Atlanta, GA · Member since 2014 · 25 posts · 5 votes
Hi,
Trying to get an idea whether you typically work with a real estate agent on a property you've located yourself and intend to make an offer and negotiate . Either for wholesale or flip. I analyze risk and negotiate settlements in my regular job and I'm very comfortable in this arena and professional in my formal offers, but have run across sellers' agents lately who keep pressing me re whether I'm working with an agent .
Would appreciate your input.
Residential Real Estate Broker · Crystal Lake, IL · Member since 2012 · 124 posts · 94 votes
9y
The real estate agents, like myself are asking about you working with a Realtor because of procuring cause. The agents don't want to run out and show you the house, only so that you can submit an offer through your agent. From the listing agent's perspective, if they are going to show you the house, they want to be sure they get paid the buy-side commission and not your agent.
If you are comfortable with values and contracts, then there is no true need for a buyer's agent. I read a blog from an experienced wholesaler who bought off the MLS. One of his tips was to submit the offers through the listing agent. His rationale was the the listing agent already had the seller's trust, and if the listing agent was facing getting all 6% of the sale, instead of their 3% that the list agent would be more motivated personally to convince the seller to take a low-ball offer.
It doesn't mean you can't get a crazy good deal off of MLS using your own agent, but your odds might increase going directly through the list agent. Of course that can go both ways, if you don't have your own agent, the list agent may be looking out for themselves or the seller, and you might be a distant 3rd on that list.
Atlanta, GA · Member since 2014 · 25 posts · 5 votes
9y
Great information, thanks. So there is a standard fee of 6% for a residential property that is split between the listing and buyer's agent, I'm assuming. Makes sense as I've heard I can negotiate the deal (per Ga. law) but can't negotiate fees. Thanks again!