Is it ok to have more than 1 buyer broker

yes -- the seller pays. 2 -- you should let the broker know, out of courtesy -- if you are working with another brokers on a case by case basis. If they get snippy with you -- thank them for their help thus far and cut them loose. Tell them you are happy to entertain their ideas -- but you are not their client exclusively.

Yes, definitely. In fact, you should never rely on one person to find you a perfect home.

I know some brokers make you sign an "exclusive agreement," which basically says that they will get commissioned no matter how you end up finding/buying your future home (e.g. through another broker, on your own, etc.). I find this tacky, and I'd urge you to run the other way if someone tries to do this to you. Most likely, the broker will be less motivated (because they will get paid anyway), and you will be placed toward the bottom of their priority lists.

yes the seller pays, but with your money. go without a broker and use that leverage to negotiate an additional 2%, because it is likely that the seller's broker gets 4% if you have no broker (instead of 6%).

There is absolutely NO reason why you should alert any broker to the fact that you're working with other agents. It is none simplly of their business.

Generally what happens is you'll see a place you like online, contact the broker for a viewing, and then that broker will attach him-/herself to you like a leach. You'll get inundated with emails and calls from the leach about listings he/she thinks are 'perfect' for you. This does NOT mean that you owe any allegiance to that broker, unless, of course, you decide to buy one of the listings he/she shows you.

Sometimes more than one of the handful of brokers who have my contact info (and know what I'm looking for) will send me the same listing. If that happens, I always defer to the 'first' broker who alerted me to the listing, and simply (and truthfully) tell the others that I've already seen it through another broker. That usually makes them back off. If they're irked, well, not my problem that they were too late.

All this said, some people do choose to work with only one buy-side broker. Forging a relationship can be a plus, as it's likely the broker will keep an eye out for listings that are specifically to your specifications, and alert you as soon as they hit the market (remember, these days all brokers basically have the same access to listings). If you're interested in something very speficic, say, a river-view prewar co-op on the UWS, it can make sense to work with someone who knows the area well, because they keep their ears to the ground in prime buildings and may be able to give you an early heads-up before something hits the market.

^^^Drrr... "specifically to your specifications"... good one, Squid. Keem 'em coming. Apologies for the brain fart, all!

gcondo: "yes the seller pays"

Me: Not necessarily. I recently saw a case where the buyer had signed an exclusive agreement with Agent A, who basically did nothing. Then, the buyer ended up purchasing a property w/o Agent A's help with Agent B several months later--totally forgetting about Agent A's existence altogether. Agent A found out and sued the buyer, and the BUYER (not Agent B or the seller) had to cough up the 3% articulated in the agreement. But, as a rule, the fee comes from the seller side--unless you have an agreement overriding that. The lesson: DO NOT sign any kind of exclusivity agreement as a buyer.

Yes--NEVER sign any document with a broker. EVER.

thnx so much for the advice!

Personally, I just don't have the time and patience to deal with multiple buy-side brokers. I like who have been working with because she has gotten a very clear sense of what I want and filters the listings well. But if you are looking in very different parts of town, then it might make sense to find specialists in each neighborhood.

Ask a friend or business associate to recommend someone they have worked with. If someone you know is really willing to recommend someone then you can be a little more confident that the agent/broker is credible and experienced. Go ahead and talk with a few and see who you click with. The best agents are good LISTENERS. They will ask you QUESTIONS. Not just "how much do you want to spend?" Give them your criteria and see what they bring you. If you go out with an agent and he/she shows you 5 properties and you like 3 of them...that's sounds like someone you might want to be working with. Also: don't sign any buyer exclusive agreements. That's bull! Your broker should be willing to provide a DOS Disclosure form. That states clearly that the broker is to be working in YOUR best interests. No strings. Just integrity. If you feel the agent is working for you then, do the right thing: Show a little loyalty. Yes, the broker only gets paid when a deal closes and there can be lots of hours he or she is working for you, (making calls, searching for and previewing property) besides the time in setting up a showing schedule, that you don't see. A good broker likes people and wants to find you what your looking for. You being successful makes him successful. Also: Brokers are paid by the seller's side. Another reason for the disclosure form. H.Davis Broker/Realtor

>>Brokers are paid by the seller's side<<

But it ultimately comes out of the buyer's pocket in the form of a higher sales price.

>>Yes, the broker only gets paid when a deal closes and there can be lots of hours he or she is working for you, (making calls, searching for and previewing property) besides the time in setting up a showing schedule, that you don't see.<<

Yeah, and he's getting a hefty commission for all that 'time'. If an agent sells a $2M apartment, he's making at LEAST $60k and possibly as much as $120K if he's the only broker. Oh, sure, sure, the firm gets a cut. Cry me a river. It's still a huge chunk of change for comparatively little work.

For $60K that broker oughta be doing my laundry, my grocery shopping and cleaning my apartment for the next two years as well.

Squid, I just sold a $2MM apartment and it took me nearly an effing year and I made maybe $40K while my seller came out with at least $100K more than any other broker would have gotten him --

I understand if YOU don't want to spend money on brokers, but to some people it's well worth it. It's that their time is worth more than my time (what did I make on my $2 million deal, maybe $100 an hour? That's not much more than I make writing, and peanuts to my Hollywood/attorney/executive/finance clients).

And again, fine for you to counsel someone not to SIGN with a broker, but not to tell one broker that you're working with another is just TASTELESS.

ali r.
{downtown broker}

Ali--clearly I've caused offense with my somewhat heavy-handed post. My heartfelt apologies for that. I know you're one of the 'good guys' who does right by her clients. That is laudable. It is unfortunate more brokers don't live up to the standards set by professionals such as yourself; the sad fact is many do not.

As for the issue of a prospective buyer informing one broker that he's also "working" with others, I stand by my original post. It is simply not something that needs to be discussed at the outset. It makes sense for a buyer to have lines of communication open with more than one broker; this broadens the pool of information available to the buyer. A broker works with several clients at once; no reason a client cannot work with several brokers if he so chooses. This is something a broker should expect, whether or not a client reveals it.

All this said, I believe I was very clear in my post about the importance of etiquette as concerns brokers providing listing info and showing apartments to clients. If broker A shows me an apartment, and then broker B alerts me to the same listing at a later time, I will inform broker B that I've already seen the apartment with broker A.

Ali, that's as close to angry as I've seen you get.

BTW, read your book the other day. An enjoyable read. Great job!

NWT, may I ask what book is it that Ali wrote? Could you kindly give me the title of that book. I am new on here and I have ready some posts from others whom spoke highly of Ali. I'd like to learn a bit more before to start my hunting for a perfect home :)

Thank you for your help!
nancee