Buying a property without an agent
Member since 2024 · 10 posts · 5 votes
Buying a property without an agent
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Real Estate Broker · DC MD, VA & NV · Member since 2014 · 512 posts · 292 votes
1y@Diana Reinfeld As a listing agent, as well as an Investor myself, Sellers generally feel more confident receiving an offer from an Agent so that there's more assurance that nothing will be missed and handled properly, and actually listing agents generally end up done more work that would generally be done buy the buyer's agent so the listing agent would also rather receive an offer from an agent vs. an investor. All agents work for a Broker and are held to higher professional standards. There's plenty of opportunities to 'miss' something that can result in either a financial loss or potential litigation. I would suggest that since you're asking that question here, you're not yet experienced enough to 'know what you don't know'. My advice would be to have a professional submit the offer for you- Most sellers are already prepared to pay the Buyer agent commission and/or it can be negotiated as part of your offer. (commissions are also a write-off for the Seller). The 'potential savings', is not worth the potential liability! Good luck.
28 Replies
- Member since 2025 · 111 posts · 123 votes1y
Diana: I'm always of the opinion that expert help will go a long way in smoothing a rough road, especially one that you haven't traveled. In addition, a buyer agent usually negotiates with the selling agent so that the actual commission rate stays roughly the same and is paid by the seller.
That being said, based on the above, this is not too rough a road and not one you are inexperienced with. The only real hurdle is access to the latest and greatest search information and resources that a buyer agent has (MLS services especially), but if you have a friend or otherwise find a connection to leverage that, then you can likely dive right in. If you go this route, I would encourage you to make part of your process negotiating down the price (or points towards interest) based on the lack of a buyer's agent and the savings/increased commission for the selling agent - 2-3% is very reasonable under those circumstances.
Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication. - Lender · Chicago · Member since 2023 · 176 posts · 70 votes1y
I've seen most deals since the NAR lawsuit where the seller is paying the buyers agents commission FYI. I would suggest an agent unless you get a family friend sale opportunity where everyone is just using attorneys. If you need any recommendations for agents that specialize in condos and investment properties let me know.
- Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes1y
Not all agents provide equal value and service. Most of the value of a buyer's agent can be boiled down to the advice they give based on their experience, market knowledge, and network. Of course there are other things like integrity, responsiveness, customer service, asking the right questions, and administration (like scheduling showings) which are equally important and part of the job.
In my experience, most sellers are willing to pay a buyer agent commission if the net sales proceeds is acceptable. From a seller's perspective, I think the most important thing a buyer's agent does is connect them with a qualified buyer that can actually purchase on their home and close. Buyer agents are only paid on their performance and ability to do that.
An investor-friendly agent has a particularly unique skillset beyond a traditional primary home purchase/sale because they (should) help you identify good investment opportunities that make sense for you. That includes things like sourcing, underwriting, referrals for lenders/attorneys/inspectors/property management, advice on management, and more. So there is quite a lot more that goes into buying investment property that could make it worth your while to hire an agent.
For example, if you're inexperienced with analyzing/underwriting investment properties, you could easily overestimate/underestimate the income and expenses, which could lead to you either overlooking good potential properties or buying properties that don't offer a good return.
If making a particular investment purchase could either help you earn thousands of dollars per year, or lead to you potentially losing thousands of dollars per year, do you think it's worth hiring a professional?
- Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes1y
Hey @Diana Reinfeld - I would try purchasing a property without an agent - Like @Paul De Luca , not all agents are created equal, so it's probably worth vetting some more to find someone that will deliver the service you are looking for.
If you have a decent amount of time and feel like you know the market really well maybe give it a try, but a good agent should be bringing much more expertise than just opening the doors for showings.
What area of Chicago are you planning on buying in? Will it be strictly an investment property?
Quality Builders4.966 Reviews - Member since 2024 · 10 posts · 5 votes1y
We plan to rent it out and use it ourselves at some point in the future. We’re looking for something we’d enjoy living in, rather than “just” a rental property.
My question is: how do I handle the offer without an agent? Can a lawyer submit it on my behalf?
- Real Estate Broker · DC MD, VA & NV · Member since 2014 · 512 posts · 292 votes1y
@Diana Reinfeld As a listing agent, as well as an Investor myself, Sellers generally feel more confident receiving an offer from an Agent so that there's more assurance that nothing will be missed and handled properly, and actually listing agents generally end up done more work that would generally be done buy the buyer's agent so the listing agent would also rather receive an offer from an agent vs. an investor. All agents work for a Broker and are held to higher professional standards. There's plenty of opportunities to 'miss' something that can result in either a financial loss or potential litigation. I would suggest that since you're asking that question here, you're not yet experienced enough to 'know what you don't know'. My advice would be to have a professional submit the offer for you- Most sellers are already prepared to pay the Buyer agent commission and/or it can be negotiated as part of your offer. (commissions are also a write-off for the Seller). The 'potential savings', is not worth the potential liability! Good luck.
