Updated about 7 years ago on . Most recent reply
Working with multiple brokers when buying
I'm about to start looking for a property to do a 1031e into a larger multi-family. What's the thinking around working with one broker vs multiple brokers as a buyer? I've heard it's limiting to sign an exclusivity agreement with one broker. But I've also heard that if you are working with more than one broker, it can end up hurting you because brokers don't want to share the commission and so won't take your offer to the seller as a 'serious' offer. It seems like I should have as many people hustling for the deal as possible. Would love your thoughts.
Most Popular Reply
Brokers and agents work on commission. If you work with multiple people but only intend to buy one property, you're asking the people who don't close the deal to work for free.
I have a very clear rule when I start working with a client. You can fire me for any reason. I don't mind. But you can't cheat on me. If I find that you're working with another broker, I immediately drop you as a client, forever.