# Anyone know a good buyer's agent...



## MaryE (Aug 29, 2007)

(cross-posted in Countryside Families)

Does anyone know of a good buyer's agent in the Roanoke/Blacksburg area of VA? (Specifically Floyd County) We're considering buying land down that way.

Thanks!
Mary


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## Evons hubby (Oct 3, 2005)

Buyers agents, sellers agents, who works for who and who pays who? Where does an agents loyalty really lay? I was a real estate agent for a number of years up until I became disabled to the point that I could no longer trust myself to handle other peoples money. There is really no difference between a buyers agent and a sellers agent. I worked both sides of that street and the loyalty is ALWAYS to protecting myself first, my broker second, and then comes the interests of the buyers and sellers. An agent (buyers or sellers) get paid when a transaction closes. In the extremely unlikely event that a buyer actually contracts with an agent, and agrees to pay that agent a set fee for finding their property for them, a buyers agent may even tend to lean toward protecting his buyer. Bear in mind though, that again, said agent only gets paid if the transaction closes, so his/her primary concern is to negotiate a deal that will result in a closing. Also remember that a buyers agent is normally paid a percentage of sales price. This counts! So when you decide to hire an agent to find your property be sure to include in the contract that you are willing to pay him/her "X" percent of a set price, with a bonus of "X" percent of any amount they can reduce your price. For example, you are looking to purchase a property in the 100K price range and your agent finds you the property of your dreams that is listed for 105K.... if he/she puts the deal together for you, and you end up paying 100k, which is where you wanted to be, your agent can expect to be paid "X" as agreed, but if he/she can get the property for 85k then the agent would receive "X" plus the agreed percentage of what they saved for you. This gives the agent an incentive to work "for you" rather than to let the chips fall where they may. Your agent may also be receiving compensation from the seller due to co-broker agreements (nearly always the case) but that has nothing to do with what YOU owe them. Another point to remember is that if you hire an agent, and you find a property all on your own,,,,,, you will be expected to pay said agent just as though it was their deal. Be sure you specify that you will work with them in that event as though it was a co-broker deal, this will cut your cost by about half in those cases.


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## MaryE (Aug 29, 2007)

Wow - great information! At this point, we've seen a few properties online we'd like to take a look at. What would you recommend, just contacting the realtor associated with the property, or something else? I don't believe we're at a stage to hire anyone - would just like to look around.


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## ChristieAcres (Apr 11, 2009)

Managing Broker (equivalent to an Associate Broker in some other States) here, currently licensed in WA State. My number one priority is my Client, the Seller or the Buyer I am representing. Legally, I have to protect my Designated Broker and myself from liability issues, however, my fiduciary responsibility is to the Client. Getting paid ONLY happens when I have successfully represented my Client, which has resulted in a Closing. If I am representing the Seller, I try to get the most I can for my Client. If I am representing a Buyer, I try to get the property for the lowest price for that Client. The bottom line is their satisfaction and success in finding their home or selling their home, not my paycheck. That is what I get when I do my job well.

The standard Listing Agreement charges a % that is split between the Listing Broker and the Buyer's Broker. I NEVER charge a Client to find them a home & handle their transaction, but I do get paid by the Listing Broker when the transaction closes. If I find a FSBO, I will negotiate with the Seller to pay me a fee for bringing them a Buyer. Again, the Buyer doesn't pay. That is how I work and how it is typically done here. It is rare for a Listing Agreement to also provide for the Seller to advertise and secure a Buyer. If that happens, the Listing Agent/Broker doesn't get paid. Now, there is also a Listing Agreement that allows only the Listing Broker's Company to sell the property. That is extremely rare as it isn't serving the Client's best interests.

I recommend a Buyer ALWAYS find a good Agent of his own. When you make an Offer through a Listing Agent/Broker, that individual is representing the Seller first. In Dual Agency, it can become a bit tricky, but I have done that, as well. You will get the best representation from your own Agent/Broker (my opinion from my years in Real Estate and my own opinion, of course).


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## romysbaskets (Aug 29, 2009)

After reading some above posts, I have to respond...just have to. In plain and simple terms you do not pay extra for better service to get it! You go into a situation represented by a person like LoriChristie above who puts you first in the transaction not themselves, their broker and especially not for extra cash! Customer service in this country used to be held to a higher standard, folks prided themselves for providing their best service as a matter of course. They expected that of themselves and everyone still should. To make their client happy and do their best for them is the job..."no bribes necessary!"


