Using Real Estate Agents

welcome to the greatest site ever on real estate!! to your ?........egents/brokers get pd by the sellers i have not done this but believe that if u find a creative agent or broker that u can negotiate a payment or commission on one of these sales!! i am sure someone with more experience will comment but from any talks with agents i ask them if they r willing to be creative in order to close as many deals as i can give them.when u build rapport and trust with an agent or broker and they see u r in it to be a win /win for u and them they SHOULD see the potential in working with you!!
good luck and GREAT QUESTION.
JAY

What would happen when you are looking at a house that one agent is assigned to and you are using a different agent? Then there are two agents to be paid and I doubt you can get the seller to pay them both.

and the second agent just worked for free and may want to kick your %$#@ the next time they see you

As the resident Licensed Agent Defender, let me be the first to say that the final decision on anything they do is contingent upon their broker; if the broker doesn't want to do something or wants to work in a certain manner, then thats how it is unless they find a broker who is open to what they want to do.

A newbie or experienced agent may in fact want to do assignments, but the broker might think its a waste of time if they are dealing with a buyer who has no money, which in essence what an assigner is. Some may have no problem with it.

A problem with some 'investors' is that while they may be ambitious, they quickly burn out, and make promises and claims that their determination cannot match;
one week of getting biz cards, putting up hundreds of flyers, getting an 800 #, fax line, LLC, posting 50 CL ads and after one week,......nothng. And then the proverbial "Help. what am I doing wrong??? I got my biz cards,............i'm feeling down. Someone cheer me up....."

I had a newbie tell me "yo I know i'm new and i'll make you more money than you've ever made before......how do I start???..."

You seem like you may want to be more concerned with learning the ins and outs first before worrying about how people get paid. Find out how you get paid first.

Always here to help

I understand how I would get paid and my agents broker is willing to go along with it. I met him today and he actually gave me great research tips to help out so that I waste as little time as possible. The only question we had left was how the agents get paid. Here is a scenario. I find a house that I could do a deal on if the offer is accepted. The sellers have an agent and I have an agent. Do the sellers pay their own agent and leave mine hanging? Do I pay my agent? Does the buyer that I find pay my agent? That is where my only confusion comes in. Other than that, I am in complete understanding in the whole process.

of how that would work out as well. I think that the seller have to pay for their agent and yours. I could be wrong. I'm meeting with my real estate agent tomorrow and would like to know what to tell him about the fees.

All I know is that my agent is good n KC. And the one thing that i an going to make sure of that She gets Paid and well. I mean if she is making me money why do i care.

Randy

but we're working on some details. He's an investor as well and has been had by some other investors. He gives out an address and the investor goes under him and finds the listing agent and deals with that agent instead. So, he does a buyer agreement for a fee of $595 (1st he sent me the wrong one which said I pay 3% of the commission myself, and man, if I did a 200K deal, that's 6K and I'm thinking my assigning fees should be 5-10K and it really made me say WHATTT?????!)

He's now talking about how POF need to be from a well known bank, not a transactional funder, and they won't work. He's telling me the way he wants to do the deals for me, which ones I can and can't do, what kind of offers I can and can't do, no land trust offers. He seemed like he was going to be the agent, but I'm going to keep interviewing him before signing anything. Its not easy to find a good agent. There aren't Elix Browns every where you go.

Zion Properties wrote:

There aren't Elix Browns every where you go.

for they are The Truth

Keep looking and you will find that agent. I hope someday mine is just working for me full-time. that is my goal and hers to; But I do have to admit she will try anything I ask as long as its legal. Sometimes I stay awake half the night trying to figure out what I can try next.

