The incentive for a realtor is to get the best offer for their clients so they make the most commission. Period. Allowing someone early in on a listing would not work in their favor because the want the best offer., multiple offers. Usually the first open house is when it goes out to everyone. You have to be ready to jump and pay attention. All that said, I have three out of four times, buying and selling our homes, dumped our first agent because I found them pretty useless, not understanding my needs, giving bad advice etc. Whoever got us as buyer or seller as number 2 stepped it up, was incredible, worked for it. I think your current agent is lazy. I would expect more, in the way of helping you understand the market, if you’re a newbie.
Agree on the the lack of engagement. I also interviewed three agents before I found the right one. I’m glad I did that. I already bought a second property with her and she helped me find my tenants. I know she is in my corner. :)
Usually they set you up with your own personalized MLS listings based on your criteria and from there you shoot them an email in what you want to check out. In the search phase, buyer’s agent show value not in “finding” a home, but “showing” and providing insights into neighborhoods, trends, etc. Once a home is found, they show their value in facilitating the close.
Echoing what others have said re: MLS listings. As far as your realtor having access to inventory not listed with MLS, that is solely based on her personal network, not the size of her firm.
Hi there, I’m licensed in Florida, based in Miami but used to live in Chicago so I’m very familiar with the market and have been hearing from our referral partner there that inventory is quite low for certain products. That being said, typically listings hit Zillow at the same time as the MLS as it pulls directly. it is true that some brokerages have their own proprietary platform and app that has inventory only available on their platform, as well as a better user experience for your search compared to third party platforms like Zillow/zenlist. Inventory is low in many markets as you mentioned, so it may be possible there is not inventory that meets your criteria and many agents working with buyers are pro-actively reaching out to sellers who may be willing to sell if the home fits your search or seeking off market opportunities within their network/brokerage to make deals happen for their buyers until new inventory comes to market. Hang in there!
My realtor has me on an automated list where I get a notification email anytime something in my price range and in the areas I’m interested in hits the market. Occasionally, she will also send me some separate listings that might be slightly above my price range or in a different location if it seems nice or like something I might be interested in.
It sounds like you need a new realtor. I’ve heard realtors don’t even like Zillow.
Real estate agents are not incenivized to get the highest listing. Time is money and their incremental financial gain on holding out for another few thousand dollars is minimal. They are getting only a few points on the transaction if they are lucky. The cost to, show, advertise etc makes it not worth it for them to hold up a deal for relatively small dollars above what the average house in that submarket trades for.
I just bought my first home and the three values my realtor truly offered as added value were 1) proactively sending me listings based on what I told him (about to hit market and just on market) 2) insight to the area and home in terms of future value or a gold investment 3) doing all the paperwork for offers and title work to explain the nuances
Firm size is irrelevant - it’s about the agent putting the work into their job. As an agent, they get notices about off-market listings that aren’t online. If they’re really good, they’ll take the initiative to call other agents (maybe other agents who have sold if your desires area, nearby listing agents, etc) and see if they have pocket listings themselves. If they’re *really* good, they’ll reach out to agents/homeowners and ask if properties are open to receiving offers on a home, even if it’s not for sale.
Did she set you up with an email alert when new listings hit the market that meet your search criteria?
I would say that most realtors ask their clients to send them some listings they like as a way of understanding what you are looking for. But once you start to hone in on the criteria, it should work either way.
Keep in mind that most realtors are working with multiple clients at all times, so they may not have time to check every new listing every single day. Being proactive and sending houses you like to your realtor is often better than waiting for your realtor to send you things that match your criteria, especially in a sellers market like this.
There’s very few situations right now where it doesn’t make sense to hit the retail market with a listing, especially move-in ready listings. So don’t wait for your realtor to bring a smokin’ good off market deal to you or you’ll never buy anything.
Seems pretty standard. Look at the emails, if there’s any listings you want to see or explore, then let your realtor know. That’s how all of my searches have worked dating back 10+ years.
How do I find out if PA is one of the state that doesn’t allow PTO expire ? So I have 15 days PTO left; seems like I can roll all that over if I don’t take any; the firm disconnect after 12/17 doesn’t count towards my PTO correct? Thanks!
Hi, I think that’s standard. If the realtor has set you up with regular listings on the MLS, you and your wife should provide her with a few you wouldn’t mind seeing… that way the ball gets rolling and she knows you’re serious
Speaking as a former RE agent, I wouldnt automatically say an agent wants to get the highest price/offer. I would distinguish between a buyer's agent and a seller's agent. If your realtor has a listing, then their fiduciary responsibility is really to the seller, not to you, as they have a contract with the seller. However, if you have an agent that is helping you to buy a house they have not listed, they have a fiduciary and legal responsibility to do what's in your best interest.
Agents have to often juggle multiple clients at once, and it makes sense for them to focus on the clients closest to buying, as a lot of people may be just kicking the tires for a year to 2 years. They set you up on automated lists to see how often you are looking, how responsive and engaged you are, snd so that you both can narrow down what it is you're really looking for.
Once you provide feedback and get that search alert down to a very specific neighborhood, specific bedrooms, bathrooms, sq ft, etc., then they can really help you find something that fits your criteria. Also, by then, hopefully you will have learned the market better and understand what's a good deal vs an ok deal given your specific criteria and location.
The incentive for a realtor is to get the best offer for their clients so they make the most commission. Period. Allowing someone early in on a listing would not work in their favor because the want the best offer., multiple offers. Usually the first open house is when it goes out to everyone. You have to be ready to jump and pay attention.
