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View Full Version : One Broker a bad idea?



Xemu
September 18th, 2006, 07:10 PM
Is it unwise to only have one broker working for both the seller and the buyer in a deal? My situation is this: I saw an apartment at an open house that Iím interested in making an offer on. Currently I donít have a broker, though Iím planning on speaking with one tomorrow. Some people have advised me that if I really want to make an offer on the place I saw I should just use the sellerís broker. The argument being that I bring in my own broker theyíd still be working for the seller, and since the sellerís broker now has to spit the commission they will be less motivate to deal. I feel like Iíd be more comfortable having a person who at least feels like theyíre on my side, even if they are technically working for the seller.

shocka
September 19th, 2006, 09:53 PM
Is it unwise to only have one broker working for both the seller and the buyer in a deal? My situation is this: I saw an apartment at an open house that I’m interested in making an offer on. Currently I don’t have a broker, though I’m planning on speaking with one tomorrow. Some people have advised me that if I really want to make an offer on the place I saw I should just use the seller’s broker. The argument being that I bring in my own broker they’d still be working for the seller, and since the seller’s broker now has to spit the commission they will be less motivate to deal. I feel like I’d be more comfortable having a person who at least feels like they’re on my side, even if they are technically working for the seller.


I dont think there is any right way to look at it, but here is how I see it. The broker is ALWAYS going to be working for the seller..I mean that is where the commision comes from of course.

But now the market is more of a buyers market, and brokers are trying to get sellers to budge a little just so the broker can make some $$. They are less concerned with making the most on the sale as they are making some $$ on the sale.

Somethings to help you out.... look to see if there have been open houses on that unit in the past, price drops.. etc. StreetEasy.com is an OK resource for this. Personally, based on that I would make an offer to the broker holding the open house.. in my recent hunt I have seen brokers are making sellers budge more then you think. The current problem is no longer broker greed as it is seller greed.

Finally.. low ball away :-) There is no shame in Low Balling!

oh yeah.. good luck.. hope you wernt looking at the same unit I saw this weekend :-)

Xemu
September 20th, 2006, 09:04 AM
Thanks Shocka. I've decided to make an offer today without my own broker. Let ya know how it goes...

Front_Porch
September 20th, 2006, 11:04 AM
Just remember, an offer doesn't count unless it's in writing. Email will do.

Good luck!

ali r.