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broker etiquette question

Started by tpushbklyn
almost 13 years ago
Posts: 137
Member since: Mar 2009
Discussion about
Is there any particular etiquette if you've been dealing with a broker for a period of time but ultimately decide to buy a non-broker listing? Should you inform them to give a chance to deal with the seller? Apologize and send flowers? Just wondering.
Response by greensdale
almost 13 years ago
Posts: 3804
Member since: Sep 2012

Is the broker Jermaine “Jay” Morrison?

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Response by alanhart
almost 13 years ago
Posts: 12397
Member since: Feb 2007

Stockholm Syndrome

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Response by urbandigs
almost 13 years ago
Posts: 3629
Member since: Jan 2006

First I would ask the non broker seller if "brokers are welcome". 50/50 that they would reward a buy side broker with a client if they bring a deal to the table.

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Response by tpushbklyn
almost 13 years ago
Posts: 137
Member since: Mar 2009

I don't think a non broker seller would reward a buy side client unless they had no other offers and the client would otherwise be unaware of the property. Seems to me all things being equal, a seller would probably want to see an offer reflecting an increased 3%-6% than the next closest bid if they are going to pay a broker too.

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Response by greensdale
almost 13 years ago
Posts: 3804
Member since: Sep 2012

I think that is what UD is trying to say - he assumes you feel bad for not paying 3-6% more and that's why you are asking. Or that you can push the bad feeling onto the seller of the apartment that you identified and get the seller to pay the 3%. In lieu of the flowers and apology of course.

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Response by yikes
almost 13 years ago
Posts: 1016
Member since: Mar 2012

youre kidding, right?

you want to put a 3-6% charge on a trade where you found the FSBO listing yourself?

Hire a lawyer and execute contract, then give 3% to a worthy charity, if youre trying to give money away.

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Response by tpushbklyn
almost 13 years ago
Posts: 137
Member since: Mar 2009

Actually, when I asked this question I was only referring to the etiquette involved with informing a broker you've been working with for a while about finding and offering on an FSBO listing, not tacking on another unnecessary 3%.

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Response by Sonya_D
almost 13 years ago
Posts: 547
Member since: Jan 2013

tpushbklyn,

Yes, sadly on this board, some people have the tenancy to make up their own (related) questions in their heads and then answer THEM. But anyway, I'd say:
It depends on your relationship with said broker. Have you been working with him/her for a long time? For example, if you guys have been together for a year, and the broker has been working hard to show you things, consistently follows up, maintains good contact with you and others, etc., and has overall maintained an amicable relationship with you, then I'd say a very sincere talk, apology, explanation, whatever, is needed. That broker was doing their job, and he/she was a GOOD broker, and deserves the respect of a decent farewell. Nonetheless, this is about YOUR purchase -- if you find something elsewhere, it's your prerogative to go for what's best for YOU.
Likewise, if you've been with said broker for a couple of weeks, and they've been wishy-washy, not very diligent, then a simple "I've decided on a change in my plans" might be sufficient. And if you've had a broker that's been downright negligent (and many brokers are despite what they'd like to think of themselves), then, well, you be the same. In such a case, "see ya later, bub" would be too much, IMO.

So really, I think you need to evaluate this SPECIFIC relationship yourself, and see what will work best. Don't burn bridges, but also know in your mind that you need to do what's best for YOU.

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Response by tpushbklyn
almost 13 years ago
Posts: 137
Member since: Mar 2009

Thanks for the thoughtful reply Sonya. Yeah, it seems like the nature of the job on one hand, but on the other some kind of acknowledgement would also seem appropriate.

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