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## tiogacounty (Oct 27, 2005)

A lot of good info. above. As a builder who has bought and sold millions of dollars in property, I would offer the following. IMHO, I would never assume that a realtor has your best interest in mind. Many top producers got that way by doing whatever it takes to get to the top and stay there. The biggest most successful shop in my area is run by an owner/ broker, and has a small handful of agents who do 90% of the volume in the area. I have to deal with these folks on a regular basis, and experience has taught me to never trust them. They are truly devious and dishonest, wealthy, successful and quite proud of themselves, but thieves. I'm not saying there are not honest agents out there, I am saying however, that I would never do a long distance deal based on dealing with one agent, or assume that somebody is acting in my interest alone. 

Spend time in the area, talk to every local agency, and anybody else who is willing to share info. with you. Do not sign any representation agreement with anybody as a buyer. This is a common tactic in our area. You show up as a cold call to a realtor's office, they agree to show you around and then casually pass you a form to sign. It is a contract that binds you to the agent and inserts them in any deal, even if you decided that you don't want to do business with them. Do not stumble into an office and ask to see properties. Call the broker first, describe yourself and your needs and ask them to recommend an agent. If you are not in the business, it can be hard to believe how incompetent and useless some of those claiming to be realtors can be. There is a concept of "floor time" and "ups" in the business. It basically means that the broker puts you on a schedule and you have the right to whoever walks in the door at a certain time. As a buyer, you don't want to develop a relationship with an agent based on the randomness of who was "on duty" when you opened the door. 

I recently had to liquidate an estate property in a community about an hour from my home. I called six shops listed online as specializing in this little town. In each case I asked to speak to, or get a return call from, the broker. One had current listing, but was no longer in business. Two failed to return calls at all. One broker completely failed to listened to the fact that I was searching for his recommendation for a competent agent, and told me that he couldn't help since he "doesn't appraise houses". After I repeated what I wanted, he told me he was leaving the shop immediately to walk the outside of the home, and would get back to me shortly. He was quite interested as he knew the property and had always admired it. He never called back. Another set me up with an agent who took three days to return a call, and then offered to meet in a week. (This was the top producer in the shop!) Finally, I ended up with a great agent who got two listings and turned them into two sales by working her butt off. 

I know this all sounds harsh, but it's based on a lot of expensive experience. I currently have an awesome agent who is absolutely cutting edge when it comes to marketing my properties. however, like a lot of folks in the industry, I have a real negative opinion of realtors in general, based on a long history of their performance. Good luck.


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## mamaof3peas (Oct 8, 2009)

this is my opinion so far, in our search of over a year...if you are in an area to look, just be your own agent... call whoever is listing the house and let them show you, then you look and look and look again, check into the local tax assessor office to see what the taxes have done in the past, and also, dont let them talk you into it bc "you arent into the business, so there is no way you could find a home alone" business. if you search on trulia or realtor.com, there is no way you will miss a house, and it tells you taxes, has pics, and also has how long its been listed, all good things to know. jmo


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## ChristieAcres (Apr 11, 2009)

tiogacounty said:


> A lot of good info. above. As a builder who has bought and sold millions of dollars in property, I would offer the following. IMHO, I would never assume that a realtor has your best interest in mind. Many top producers got that way by doing whatever it takes to get to the top and stay there. The biggest most successful shop in my area is run by an owner/ broker, and has a small handful of agents who do 90% of the volume in the area. I have to deal with these folks on a regular basis, and experience has taught me to never trust them. They are truly devious and dishonest, wealthy, successful and quite proud of themselves, but thieves. I'm not saying there are not honest agents out there, I am saying however, that I would never do a long distance deal based on dealing with one agent, or assume that somebody is acting in my interest alone.
> 
> *This is 100% true, sadly, and I am speaking from being the business! The best way to find a good Agent/Broker is usually by a referral from someone you trust. Most of my business is done by referral. Normally, I am very busy due to my ethics, honesty, and experience. This market has been very difficult.*
> 
> ...


*What you are conveying is neither harsh or critical, in my opinion. From working in the business, I disappointingly share your views. I wish I could say it wasn't true.*

This is one of the best posts! 

