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Message
Are realtors worth it?
Posted on 12/7/11 at 4:09 pm
Posted on 12/7/11 at 4:09 pm
I've been out of school for about 5 years and I have been in an apartment ever since. I'm looking to purchase my first home sometime next year and I have no idea where to start. Are realtors worth it to help me along with the process?
5
Posted on 12/7/11 at 4:30 pm to jameison125
quote:
Are realtors worth it?
quote:
I'm looking to purchase my first home sometime next year and I have no idea where to start.
You answered your own question. If you get a well respected and experienced realtor, who knows the area well, then you will have a much better result. One of the first questions a good realtor will/should ask you is, "Are you pre-qualified?"
Posted on 12/7/11 at 4:32 pm to notslim99
quote:
One of the first questions a good realtor will/should ask you is, "Are you pre-qualified?"
Nah, just buy the house with cash and then you don't have to worry about this.
Posted on 12/7/11 at 5:30 pm to notslim99
quote:
You answered your own question. If you get a well respected and experienced realtor, who knows the area well, then you will have a much better result. One of the first questions a good realtor will/should ask you is, "Are you pre-qualified?"
Yes, but I wonder if that same realtor will ask the question "have you fully educated yourself on all the pros and cons of buying vs renting given your current situation in life?".
I'd say that's a mite bit more important than "are you sure you are all properly lathered up to borrow money?".
Posted on 12/7/11 at 5:32 pm to Tiger JJ
quote:
Yes, but I wonder if that same realtor will ask the question "have you fully educated yourself on all the pros and cons of buying vs renting given your current situation in life?".
Do realtors typically get in the renting business? If not, I don't see why they would ask the customer if they have thought about whether purcahsing/renting was the best option. They are salesmen, afterall.
Posted on 12/7/11 at 5:36 pm to LSUtoOmaha
quote:
Do realtors typically get in the renting business
Yes, they get the first month's rent as a standard fee.
Posted on 12/7/11 at 6:05 pm to LSUtoOmaha
quote:
Do realtors typically get in the renting business?
A lot do. Rentals go on the MLS also.
quote:
If not, I don't see why they would ask the customer if they have thought about whether purcahsing/renting was the best option. They are salesmen, afterall.
You of course know the point I was making. There are loads of things more important than "being pre-qualified".
Posted on 12/7/11 at 6:44 pm to notslim99
What about realtors for apartments?
I will be moving to DC next year and will be in military training so I won't have tons of time to look for apartments.
I will be moving to DC next year and will be in military training so I won't have tons of time to look for apartments.
Posted on 12/7/11 at 6:56 pm to Tiger JJ
quote:
Yes, but I wonder if that same realtor will ask the question "have you fully educated yourself on all the pros and cons of buying vs renting given your current situation in life?".
I must say, your animus towards realtors is almost at a level at which mine is directed towards crooked banksters, poli's, and investment "advisors". Well done in the other thread, too.
Posted on 12/7/11 at 7:08 pm to notslim99
Never tell the realtor how much you are prequalified to get. It is none of their business. Just be polite about it, but tell them you are prequalified and tell them the range of houses you are considering (high end of it is just in case the absolute perfect house comes along).
Whatever offer you make, your buying agent should be under the impression that the offer is an absolute stretch and you can't go any further (and don't let on if you absolutely love a house either). Agents talk. Even if your agent is reputable, you will help them avoid tipping your hand by keeping your finances a mystery.
Keep in mind that the buyers agent also gets paid more on a higher sales price.
Whatever offer you make, your buying agent should be under the impression that the offer is an absolute stretch and you can't go any further (and don't let on if you absolutely love a house either). Agents talk. Even if your agent is reputable, you will help them avoid tipping your hand by keeping your finances a mystery.
Keep in mind that the buyers agent also gets paid more on a higher sales price.
This post was edited on 12/7/11 at 7:12 pm
Posted on 12/7/11 at 9:02 pm to jameison125
Posted on 12/7/11 at 10:11 pm to tirebiter
quote:
I must say, your animus towards realtors is almost at a level at which mine is directed towards crooked banksters, poli's, and investment "advisors". Well done in the other thread, too.
I just get sick of their relentlessly self-serving talking points. Seriously, look at how shitty the advice was that they gave Zilla: DON'T BRING IT UP UNLESS THE AGENT BRINGS IT UP FIRST.
You have GOT to be fricking kidding me.
