Port Chester, NY · Member since 2016 · 210 posts · 157 votes
Possibly a particular request, however, my partner and are licensed brokers in New York and Connecticut. As some may know, we already run a property management company for our own properties and have started to add outside property owners now that we're licensed. We are looking at a few properties and since we are licensed, we do not need to use an outside licensed real estate salesperson or broker. We've been submitting a few offers and disclosing that we are the interested party in making the acquisition. The real estate sales persons on the other side do not seem to like to negotiate on the price since we're basically the broker and investor. Any suggestions on how we can make this go smoother? I'm sure we're not the only one's who've experienced this before.
Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
4y
@Mike A., are you looking to collect a commission in some form when you buy?
When I bought my property, on my LOI, I put in that commission was due to me in the form of a credit at closing. As long as you disclose, and put your offer in writing, they have a fiduciary duty to present the offer. If you're waiving your commission it's even better usually. I found putting the offer in writing forces their hand.
@Mike A., are you looking to collect a commission in some form when you buy?
When I bought my property, on my LOI, I put in that commission was due to me in the form of a credit at closing. As long as you disclose, and put your offer in writing, they have a fiduciary duty to present the offer. If you're waiving your commission it's even better usually. I found putting the offer in writing forces their hand.
Yes, we'd prefer to receive the commission, but a credit is fine too. It just seems the agent representing the seller doesn't seem too keen on negotiating with us on the price at all. On agent we had to run after consistently to just receive an acknowledgement of the offer being received.
Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
4y
@Mike A., is the not negotiating on price coming from the realtor, or the seller? Big difference there.
If you're needing to chase down a realtor, you could report them to the licensing division of the state, or try to get in touch with the actual seller. Unfortunately, as we all know, there are some not so great actors in any business, but especially real estate it seems like.