she can do better in the future.

Edited by LeoVictoria, 23 January 2017 - 02:25 PM.

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#10 dasmo

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Posted 23 January 2017 - 02:59 PM

The business model of the high commissions granted agents means you owe them nothing. There is no moral obligation here. With their next client they might spend a few hours with and walk away with $12,000.


Edited by dasmo, 23 January 2017 - 03:00 PM.

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#11 jonny

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Posted 23 January 2017 - 04:17 PM

I agree with dasmo, Leo and marko here.

 

For every nightmare client that takes hours of work, there is a client who does their own shopping around and basically finds their own home. My realtor probably made $2000/hour on our condo purchase.

 

Think of the typical amount of work a realtor does when listing a property. They provide some advice on the selling price, maybe help stage the home, take some pictures, write up a cheesy description and create a listing on realtor.ca. They get thousands of dollars in commission for a few hours of work on many of their transactions.

 

Don't feel bad. Don't hate the playa, hate the game.



#12 VicHockeyFan

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Posted 23 January 2017 - 04:21 PM

I agree with dasmo, Leo and marko here.

 

For every nightmare client that takes hours of work, there is a client who does their own shopping around and basically finds their own home. My realtor probably made $2000/hour on our condo purchase.

 

Think of the typical amount of work a realtor does when listing a property. They provide some advice on the selling price, maybe help stage the home, take some pictures, write up a cheesy description and create a listing on realtor.ca. They get thousands of dollars in commission for a few hours of work on many of their transactions.

 

Don't feel bad. Don't hate the playa, hate the game.

 

Well, as you know, you need not play the game.  When I was selling my condo, the GST/HST revision back was happening.  My agent advised me it would cost me XXX dollars more after July 1st or whenever the date was.  I informed my agent that I did not change the rules, and I'd expect him to eat the new tax, there was no good reason I had to.  And that's what happened.

 

This Victoria agent offers discounts for quick sales.  And others should be open to at least discussing it, beforehand.

 

Sometimes in the sales business, we call a client a "walkover" when they do not negotiate for a lower price, when we know there was wiggle room.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#13 Sparky

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Posted 23 January 2017 - 04:23 PM

Welcome to vibrantvictoria Fat Tug.

#14 johnk

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Posted 23 January 2017 - 04:39 PM

We came here ready to hit the ground running to buy. I phoned an agent to ask a question, nothing more. He volunteered to show me a lot of stuff so I spent several hours in his car getting acquainted with neighbourhoods. Didnt see anything, no biggie it was December.

 

We went to open houses on our own, you learn something from every house you go into.

About 5-6 weeks later we saw an OH hosted by an agent we had met at one of her previous OHs.

 

House was not for us but we decided to stop and say hello because she was nice, approachable and un-pushy. She told us about a listing that had only come up the previous evening so we went to see it and bought it. Well-known agent had the listing but said he would work something out with her because of the tipoff to us.

The first agent had been calling off and on but nothing we wanted. He got very pissy when I called him to say we had found something and had moved on it asap because it was a deal in our view.

 

We did not feel we owed him anything because he had volunteered to us, nothing signed or verbally agreed with him and he had nothing to do with the house we bought, was unaware of it.

 

We were tipped off by a friendly agent who had no guarantee of any commission, just a nice person. The listing agent made good to her and we were happy about that. Still live in the house 22 years on and happily enough for us it has increased in value +4× what we paid. First agent had nothing to do with it, so we felt no obligation whatsoever.

 

We never have and never would sign anything binding us to a single agent. See something you like? Call the listing agent.


Edited by johnk, 23 January 2017 - 04:40 PM.


#15 MarkoJ

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Posted 30 January 2017 - 09:13 AM

What is going on with new listings? Last year was a 10 year low for new listings and this year we will be below that.

Mon Jan 30, 2016:

Jan Jan
2017 2016
Net Unconditional Sales: 409 539
New Listings: 699 934
Active Listings: 1,525 2,471

Please Note

Left Column: stats so far this month
Right Column: stats for the entire month from last year


Edited by MarkoJ, 30 January 2017 - 09:13 AM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#16 lanforod

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Posted 30 January 2017 - 10:19 AM

Not sure we can say this whole year will be below that yet.

 

I think a lot of it is people aren't moving within the CRD so much anymore, as it doesn't make sense financially; you nearly always take a hit.



#17 Mike K.

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Posted 31 January 2017 - 09:14 AM

Right. I've heard this from a number of folks who've wanted to move but think once they sell they could end up regretting their decision.

 

Unless you're in a situation where you're downsizing and the sale of your $1.1-million mortgage-free home will finance an $800,000 condo purchase, you're likely to stay put.


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