UT Reader Asks: Will Condo Projects Provide Discounts to Buyers Working Without Agents?

by Shilpi Paul

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In this installment of UrbanTurf Reader Asks, a buyer looking at new condo developments wonders if he might receive a discount if he proceeds without a buyer’s agent.

I am looking into purchasing my first home and have been looking at new condo developments. My understanding is that new developments with sales offices aren’t likely to budge much on asking prices, but would not having an agent help move the price down like with traditional sales?

Readers, what do you think? Post your thoughts and experiences in the comments below. If you would like to submit a question for UrbanTurf Reader Asks, send an email to .(JavaScript must be enabled to view this email address).

 

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This article originally published at http://dc.urbanturf.com/articles/blog/urbanturf_reader_asks_what_are_the_benefits_of_a_buyers_agent/5929

6 Comments

  1. Susan Isaacs, Realtor said at 3:29 pm on Monday August 20, 2012:

    Many developers factor commissions into preliminary project margins and don’t break it out per unit. Even if there were some negotiation room without commission, however, would all buyers be savvy enough to negotiate well for it? Besides price, there are other important considerations in a new condo transaction. If you’re aware of them all, go for it. If not, it may be prudent to take advantage of the services of an experienced new construction agent.
    http://www.susanisaacsre.com/buyers-a-sellers/buyers/new-construction.html

    Have fun out there!

  1. The Other Jason said at 4:58 pm on Monday August 20, 2012:

    Not that this was your point, but if you are looking to save a little bit of money, try using Redfin. You can actually use them as an agent and they offer “rebates” paid back to the buyer (toward closing costs). Click on a property and look in the upper-right corner and you’ll see the rebate for that unit.

    And no, I don’t work for Redfin, but I’m using them right now to buy a condo and a $2,000+ rebate toward closing costs was part of the reason.

  1. Susan Isaacs, Realtor said at 9:04 pm on Monday August 20, 2012:

    That can sometimes work out well, Jason, but be sure to look a the average sold vs list price averages for discount brokerages vs buyer agents from full service brokerages. It can be an eye-opener. Buyers can think they’re saving money by getting a couple thousand dollars back and find out later they much more than that in higher purchase prices. Hopefully that’s not the case for you and congratulations on your purchase!

  1. James said at 9:41 pm on Tuesday August 21, 2012:

    I don’t mean to offend any realtors,  I have a license, but act as a developer and represent myself.  The real estate license is a joke, an 8th grader can pass the test. You are much better off having your attorney,  who knows more about contracts than any realtor, represent your interests.  If you work out the math the $1000 max it will take for an attorney to protect your interests and a little leg work on your end will be much cheaper than using an agent .

  1. James-Really? said at 1:22 pm on Wednesday August 29, 2012:

    James - your 8th grader comment is a joke itself.  And just so ridiculous it couldn’t be taken seriously.  Saying a buyer would be ‘much better off’ having an attorney representing them is also a stretch.  Sure an attorney might not something about contracts, but that expertise ends after the initial reading of the paperwork.  There’s more involved in a purchase than that.

  1. Mike said at 4:40 pm on Thursday October 25, 2012:

    I agree with James 100%.  This whole mandatory 6% sales commission is a racket, and a pyramid scheme (since the actual agent sees little of that).

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