MaryE- You are getting excellent feedback from real life experiences via a Real Estate Investor. I just happen to be brutally honest, or so I am told, LOL! That is okay as long as I don't "name names..."

I never recommend someone be their "own Agent," due to some very important reasons. Any Buyer who makes an offer through a Listing Agent/Broker, is now entering into a Dual Agency. This means, the Listing Agent/Broker is now representing both the Seller and the Buyer. Which Client benefits more? If you make an Offer to a FSBO, you are now actually representing yourself. There is still more than just "fact checking" that insures your legal rights are protected.

If any don't wish to utilize the services of a good Agent/Broker, then use a GOOD Attorney, because you will need one. If you don't, it is far more likely you will be taken advantage of by the Seller. 

tiogacounty- As a serious Builder/Real Estate Investor, could you please explain why you utilize Licensed Real Estate Agents instead of representing yourself as a Seller/Buyer? I think others would benefit from your reasoning!


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## tiogacounty (Oct 27, 2005)

"tiogacounty- As a serious Builder/Real Estate Investor, could you please explain why you utilize Licensed Real Estate Agents instead of representing yourself as a Seller/Buyer? I think others would benefit from your reasoning!"


Well, that answer requires explaining two very different tasks.

First as an investor, I buy developed lots to build on. these lots come from a network of small speculators that buy distressed properties from various sources and resell them. They typically buy from owners who have failed to keep up with taxes and association dues, and are about to lose the property, or from sheriff's sales at the courthouse. They then clean up all the issues that prevent the title from being insured, resurvey the lot lines and complete all the on-site septic testing, design an approval work. At that point I generally pay them 1/2 to 2/3rds of the "market rate" that realtors list similar properties for. I only buy in a very specific communities, as the quality and resale value can vary dramatically. I also generally keep a limited inventory. We had a massive post 911 boom here as folks fled NYC for a safer rural environment. Lot prices quickly quadrupled and more. Many of my competitors decided to become land speculators and ended up holding dozens to, in one case, hundreds of properties. In some situations currently, these "investments" are nearly worthless, depending on the specific location and if you were willing to continue dumping annual dues and taxes at them, hoping for a recovery. So, I'm very careful to not carry excess inventory.

As for my builder/realtor relationship? Regrettably, I really cannot market the properties myself. I build in closed communities. There are no open houses allowed. For sale signs are very restricted and access to the community for the general public can be difficult, to impossible. 95% of my buyers are second home buyers. They know the area, they (or a relative, close friend, etc...) have a past relationship with a local realtor, often as a weekly or seasonal renter. They make an appointment, show up on a Saturday and jump in the agents car. I succeed because I offer new construction with all the bells and whistles, but at resale prices. So you can buy my product with new stainless steel appliances, solid wood cabinets, tile and hardwood floors, oversized trim, etc.... for the same sq. ft. price as a thirty year old "cabin" with a long list of repairs and upgrades required. Currently, I make a living, NOT a profit. But, it keeps me out of trouble, and pays to keep two kids in college, so it could be worse.


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## mekasmom (Jan 19, 2010)

MaryE said:


> (cross-posted in Countryside Families)
> 
> Does anyone know of a good buyer's agent in the Roanoke/Blacksburg area of VA? (Specifically Floyd County) We're considering buying land down that way.
> 
> ...


Any real estate agent should do it.


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## ChristieAcres (Apr 11, 2009)

mekasmom said:


> Any real estate agent should do it.


That is what my sister thought. She just made an Offer through a Listing Agent, who became a Dual Agent. This Agent scheduled the Inspection with an unlicensed inspector, forged my older sister's signature on the Inspection Response, and lied to her about walking away from that house. My sister bought a home with an illegal Septic System, without her knowledge, house had a leaky roof, plumbing issues, siding was toast. After spending over $30,000 on the house, she sued the Agent/RE CO and lost in court. She walked away from that house, poorer, and wiser. She just "trusted" the Listing Agent. Here in WA, it is "Buyer beware."

When you are making the most important financial decision in your life, it is wise to make sure you are using a very sharp, professional, and honest Agent. Also, seeking your own Agent, and shouldn't have to sign a Buyer's Agent Contract. I have only had one couple sign one, as I had a lot of time invested with them.


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## tiogacounty (Oct 27, 2005)

mekasmom said:


> Any real estate agent should do it.