Posted on 12/7/11 at 10:12 pm to Bayou Tiger
quote:
Never tell the realtor how much you are prequalified to get. It is none of their business. Just be polite about it, but tell them you are prequalified and tell them the range of houses you are considering (high end of it is just in case the absolute perfect house comes along).
Whatever offer you make, your buying agent should be under the impression that the offer is an absolute stretch and you can't go any further (and don't let on if you absolutely love a house either). Agents talk. Even if your agent is reputable, you will help them avoid tipping your hand by keeping your finances a mystery.
Good angle.
quote:
Keep in mind that the buyers agent also gets paid more on a higher sales price.
Yeah, but they're just like the listing agent - the don't really give a shite what the price is. All that want is a quick transaction. The only thing slightly keeping them in check is wanting referrals.
Posted on 12/7/11 at 10:26 pm to LSUtoOmaha
Yes a good bit of them do renting of condos and town homes. Everything's negotiable, but in general yeah I think they'd be more ready to sell you a house then rent you something out because they're gonna make way more money selling and once its done its done. They just care about the money like anyone would. Leases are usually a year for decent places so some don't want to deal with renting and keeping up with the places.
Posted on 12/8/11 at 12:01 am to Bayou Tiger
quote:
Keep in mind that the buyers agent also gets paid more on a higher sales price.
In freakonomics they prove that the realtor does not really care how much the house list for, they just want to put in as little amount of effort as possible.
Posted on 12/8/11 at 6:49 am to reb13
quote:
Never tell the realtor how much you are prequalified to get. It is none of their business. Just be polite about it, but tell them you are prequalified and tell them the range of houses you are considering (high end of it is just in case the absolute perfect house comes along). Whatever offer you make, your buying agent should be under the impression that the offer is an absolute stretch and you can't go any further (and don't let on if you absolutely love a house either). Agents talk. Even if your agent is reputable, you will help them avoid tipping your hand by keeping your finances a mystery. Keep in mind that the buyers agent also gets paid more on a higher sales price.
I disagree with this statement. The more information your realtor knows, the better houses she can show you to choose from that fits what you are looking for. I think realtors are definitely worth it from a buyers perspective since you are not paying them anything.
I just bought a house and I used a realtor that I know really well so i guess I may have trusted her more than some people trust theirs. I gave her a list of items that my wife and I wanted in a house and told her about what we were willing to spend. It took a few months to find everything that met my wife's needs but we finally found one that we are really happy with.
Posted on 12/8/11 at 8:29 am to reb13
thats not what they prove in Freakonomics at all, you missed their whole point. the point of Freakonomics is all about incentives and how they drive the world and peoples actions....so the piece on realtors discussed how a seller's agent may not push as hard to sell your house for a higher price because the difference in commission for them is not worth it in their eyes. A couple hundred bucks here or there (maybe)
So, I guess, in retrospect not working as hard was one aspect of the discussion but if I remember the chapter correctly it was really geared towards the real estate agent's incentives, etc.
So, I guess, in retrospect not working as hard was one aspect of the discussion but if I remember the chapter correctly it was really geared towards the real estate agent's incentives, etc.
Posted on 12/8/11 at 10:02 am to Tiger JJ
quote:This is essentially true of every party in the transaction, except the buyer. Nobody is looking out for the buyer instead of.....the buyer. In NJ, the attorneys, which are required, also don't give a shite about the buyer, which was readily apparent when I recently bought a house. Nobody gets paid unless the deal closes, buyers would do well to remember that.
Yeah, but they're just like the listing agent - the don't really give a shite what the price is. All that want is a quick transaction.
Posted on 12/8/11 at 10:17 am to Shankopotomus
quote:
In freakonomics they prove that the realtor does not really care how much the house list for, they just want to put in as little amount of effort as possible.
quote:
thats not what they prove in Freakonomics at all, you missed their whole point. the point of Freakonomics is all about incentives and how they drive the world and peoples actions....
Shank, he stated it sloppily, but it's effectively what they proved. But you did state it better - namely, neither agent really cares about actually achieving their stated goals - (i.e. listing agent to get the highest price for the client, selling agent to get the lowest price for the buyer). In other words, agency is built on an illusion, a sham.
Posted on 12/8/11 at 11:12 am to LSU1018
quote:
I think realtors are definitely worth it from a buyers perspective since you are not paying them anything.
Wut?
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