- Member since 2024 · 10 posts · 5 votes1y
You’re right—I don’t have much experience with the U.S. market. We own a couple of properties in Europe, and, believe it or not, my experience has been quite similar each time, even across the ocean. The real differences have been with the lenders: how they approach financing and the amount of information they require.
I’d like to better understand the specific “bad scenarios” you’re referring to. Wouldn’t a lawyer be able to address those?
- Real Estate Broker · DC MD, VA & NV · Member since 2014 · 512 posts · 292 votes1y
@Diana Reinfeld it depends what state you're in but a lawyer doesn't use standard contracts that agents use so again, it's not something that would be received as well by the listing agent. Paying lawyers also I would say more expensive than having the seller pay your buyer agents, commission!
- Rental Property Investor · Medford, OR · Member since 2017 · 94 posts · 115 votes1y
Great question! Since you guys know what you're doing, when you find a property you'd like to check out, consider contacting the listing agent directly. Ask if they will represent you if you choose to make an offer. Some agents are ok with this, others are not. But it's worth asking. You could even ask if the seller would be ok with you representing yourselves in the transaction, to save the sellers on buyer's agent commissions. Realtor.com usually always provides the listing agent contact info.
- 1yColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
@Diana Reinfeld Yes you can do it and we have done it however recently this NAR settlement has made it an issue. Our experience is it is harder to see a property through the sellers agent, now this may be the function of what the particular market is like. Even if you request to see the property through the sellers agent sometimes someone else shows it and that means a buyers agent agreement for that house or a specific time period. Open houses are a possibility too. Illinois is an attorney state as opposed to a title company state so you will need a lawyer to review the contract anyway so it is a possibility to use one for the offer. You would have to be aware of any specific inspection etc in Chicago. You also want to know the rental laws if you are buying into rent control etc. which even having a RE agent won't guarantee.
- Real Estate Agent · Wichita, KS · Member since 2023 · 34 posts · 11 votes1y
Quote from @Colleen F.:
@Diana Reinfeld Yes you can do it and we have done it however recently this NAR settlement has made it an issue. Our experience is it is harder to see a property through the sellers agent, now this may be the function of what the particular market is like. Even if you request to see the property through the sellers agent sometimes someone else shows it and that means a buyers agent agreement for that house or a specific time period. Open houses are a possibility too. Illinois is an attorney state as opposed to a title company state so you will need a lawyer to review the contract anyway so it is a possibility to use one for the offer. You would have to be aware of any specific inspection etc in Chicago. You also want to know the rental laws if you are buying into rent control etc. which even having a RE agent won't guarantee.
When you say that Illinois is an attorney state opposed to a title company state, what do you mean by that?
- Investor · Regina, SK · Member since 2025 · 54 posts · 42 votes1y
Without an agent, everything is on you. The due diligence, knowledge of the market, negotiation, etc. If you feel you are that confidence to be able to handle all that without an agent go do it. Just make sure you have a solid lawyer to make sure the agreement/paperwork is solid.
I'm working on my 3rd off market deal where we haven't used an agents for it (Most of my family is in the trades so they can assess any reno's, etc and I have a background in the financial world to analyze things). Takes a lot of leg work to make sure you're mitigating the risk, but it can save some money.
- Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes1y
It can be done but the likelihood of messing up and making a six-figure mistake is high. Think about other complicated and important things you have done in life: did you nail it perfectly the first time all on your own without professional help? Probably not. How many times did it take you to get it right? Probably more than a few times. In just about every case I’ve been privy too where one side was unrepresented and the other side had a professional, the side with the professional ended up in a better position. I have heard people brag at parties about not using an agent and then found out that they overpaid by $500k in order to “save” a $30k commission. Not exaggerating, those are real exact numbers and I’ve seen several examples like that (usually doctors or high-earning professionals who think they are too smart to use an agent). Don’t be that person. If you’ve done dozens of transactions, know your market on a house by house level, know the contract on a line by line level, know the sales process and how to review title work and work with the title company, know construction and have vendor and lender contacts, know what to avoid and how to negotiate, what to do with the inspection report, or when the appraisal is off, or how to handle various things that can go sideways, etc. etc. etc. then sure, you may not need an agent. If you’ve only done a few transactions however, then you’ll be better off with a good agent (good being the operative word, make sure you find a good one). Don’t ever use the listing agent as a buyer. That is like trusting your ex and their lawyer to handle a divorce. I love when buyers do that on my listings, but trust me it doesn’t ever benefit the buyer to not have their own agent up against an agent like me. Not a chance, although they may leave the transaction thinking that they are the smartest person ever, they are not. Another thing I see unrepped people do is get emotional, draw and arbitrary line in the sand and blow the deal up over nothing. Agents tend to be better at getting deals to finish lines.
