Real Estate

Customer Status (buyer's agent)

  • Last Updated:
  • Mar 21st, 2019 9:03 pm
[OP]
Newbie
Feb 15, 2018
86 posts
88 upvotes

Customer Status (buyer's agent)

In my quest to get a good cash back deal from an upcoming purchase, I proposed a 50/50 split with a realtor I would like to engage as my buyer's agent. At first they were really reluctant about giving up half of their commission. Eventually, the realtor said they would do it only on a "customer status" and not "client status" arrangement.

Being a buyer who already knows what I want, I didn't see anything wrong with this set up. For those more in the know in these matters, is there anything I am missing?
5 replies
Deal Fanatic
Jul 3, 2011
5125 posts
2268 upvotes
Thornhill
The answer depends on exactly what tasks and responsibilities you want the Realtor to do on your behalf. What are they?
[OP]
Newbie
Feb 15, 2018
86 posts
88 upvotes
I just need them to submit an offer. I am not looking for any of the following:
1) Being driven around
2) Help negotiating
3) Being provided comps
Deal Fanatic
Jul 3, 2011
5125 posts
2268 upvotes
Thornhill
canuckstorm wrote:
Mar 21st, 2019 6:38 pm
I just need them to submit an offer. I am not looking for any of the following:
1) Being driven around
2) Help negotiating
3) Being provided comps
What about advice on anything related to the property and listing? estimated price? suggestions on what to include and exclude in the offer?
[OP]
Newbie
Feb 15, 2018
86 posts
88 upvotes
licenced wrote:
Mar 21st, 2019 6:45 pm
What about advice on anything related to the property and listing? estimated price? suggestions on what to include and exclude in the offer?
I have very specific neighbourhoods and houses I am shopping for. I have been watching this particular market like a hawk for the past 2 years. I have tracked every house within my budget - how long it was on the market and how much it eventually sold for. I have used the provincial land registry website to look up sales data on how much each of the house that get sold went for. Furthermore, the provincial registry also provides me with last sold date and price for any home I am looking at and with this info I can tell what the current owners bought it for and when they bought it. This allows me to even guesstimate how much equity they might have built into this property and how much it appreciated since they bought it.

For what to include in the offer, I was going with the standard stuff like "subject to financing and home inspection". I could literally grab the offer I prepared for my current home. If they want to suggest anything else, I would not be averse to considering it.
Deal Fanatic
Jul 3, 2011
5125 posts
2268 upvotes
Thornhill
canuckstorm wrote:
Mar 21st, 2019 6:59 pm
I have very specific neighbourhoods and houses I am shopping for. I have been watching this particular market like a hawk for the past 2 years. I have tracked every house within my budget - how long it was on the market and how much it eventually sold for. I have used the provincial land registry website to look up sales data on how much each of the house that get sold went for. Furthermore, the provincial registry also provides me with last sold date and price for any home I am looking at and with this info I can tell what the current owners bought it for and when they bought it. This allows me to even guesstimate how much equity they might have built into this property and how much it appreciated since they bought it.

For what to include in the offer, I was going with the standard stuff like "subject to financing and home inspection". I could literally grab the offer I prepared for my current home. If they want to suggest anything else, I would not be averse to considering it.
Well, as long as you understand that with customer service you tell them what to put in an offer and how to word it and they shouldn't be suggesting anything at all, that they are not your agent and have no duty to provide service that looks out for your best interest, then you're good to go with customer service.

A Realtor should be explaining the differences in service to you. Considering this one doesn't seem to have done so because you ask the question, suggests to me, he's offering exactly the type of set up you're after.

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