All that said, I have three out of four times, buying and selling our homes, dumped our first agent because I found them pretty useless, not understanding my needs, giving bad advice etc. Whoever got us as buyer or seller as number 2 stepped it up, was incredible, worked for it.
I think your current agent is lazy. I would expect more, in the way of helping you understand the market, if you’re a newbie.
Agree on the the lack of engagement. I also interviewed three agents before I found the right one. I’m glad I did that. I already bought a second property with her and she helped me find my tenants. I know she is in my corner. :)
Usually they set you up with your own personalized MLS listings based on your criteria and from there you shoot them an email in what you want to check out. In the search phase, buyer’s agent show value not in “finding” a home, but “showing” and providing insights into neighborhoods, trends, etc. Once a home is found, they show their value in facilitating the close.
Echoing what others have said re: MLS listings. As far as your realtor having access to inventory not listed with MLS, that is solely based on her personal network, not the size of her firm.
Hi there, I’m licensed in Florida, based in Miami but used to live in Chicago so I’m very familiar with the market and have been hearing from our referral partner there that inventory is quite low for certain products. That being said, typically listings hit Zillow at the same time as the MLS as it pulls directly. it is true that some brokerages have their own proprietary platform and app that has inventory only available on their platform, as well as a better user experience for your search compared to third party platforms like Zillow/zenlist. Inventory is low in many markets as you mentioned, so it may be possible there is not inventory that meets your criteria and many agents working with buyers are pro-actively reaching out to sellers who may be willing to sell if the home fits your search or seeking off market opportunities within their network/brokerage to make deals happen for their buyers until new inventory comes to market. Hang in there!
My realtor has me on an automated list where I get a notification email anytime something in my price range and in the areas I’m interested in hits the market. Occasionally, she will also send me some separate listings that might be slightly above my price range or in a different location if it seems nice or like something I might be interested in.
It sounds like you need a new realtor. I’ve heard realtors don’t even like Zillow.
She did setup an automated email for me from Zenlist. Just wasn't sure if there was any additional resources they have that would be helpful.
In her defense, the supply in Chicago right now in the area we're looking seems slim, at best.
Real estate agents are not incenivized to get the highest listing. Time is money and their incremental financial gain on holding out for another few thousand dollars is minimal. They are getting only a few points on the transaction if they are lucky. The cost to, show, advertise etc makes it not worth it for them to hold up a deal for relatively small dollars above what the average house in that submarket trades for.
I just bought my first home and the three values my realtor truly offered as added value were 1) proactively sending me listings based on what I told him (about to hit market and just on market) 2) insight to the area and home in terms of future value or a gold investment 3) doing all the paperwork for offers and title work to explain the nuances
Firm size is irrelevant - it’s about the agent putting the work into their job. As an agent, they get notices about off-market listings that aren’t online. If they’re really good, they’ll take the initiative to call other agents (maybe other agents who have sold if your desires area, nearby listing agents, etc) and see if they have pocket listings themselves. If they’re *really* good, they’ll reach out to agents/homeowners and ask if properties are open to receiving offers on a home, even if it’s not for sale.
Disclosure: I am licensed RE agent in 3 states
Subject Expert
Did she set you up with an email alert when new listings hit the market that meet your search criteria?
I would say that most realtors ask their clients to send them some listings they like as a way of understanding what you are looking for. But once you start to hone in on the criteria, it should work either way.
Keep in mind that most realtors are working with multiple clients at all times, so they may not have time to check every new listing every single day. Being proactive and sending houses you like to your realtor is often better than waiting for your realtor to send you things that match your criteria, especially in a sellers market like this.
There’s very few situations right now where it doesn’t make sense to hit the retail market with a listing, especially move-in ready listings. So don’t wait for your realtor to bring a smokin’ good off market deal to you or you’ll never buy anything.
Subject Expert
Seems pretty standard. Look at the emails, if there’s any listings you want to see or explore, then let your realtor know. That’s how all of my searches have worked dating back 10+ years.
They should give you access to MLS.
How do I find out if PA is one of the state that doesn’t allow PTO expire ? So I have 15 days PTO left; seems like I can roll all that over if I don’t take any; the firm disconnect after 12/17 doesn’t count towards my PTO correct? Thanks!
Sir, this is a Wendy’s
Hi, I think that’s standard. If the realtor has set you up with regular listings on the MLS, you and your wife should provide her with a few you wouldn’t mind seeing… that way the ball gets rolling and she knows you’re serious
Speaking as a former RE agent, I wouldnt automatically say an agent wants to get the highest price/offer. I would distinguish between a buyer's agent and a seller's agent. If your realtor has a listing, then their fiduciary responsibility is really to the seller, not to you, as they have a contract with the seller. However, if you have an agent that is helping you to buy a house they have not listed, they have a fiduciary and legal responsibility to do what's in your best interest.
Agents have to often juggle multiple clients at once, and it makes sense for them to focus on the clients closest to buying, as a lot of people may be just kicking the tires for a year to 2 years. They set you up on automated lists to see how often you are looking, how responsive and engaged you are, snd so that you both can narrow down what it is you're really looking for.
Once you provide feedback and get that search alert down to a very specific neighborhood, specific bedrooms, bathrooms, sq ft, etc., then they can really help you find something that fits your criteria. Also, by then, hopefully you will have learned the market better and understand what's a good deal vs an ok deal given your specific criteria and location.