- Real Estate Agent · Chicago · Member since 2021 · 168 posts · 62 votes1y
Hey Diana, great question—and it's awesome that you're thinking ahead about both rental potential and personal use. I've worked with several buyers in similar situations here in Chicago. Even when paying cash and having a clear idea of what you want, a good agent can still add value by spotting issues in the condo docs, HOA financials, rental restrictions, and overall investment potential (especially with how common assessments and reserves can make or break cash flow here). That said, it's all about finding someone who actually brings that investor lens—not just unlocking doors.
If you're doing a lot yourself, you might also be able to negotiate commission terms depending on the agent and situation. I’m happy to chat if you want to compare notes or get a second opinion on anything. Best of luck either way! #letsgo - Jarret
- Rental Property Investor · Medford, OR · Member since 2017 · 94 posts · 115 votes1y
One last thought...If you go with the listing agent to make an offer on a place and they ask you to sign a buyer's agent agreement, be sure you specify that the agreement is just for that specific property and not for any and all properties (for a period of time), unless you're wanting to hire that agent to represent you for any property you may wish to purchase.
- 1yEudith VacioPro MemberReal Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
Hey @Diana Reinfeld 👋🏽
I'm sorry to hear about your negative experience with an agent. It's unfortunate when representation doesn't meet expectations. However, having a dedicated buyer's agent can be invaluable, especially in a complex market like Chicago. While it's possible to purchase a property without an agent, having professional representation can help you navigate negotiations, inspections, and closing procedures more smoothly.
Also, agent commissions are negotiable. You can discuss and agree upon the commission structure with your agent upfront. You can interview multiple agents to find someone you trust and feel comfortable with. A good agent will understand your needs, provide valuable insights, and guide you through the buying process efficiently.
If you don't want to work with a "buyers" agent then your best bet is to go to the "listing" agent directly but you have to sign off on dual agency because it can become a conflict of interest to work in 1 transaction with both buyer + seller.
The only time i've seen NO agents involved have been in off-market deals but attorneys don't send offers to other agents. It's usually an agent to agent transaction for public MLS deals.
- 1yMarcelo SztainbergPro MemberMember since 2022 · 9 posts · 3 votes
@Diana Reinfeld, I would ask what's your long term goal in REI. If this is your first rental in the US and your goal is to buy more down the road, you might want to get your team of people you can trust. A good real estate agent, in particular one that is investor friendly can bring a lot of value, even if right now it might not be the case. As many people pointed out, it comes with no cost to you (if the seller doesn't want to pay you can factor the commission in your offer value). Since it seems that you have everything sorted out for this deal it will be very low risk for you to try a new agent and start developing the relationship rather than wait to try on another deal where there might be more at stake for you.
I'm in Chicago and work with a great agent that I'll gladly recommend.Best of luck.
- Real Estate Consultant · Globally · Member since 2019 · 54 posts · 37 votes1y
Totally get where you’re coming from—when you’ve been through the process before and have a solid handle on what you want, it’s tempting to go it alone. But there are some key advantages to working with the right agent—especially one who understands investment property and knows how to bring more to the table than just opening doors.
A great investor-agent won’t just help with showings—they’ll run the numbers with you, flag potential red flags others might miss, and guide you through negotiating a better deal (especially on cash purchases where you’ve got leverage). And here's something a lot of buyers overlook: in most cases, the agent's commission is paid by the seller. A savvy agent can often negotiate their fee with the seller’s side, meaning you get full service without it costing you extra.
You also get someone who makes sure every piece of due diligence is handled right—zoning checks, condo docs, rental restrictions, and long-term resale or rental strategy. These things can make or break your ROI.
Bottom line: the wrong agent is a waste of time. But the right one can be a strategic asset—especially when you're making an investment move.
I have colleagues in Chicago I can recommend.
- 1yColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
@Mark Towey some states have an attorney handle the transaction. Some states you can close with just a title company (mostly the western states). For instance in NJ there was a 3 day attorney review period of the contract and the attorney handled the closing. In contrast in AZ the title company handled the closing. One annoying surprise with the title company closing is I didn''t get keys/access immediately where in all the eastern states with attorney closing I got keys and access to the house that day or the morning after. The title company took days. I don't know if that last point is standard but it is one of those nuances.
- Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes1y
A couple of things:
1. You are assuming that there will be a discount for representing yourself. That isn't always the case.
2. If the property is represented by an agent, they will likely need you to submit the offers on the applicable forms. You don't have those forms. The agent does.
