Locked with a broker
Started by shah
over 15 years ago
Posts: 100
Member since: Mar 2010
Discussion about
I wonder how long one would be locked with a broker for a unit or building. Let's say you have hired a broker who you are not happy with and has made an offer that has not gone through. Can you change the broker for the same unit or building and if so, how soon you can change him? I appreciate your answers.
The simple answer is yes, you can change your broker. But before you do you need to have a good reason why. You said that you made an offer that didn't go through, and that sounds like the onus is on you, not your broker. If a seller doesn't want your offer, raise your offer, your broker should have also said this to you.
If your broker is pushy, flaky, rude and in general doesn't help you, then you should switch your broker. You do this by simply not using him anymore, or just being straight forward and letting him/her know that it isn't working out and that you are going to use someone else. If you have already seen some apartments with that broker and actually want to purchase one of them then you need to notify the selling broker, who represented the apartment, in writing that you want to switch from the first broker to a new broker. However, considering that the first broker brought you there, you should really think before doing this. They did the work to get you there, and they will get completely shafted. Again, there are reasons to do this, like if there was a substantial price drop and they didn't notify you but another broker did. But if they got you 80% of the way there, it is somewhat proper to go the next 20%.
I recently represented a client where he switched his broker to me because I not only sent him listings that matched his needs and budget, but because I practically forced him to go back to a building he already saw because it was perfect for him. He thought the prices were out of his range, and they were when he first saw it, but now they matched his budget and he will be in contract soon.
Best of luck!
(Matthew Russell - Brown Harris Stevens)
"The simple answer is yes, you can change your broker. But before you do you need to have a good reason why."
That's not my understanding. As a buyer, you are free to change brokers for a good reason, a bad reason or no reason at all. With regard to a property on which you have already bid, the ultimate decision about honoring your request will rest with the listing agent. That decision is likely to be based on self-interest, the interests of that broker's client (the seller) and perhaps firm policy or REBNY guidelines. It almost certainly WON'T be based on the quality of your reasons for switching. In the unlikely event that you are asked those reasons, feel free to say, "That's between me and my former broker."
If I were the listing agent on a property, and an offer had been made through Agent 1, I would at a minimum need a letter from the client stating IN WRITING that they no longer wished to be represented by Agent 1 and that they now wished to be represented by Agent 2.
ali r.
DG Neary Realty