Randy

and what we're gonna do

Any property that is listed on MLS has the commission outlined in it, ex:
6%...3% to the listing agent;3% to the selling agent. It can vary as far as the percentages, or even have a bonus paid to the selling agent(ex:$500 or 1000), but the seller of the property is paying the Total RE commission out of the proceeds of the sale.
That's why if you find an agent that's working for you, they get paid from the seller at closing.
Now what we do alot, is go directly to the listing agent...because sometimes they will cut commission since they're getting both listing & selling commission, if the negotiations on the purchase price are close. Plus, we find you get responses quicker since there is no 3rd party agent to go thru.

I have the same question as Antang and even after the last comments, I am still fuzzy. Let's say my Agent helps me find a property that has a Listing Agent. My intention is to Assign the property to a buyer. If the Buyer has no Agent and they agree to have my Agent represent them,... or my Agent brings in a buyer,... great! She earns a commission. But what happens if the Buyer has their own Agent? Am I right that there would be no commission in this deal for my Agent? Would I simply compensate my Agent out of my assignment fee? Is that how you experienced folks do it? If so, what percentage is customary?

Also, in the Assignment deal, who would be responsible for 1)the inspection, and 2) the disclosure forms? Would the inspection be done before or after I assign it? Would it be handled by the new buyer's Agent?(or mine if they agree to use her)

These RE Agents issue have stumped me for some time. I am looking for clear solutions.

Thanks,

Suzie

The way I am now understnading it after the responses I got on here and meeting with my RE agent's closing attorney, the person you assign the property to should be responsible for the inspection and the seller of the house is responsible for paying their agent and yours. Apparently it is already figured in if it is listed on MLS. Does that help at all?

Please correct me if I am wrong,...but doesn't the MLS listing show the commission break for the listing agent and the buyer's agent only,...not for the Assignor's RE Agent? Or is it generally accepted that all three RE Agent's split the commission?

I never knew paying realtors commissions and doing an assignment of contract was so complicated!! I think one tip that may go a long way here is to have a BUYERS LIST! I don't think relying on an agent to bring you the person you are going to assign your contract to will work, at least not very often. You need to have that buyer in place before you put the property under contract. Does this make since?

Good Luck,
Michael Mangham
MD Home Acquisitions LLC

Great post Elix, you seem to be a straight shooter -- straight to the point. I think this helps when asked about all to the ins and outs of todays real estate as well as how most people think. We all assume just because we go out and do all of these things like get business cards,LLC,fax,phones,bandit signs,etc. then nothing happens!! OH GOD I'm such a looser, BOO HOO nothing happened, we all know that it doesn't happen this way, and anything worth having is worth working (HARD)for. I sometimes get caught up in the oh poor pitaful me mood, it is just part of our makeup, I really think some of that goes away when you can at least have a few dollars in your pocket and then when you make that first deal and even better than that is to stay ("BUSY") and get out to meet and talk with potential sellers. The more people you talk to whether it is a Agent, Attorney, Mortgage Broker, DG Family member etc. as you stated building the knowledge will definately build the confidence.

Rock on --- NY AGENT HA HA

Brian

When matching the agent that over that home to my buyers list what is next to do? Because i have over 50 ppl on my buyers list and I just started in December.

How can I get paid? What contract I need between the Agent and I? Is the buyer safe?

If you have a really good agent that is working for you and busting thier butt FOR YOU, wouldn't you want to give them a percentage of your profits to make them want to keep working thier butt off for you?

Just a thought.

Missy

Ho w did you get these buyers on your list? What strategies did you use? And are they cash buyers?

I agent Elix list a property and request 6% commission of the purchase price of the home. I am the listing agent and list the house for $500k

Agent 'Bill' has a client interested in the house I listed, buys it and then a check for 3% of the purchase price is then made to both agents' BROKERS. The brokers each receive checks for $30k.

The brokers then pay the agent their predetermined % of commission. Mine is 55%. You do the math.

If you pay anyone you pay the broker.

However, if you have an agent who works hard for you and you both happen to notice money that was on the floor that both of you had no idea how it got there and you told the agent to keep it because it definitely wasn't yours.......