3. I would interview a few agents and see their track record for negotiations. Ask them open ended questions to get honest answers out of them.
4. In most states it is a buyer beware situation. That means if you missed something, it's your fault. It doesn't hurt to have a second set of eyes on things.
I understand you had a bad experience, but not all agents are created equal.
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes1y
@Diana Reinfeld to speak directly to your question of "what are some pitfalls I should be aware of?" let's take a step back.
There is essentially 3 primary functions of a buyers agent:
- Transaction Facilitation: Sadly this all too often is the only thing people think an agent does, the paperwork of it all, contracts, the various disclosures, getting closing set, navigating the various things of it all. Which can be considerable itself, and holds value, but it's really nothing all that special itself.
- Market Knowledge & Insight: No, I am not talking about the plain vanilla pointless BS of it's by this school or near that road the novice agent's detail, I am talking REAL knowledge and insight, the stuff that in the world of stocks would be called "insider trading". Were talking the knowing of things not readily known, who's doing what where, what's coming down the tracks, redevelopment about to happen, approvals for this or that, the DEEP knowledge and insight that all too few put in the work to know and will have significant future impact.
- Negotiation Chop's: Let's think of this in terms of defense attorneys, what's the difference between the $300 per hr and the $3,000 per hr attorney? Yeah, one is a guppy in the courtroom and the other a shark, or at least that's the expectation and the outcomes follow. Same goes for agent's in negotiating proficiency, there is the guppies and the sharks. And the results show themself of who's who.
Now if you've only experienced and agent with 1 of these features, and incorrectly make the generalization that ALL agent's are only 1 of these features, yeah, I'd also say why bother, anyone would.
But reality is you get what you pay for. And you get how well you hire.
I pride myself that I am the FULL-PACKAGE broker, with a strong emphasis on the later 2 features because I have assembled a great team to facilitate the first. I am not alone in this regard.
The immediate pitfall potential is having to square-off against an agent like myself, a shark. It does not end well for the guppy.
The next is the loss of the "what-if". Because the data is clear, when retain a "shark" people simply get better results, better outcomes, better deals. There is off-market access one doesn't have otherwise, insight and knowledge access, just a whole list of potentials one does not then get.
But not everyone want's there BEST deal outcome, I get it. Some are happy with retail results and feel great about saving a few bucks for that retail outcome.
It's more about knowing what matters to you. Is getting your BEST deal/outcome potential most important, or are you happy with retail and rolling the dice that you yourself are correct in all assumptions and the odd's of stepping over dollars to pickup pennies won't be the outcome.
- Member since 2024 · 10 posts · 5 votes1y
I know I won’t necessarily get a discount. In that case, I wouldn’t buy it. But then again, I didn’t really get a discount when working with an agent either. I didn’t have the impression there was much negotiation at all—more like: submit an offer, get a response, move on.
I really don’t want to bash agents. I wouldn’t consider buying a house without one, let alone a complex investment. I definitely wouldn’t try to sell without one. However, I think the risk associated with purchasing an apartment is more limited. There’s the association agreement, meeting minutes, an overview of the financials, and a schedule of planned improvements.
- 1yColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
@Diana Reinfeld the thing is you have a lot of agents on here so you will get a lot of agent advice. I would say looking recently, after this NAR settlement, it is hard to get listing agents to show properties if you are unrepresented. Some buyer agents will let you sign shorter agreements or per property agreements. The listing agents I think believe you are a tire kicker instead of someone who has a specific criteria that their listed property meets. If you think it meets your needs to go unrepresented try it, see how it goes.
- 1yJohn MorganPro MemberRental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
@Diana Reinfeld
I only use listing agents when I buy. I’ve bought 31 properties using the listing agents vs my own. It’s so much easier to deal with and negotiate directly with them. Plus my offers look 3% cheaper since the seller is out only 3% in most cases. I find the listing agents give me good intel on the situation and buyer’s motivation. I leverage my offers according to that. I come in with low ball offers right away if I like the properties with a short time line for the sellers to accept or reject. I usually have other properties I’ll make offers on if they don’t give me an answer within a few hours of my offers. I put the sense of urgency in my offer and it’s worked out great for me in the last 10 years since I’ve been investing. All my deals turned out to be great, no regrets! So I wouldn’t rule out using the listing agent to get a better feel for the situation and make your offer look attractive since less commission is being paid.
- Member since 2024 · 10 posts · 5 votes1y
Thanks, that makes sense. I’ve noticed that Zillow automatically assigns a random agent when I inquire about listed properties. So far, I’ve only toured open houses. I’ll see how far I can get without an agent
- Member since 2024 · 10 posts · 5 votes1y
Do you call the listing agent directly? One of the comments mentioned that listing agents don’t like dealing with unrepresented buyers. How do you get them to talk to you?
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