 I have seen a neighbor's child end up with a house that should of been torn down, instead of sold to anyone. The agent was her aunt. I have seen a husband and wife team of realtors nearly close a deal on a house that they knew had a failed septic. They were engaging in criminal behavior with the seller by encouraging the seller to not disclose the defect, and hoping that they would get away with it. An honest agent overhead them giggling about screwing the buyer and alerted the buyer's agent, who paid for septic testing. I have been STUNNED by the general lack of construction logic or basic common sense displayed by many agents. I have had agents walk through one of my houses under construction and ask if " I was going to put a rail on the stairway?" My response......"No, I'm going to let the buyer's kids fall of a few times. After a few broken bones they will learn to be more careful". I have seen a seller lose tens of thousands in antiques at a seasonal residence, immediately after handing the keys to his agent. No help from the police or the insurance co. for his loss, they couldn't find evidence of any crime. I have repeatedly seen agents who only show their own listings. This is real common, BTW. Twice as much money to be made by selling your own listing, who cares if it suits the buyer, or if it's the best available option for them. I just had on of my buyers tell me that an agent was only able to show them five places for sale in a community they were interested in. He claimed that that was about all the inventory available. At the time there were 117 homes on the MLS in that community. I could go on for the next hour or two, but hopefully you get my point. If you go into a deal with the misconception that "any agent can handle my needs" you may get hurt real badly.


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## buffalocreek (Oct 19, 2007)

Adding to tioga's loathing of RE agents, I am particularly irked when a real estate clerk who barely knows how to turn a computer on, hires someone to create a website to list his\her listings, then never answers their email inquiries. Has happened to me dozens of times. Ugh.


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## tiogacounty (Oct 27, 2005)

buffalocreek said:


> Adding to tioga's loathing of RE agents, I am particularly irked when a real estate clerk who barely knows how to turn a computer on, hires someone to create a website to list his\her listings, then never answers their email inquiries. Has happened to me dozens of times. Ugh.


 20% of agents are the money makers who keep the doors open at the agencies where they hang their shingle, the other 80% are more useless than nipples on a mule. That's why I NEVER waste time on cold calls to an office, or e-mails inquiries. I basically call, ask for the broker, and in a round about way ask, "who is taking up space in your office that is not an idiot, and you think can handle my needs without screwing up too badly". I wish I had a better plan, but it's all I got for now, and it sorta' works. Weeds out the ones that should of been put to sleep long ago.


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## ChristieAcres (Apr 11, 2009)

tiogacounty said:


> 20% of agents are the money makers who keep the doors open at the agencies where they hang their shingle, the other 80% are more useless than nipples on a mule. That's why I NEVER waste time on cold calls to an office, or e-mails inquiries. I basically call, ask for the broker, and in a round about way ask, "who is taking up space in your office that is not an idiot, and you think can handle my needs without screwing up too badly". I wish I had a better plan, but it's all I got for now, and it sorta' works. Weeds out the ones that should of been put to sleep long ago.


That and also contacting friends and family you trust, asking them to be referred to a good Agent they used. I get most of my business via referrals like that! In addition, I have been the Agent the Designated Broker refers business to or puts in charge of his Clients. When the Pastor of our Church needed an Agent, I got the call. When others within the Church needed an Agent, I got the calls. Funny thing is? I wasn't the only Agent... So, what I am trying to say here, is that good Agents are usually well known to be.


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## Evons hubby (Oct 3, 2005)

MaryE said:


> Wow - great information! At this point, we've seen a few properties online we'd like to take a look at. What would you recommend, just contacting the realtor associated with the property, or something else? I don't believe we're at a stage to hire anyone - would just like to look around.


If I were in your position I would look around for properties, either listed or fsbo's and when I found something that I liked, I would then approach the owners of the fsbo, or the listing agent on a listed property. I would also be cautious of any transaction.... due diligence is ultimately your responsibility and a good real estate attorney is a must before signing into any contract.


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## Farmer Porky (Jul 26, 2008)

I live close to Floyd (ferrum,Va) Land prices are a bit higher there. The county I live in is Franklin and the land prices for land that borders Floyd is quite a bit lower. It depends on what you want--raw land,developed land,how close you want to be to any given town? In floyd Dees country places or United Country has lots of listings, in franklin county Mountian to lake realty has a large amount of listings.


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