Rules

1. The agent works for the Vendor/Seller - ALWAYS
2. If in doubt refer to the 1st rule

I am often concerned by the amount of people on forums and chat boards who mention that they have a close connection with agents who bring them deals and great buy recommendations.

I have a few agents who may call with information, but never a great deal or any recommendations for anything. They do suggest something is cheap or under priced, but like training a puppy you need to train the agents to your rules.

Agents get paid by selling real estate. They take their commissions from a percentage of the sales price of the property. They do use a standard amount for the first $16,000 of the sales price then a percentage of the remaining sales price.

In a usual sales process the house is listed with a certain amount of space for the price to move a bit due to normal negotiations. If, as the buyer, you offer a lower price than the asking price you would expect that the vendor would counter sign your offer at another price higher than what you offered.

When selecting real estate you need to get a feel for the agent and how they like things to proceed. They may like you to accompany them in their car for the ‘inspection tour’ of properties you are interested in. Or they may like you to give a 10% deposit nothing less.

You need to let the agents know that you negotiate on the price or terms, you do not leave massive cash deposits unless you get something you want. Let the agent know that you are going to be reasonable in relation to their time and experience, but that you don’t want to be messed around.

If you find a good agent who respects your time and knows what your looking for, work with them, just spend more time concentrating on the houses rather than finding someone who can sell them to you.

Don Christie

Last 5 posts by Don Christie

• Coffs Harbour Vendor Financed House Stop Renting!
• Rick Otton's Massive Passive Property Pack Review
• No Bank Qualifying, Vendor Will Finance Buyer into 3 bedroom House
• How to Find Great Deals in the Area you Want
• Flipping Success: Making a Living from Fixing Up Houses!

[ Add Your Comment ]