Should I switch agents?

Question

I'm looking for a duplex in the range of 60-75k and there's been a couple in that range sold in the last 6 months, agent has showed me a few SFH but doesn't seem very educated. I told him if he seen any duplexes in my price range to call me immediately and I will take a look but he says that he doesn't think I'll find one saying they are all going much higher, he's starting to frustrate me. Also he sent me a listing 3 days ago for a SFH that was cheap in a nearby town, I told him I'd look at it if they'd consider 45k cash, asking price was 55k, and he said he would call the listing agent and let me know, I just heard back from him 3 days later after I had to text him first, should I drop this guy and find someone else?

Lauren R. · Answer

@Samantha Klein He's not listening to you, you said duplex and he's showing you SFH.  You are ready with cash for an offer, and he's taking his time. You need an agent who is investor friendly.  I'd move on, or as @Andrew Syrios said, look into getting your license yourself :)

Michael Noto · Answer

I find it strange that you told him you wanted to look for duplexes and he's showing you SFRs. The thing that would worry me more is that he is taking 3 days to get back to you.

Having an agent is to important in my mind and time is currency in this business. Don't waste anymore of it and cut the cord.

Kim Knox · Answer

Hi @Samantha Klein

I think it is important to find an Broker that better understands your requirements, you should feel like the advice and help you are getting are of value.  A Broker not only needs to be smart and market savvy, they need to be available when you need them.   If you find someone you can rely on, I would suggest committing to them.  Lots of good Brokers to select from.

Someone mentioned working with several agents is a good idea.  As a Broker myself, if a Buyer tells me that they are working with other agents, I am not going to invest my time and money into locating a purchase for them.  If a Buyer is just working with me, I will pitch what they are looking for at the MLS and Broker meetings, I will find FSBO sales, I will advertise to Sellers, I will send out mailings, I will call strangers.  If they are working with other agents, I will just keep them in mind if something should come up.

I do think it is smart to have a Buyer's Agent.  Someone mentioned working with the Listing Agent and asking to pay half the commission, so I thought I would address that too, just to add a Brokers  perspective.  If a Buyer asks me to work for half the commission because they utilize my services, I always find that strange. Ask yourself this, would you work twice as hard and take on twice the liability, for half the pay?  I doubt it.  My Seller isn't making any more money, because you are deducting your savings from the offer amount too.

About your specific scenario, it is hard to judge your Broker for his inability to get a quick response.  The only answer you could really get is if the Listing Broker is certain the Seller is firm on price, and often, we are not really sure, and should not guess.  I would definitely not present a verbal offer to my Seller from a Broker who didn't even take the time to show my listing.  A typical response to a verbal offer from a Listing  Broker should be, "put it in writing, and I am happy to present." I would even encourage your Broker to write an offer conditioned upon your viewing the home, that is no problem. Just formalize it.  An offer is also accompanied with a verification of funds, to show that you are an actual cash Buyer. You would be surprised how many unqualified Buyers call to make verbal offers, and I am not involving my Seller in that emotional roller coaster.

Gino Barbaro · Answer

I've done that also.  I feel it's easier to deal with one broker, he is getting the news from the horse's mouth.  Nothing gets lost in translation.  Just remember the listing broker is representing the seller as is obligated to the seller, not you

Gino

Andrew Syrios · Answer

Having a good agent is pretty essential in my opinion (or getting licensed yourself). If you don't feel like you're getting quality service (and it certainly appears that way from what you wrote) I would recommend moving on.

Samantha Klein · Answer

That is not true, the commission would be $1,800 if he took a split of the 6% commission at 60k and my range is 60K to 75K. 3-5 properties in 6 months is not a bit of a needle in a haystack either.

Wayne Brooks · Answer

Well, that' s the problem when you're looking for a bit of a needle in the haystack, And at a price range of $60k.  The guy's commission on that is going to be probably less than $1000, for something that pops up " a couple in six months".  Don't expect a lot of eagerness on any agent's part to work this, unless you're giving some extra incentive.  I'd set up an auto search for you, but I certainly wouldn't spend much time on it.

Samantha Klein · Answer

@Gino Barbaro

I was thinking that myself. If I contact the listing agent directly instead then I could get him to drop his 6% commission to 3% and make a cash offer and get a decent discount perhaps. I know quite a bit about the whole process, I've bought two houses and sold one in the last 2 years.

Gino Barbaro · Answer

@Samantha Klein

HI Samantha

Give the broker your criteria, and if they can't meet it, move on. You should be working with a couple of brokers, especially if you are investing.  If you're asking for multis, and he is showing you SFH, then don't call him back.  He's wasting your time.

Start looking for deals yourself and contact the listing agents.

Gino

Samantha Klein · Answer

Thank you both. I usually work with his boss who has sold me 2 houses and has been my selling agent also but he owns the company and is "busy" most of the time to show me anything, he set me up with this guy. I think I will call around to a few realtors and ask them if they are educated in multi-family investments.

Should I switch agents?

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