using multiple brokers
Started by gords
over 18 years ago
Posts: 10
Member since: Feb 2007
Discussion about
Is there a common rule or etiquette regarding using multiple brokers? I've been using one broker to look at new developments and others, but a many times, I actually find out about a development and ask him to look into it. If I see a new development bldg, is it OK for me to contact the bldg's designated sales agency and just cut out my broker from the whole thing? The broker has been nice and helpful so far, but I'm not sure if he should be getting $$ for things I'm finding myself without his help!
If you find something on your own then go for it. Unless you signed an agreement with your broker there is no reason why you have to include him/her in the process.
There was a good post here last week abt someone who saw a place on his own, then started using a broker to see other places and brought him into the process to purchase the first place. It created all kinds of havoc. But the blog has some good info abt how to use brokers if you're a buyer.
good luck!
In the case you mentioned as your example, consider that your broker is working on your behalf, and that the commission on a new development is paid by the developer.
Think about it like this, if it's going to cause a stir and make a shit storm you have to think about if you want to deal with that, it might not be worth the hassle. But if you do find something on your own and go forward with that without the broker, don't tell him because you might get a nasty earfull unless, of course, you don't mind it. But, also remember, you're not going to pay his commission, the developer is.
Yup, I agree with #3&4. Easy good karma to get your broker paid.
#4 is right - if you look at a place and DON'T tell the developer/seller off the bat that you're using a broker, decide to pursue the deal and THEN bring your broker in, the developer/seller will be annoyed and you may lose out on the place because they considered your bid under the pretense that they wouldn't have to split the commission.
Maybe not ethical from the seller's standpoint but that' the way it's played. Read a previous blog on streeteasy abt someone who got himself in a pickle because of this...