Representing myself as a first-time primary home buyer

[Adam Azam]

I have purchased OOS rental properties but always used an agent. Now that my wife and I are looking to buy a primary home in a HCOL city, I am considering representing us as an agent since I hold a license here. We know the neighborhoods inside out and my father is a home inspector who will inspect for us. With our price target of around $1M, we potentially save 25k-30k (minus broker split) in commissions.

My wife is uncomfortable representing us since I have no experience as an agent. What are your thoughts?

[Lindsey Mannix]

Hi Adam,

If you hold a license and have been through the purchase process before with other agents, I personally would be open to doing it myself (I am also an agent and have done this very thing). I've done this to save some money on the commission side of things by deducting the amount I would've gotten paid from commissions off of the purchase price of the property. If there aren't savings to be had though with using yourself as the buyers agent, I would not do it and enlist the help of an outside agent. They can always negotiate the same way, working to get the purchase price as low as possible. You could even try to negotiate with your agent that you'll do all of the leg work to find the properties, be at the inspection, etc for a lower commission to them.

~ Lindsey

[Russell Brazil]

You know what you know, and you don't know what you don't know. Having a license doesn't bestow magically knowledge on yourself.

Most brokerages require that you complete a certain number of transactions under the guidance of other agents for a reason. 

The good part though is if you screw up, you're only hurting yourself instead of a client.

[Bob P.]

Quote from @Adam Azam:

I have purchased OOS rental properties but always used an agent. Now that my wife and I are looking to buy a primary home in a HCOL city, I am considering representing us as an agent since I hold a license here. We know the neighborhoods inside out and my father is a home inspector who will inspect for us. With our price target of around $1M, we potentially save 25k-30k (minus broker split) in commissions.

My wife is uncomfortable representing us since I have no experience as an agent. What are your thoughts?

Since escrow does most of the work anyway, once you have a property identified, it's a matter of negotiating price. Don't take offense if they reject your offer. It's part of the process. What is it that your wife thinks an agent does besides finding a property for someone and providing the contract which they don't make exceptions to? If you use the same contract, you have the same coverage.