Real estate agent selling their own home, buying their own home?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
Can this be done? What are the stipulations to the agent selling/buying their own home?
Has anyone had experience with this? Is it recommended? |
Anonymous
|
I don't know anything about buying, but in selling it's strongly discouraged/not done. You seepst agents being represented by other agents. Agents are held to a different standard legally and ethically as to what they must disclose about a property. Representing themselves opens to door to a lot of potential problems/liability. On the purchase side it would seem like less of an issue but I don't know as much about that.
I've viewed many listings (residential and commercial) where I've seen one agent representing another agent who owns the house. I don't often tag along with agent when they go house shopping so I'm less familiar with that side of things. |
Anonymous
| Of course they can, but it must be disclosed up front. Some states require it be disclosed on the "for sale" sign out front, usually with something like "Owner Agent Sale". |
Anonymous
|
I am a real estate broker. When I bought my current home, sold my old home and for every investment property I bought and sold, I always asked another agent in my office to represent me. I use newer agents (for investment properties) or agents with some issue that a little extra money would help. In Virginia a person with a real estate agent does have to disclose the license in buying or selling property or if a relative is the agent assisting the other agent.
"Freakonomics" has an vignette on real estate agents selling their own homes if you want some insight. |
Anonymous
|
I'm an agent. Of course - why not?
We have to disclose in the contract and in MRIS and on any marketing materials that we are agents. Anytime I have ever sold my own properties, I'd let other agents know and tried to sell them without putting them on the open market. It worked in all cases except one because of the market conditions at the time. In that instance I had another agent in my office handle the sale. I always offer 3% commission to the buyer's agent. I have always represented myself when purchasing property. |
VArealtor
Member Offline
Member Offline
|
It is perfectly legal in many states but a realtor must disclose his/her status as a licensee. The reason for this is that the state holds real estate salespeople to a more stringent standard than the general public (for obvious reasons).
Why do you ask, OP? |
Anonymous
| OP here. I have been interested in becoming an agent for many years. We are thinking of selling our house and buying another. I have heard that it is very difficult to get clients in the beginning. I don't want to go through the courses and get certified and have it be for nothing if for some reason I can't make it as a realtor. If I could sell/buy my own homes then I will not have totally lost out on the training and certification. |
Anonymous
|
OP
Many people do this but you will have to pay fees to join the various associations, your company will take a large split of the commission even if they give you a partial rebate for buying or selling a home. Remember too that you will not have a very experienced agent representing you |
Anonymous
| To the agent who always ask another agent to sell his/her own house, do you give them a 3 percent commission ? |
Anonymous
| For listing home the listing commission is 3% and the buyer agent commission is 3%. For purchasing a property, the commission offered to the buyer agent |
VArealtor
Member Offline
Member Offline
|
I just saw your follow-up post, OP. I understand your hesitation because becoming a realtor isn't as quick and easy as many people believe. There's the course as you sited, the exams (that are unpredictable at best), the many fees, and then of course securing clients. It's not for the faint of heart but it can be such a fun and rewarding profession. I love what I do and my only regret is not getting into the industry sooner.
In terms of buying/selling your own properties. It's absolutely fine but reconfirm with your State's laws. I would try to gain some hands-on experience before listing your own home. At the very least try shadowing another agent during a transaction. Good luck! |
Anonymous
Different agent here. Yes, you always still offer the % to a buyer's agent. So, you save on half (assuming your broker is nice and doesn't make you pay yourself as well so they can get a cut)... |
Anonymous
I see, your colleague who will sell your house will do it for free. But agents are always saying that selling a house is so much work, so how can they do it for free and still do a decent job? If I was an agent I'd rather sell my own house, unless I think another agent is way better than I am. And as mentioned earlier there are a lot of literature about how RE agents are doing way better selling their own house than others'. |