fire buyer's real estate agent

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Topic Author
indexfunds
Posts: 31
Joined: Fri Dec 28, 2018 11:13 pm

fire buyer's real estate agent

Post by indexfunds » Mon Feb 11, 2019 6:10 pm

Hi,

My current real estate agent is being very pushy about putting offers on homes, some are out of our price range. The agent also asked me to consider taking out a higher interest loan to afford homes outside of our price range. What is a good way to gently end this professional relationship? We did not sign a buyer's contract.

This agent took us to look at houses for 2 weekends and I feel bad wasting their time. The homes we looked at are either too expensive for our current budget or lack quality school systems, which is a deal breaker for me. So I think we will hold off on buying and continue to rent. But when we do decide to buy later, I prefer to use a different agent who is not as aggressive. That's why I want to end the relationship without them continue to contact us or getting angry.

Thanks

Olemiss540
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Re: fire buyer's real estate agent

Post by Olemiss540 » Mon Feb 11, 2019 6:16 pm

Easy. Send a hand written note thanking them for their time but letting them know you have reconsidered the option of purchasing for the time being. Possibly send some with a little gift as a sign of appreciation?
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.

freebeer
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Location: Seattle area USA

Re: fire buyer's real estate agent

Post by freebeer » Mon Feb 11, 2019 6:18 pm

indexfunds wrote:
Mon Feb 11, 2019 6:10 pm
Hi,

My current real estate agent is being very pushy about putting offers on homes, some are out of our price range. The agent also asked me to consider taking out a higher interest loan to afford homes outside of our price range. What is a good way to gently end this professional relationship? We did not sign a buyer's contract.

This agent took us to look at houses for 2 weekends and I feel bad wasting their time. The homes we looked at are either too expensive for our current budget or lack quality school systems, which is a deal breaker for me. So I think we will hold off on buying and continue to rent. But when we do decide to buy later, I prefer to use a different agent who is not as aggressive. That's why I want to end the relationship without them continue to contact us or getting angry.

Thanks
This happens all the time. RE agents are used to it, and some buyers cycle through many different RE agents showing them homes. Just tell them you are putting your search on pause and that you don't think you'll ask their help if and when you get back to it, if you want to make up a euphemistic excuse such as you have a friend of a friend who's an agent or whatever, that's fine but shouldn't be necessary. If your dropping them generates anger on the RE agent's part, well then that just double validated your decision. Assuming the RE agent isn't your brother-in-law...

Thecallofduty
Posts: 75
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Re: fire buyer's real estate agent

Post by Thecallofduty » Mon Feb 11, 2019 6:20 pm

Simply call them, thank them for their time and effort and let them know you will be parting ways.

If they ask why then feel free to explain your reasoning.
-thecallofduty

Big Dog
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Re: fire buyer's real estate agent

Post by Big Dog » Mon Feb 11, 2019 6:21 pm

just send and e-mail thanking them for taking the time to show you some houses but you've decided to keep renting for the next year or so and that you'll contact them in the future if you need their expertise.

Topic Author
indexfunds
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Re: fire buyer's real estate agent

Post by indexfunds » Mon Feb 11, 2019 6:22 pm

Do you think they will get it if I say I am stopping my housing search? Or do you think I have to be more blunt and say I am terminating the relationship?

quantAndHold
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Re: fire buyer's real estate agent

Post by quantAndHold » Mon Feb 11, 2019 6:55 pm

indexfunds wrote:
Mon Feb 11, 2019 6:22 pm
Do you think they will get it if I say I am stopping my housing search? Or do you think I have to be more blunt and say I am terminating the relationship?
Just tell them the truth. The agent is showing you things that are above your budget, in the wrong school district. It's a waste of your time, and you're feeling pressured to buy a house you don't want. You're going to stop looking for now, and probably try again later with a different agent.

Nobody, absolutely nobody, gets every last thing they want in a house search. You will need to make some compromises in either what you're looking for or the price. The agent is trying to get you to make compromises on school district and price. If those are solid must haves, you need to tell that to whatever agent you're working with. You also need to tell them what you're more flexible on. I'm guessing there is nothing available in your price range in the school district you want, unless you downsize the house. And even then, maybe still nothing.

Thecallofduty
Posts: 75
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Re: fire buyer's real estate agent

Post by Thecallofduty » Mon Feb 11, 2019 6:55 pm

Let them know you no longer require his/her service.
-thecallofduty

Topic Author
indexfunds
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Re: fire buyer's real estate agent

Post by indexfunds » Mon Feb 11, 2019 7:11 pm

phone call or email?

Mr.BB
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Re: fire buyer's real estate agent

Post by Mr.BB » Mon Feb 11, 2019 7:20 pm

A simple phone call will suffice. Let this be a good lesson for you when interviewing agents. This agent obviously does not have your best interest in mind. You need to give your future agent specific guidelines on what you are willing to spend and what you expect from them! If you think about it, agent don't work for you (even though you are paying them), they actually work for the seller. The more they can get you to spend, the bigger their commission.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

Mr.BB
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Re: fire buyer's real estate agent

Post by Mr.BB » Mon Feb 11, 2019 7:22 pm

indexfunds wrote:
Mon Feb 11, 2019 6:22 pm
Do you think they will get it if I say I am stopping my housing search? Or do you think I have to be more blunt and say I am terminating the relationship?
Tell them you are terminating their business. Anyone who would try to push you into a higher range for a house that you cannot afford and try to get you to take out a high interest loan is dangerous to your financial future!
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

staythecourse
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Re: fire buyer's real estate agent

Post by staythecourse » Mon Feb 11, 2019 7:31 pm

Just send him a text thanking for the help, but you will be holding off of purchasing at this time. Any response from him other then "No problem... good luck" just ignore.

Just keep in mind any property the have shown you they can make a stink later on of being entitled a commission based on laws of procurement if you decide to purchase so Do NOT look at any more houses or go over comps with them in the future.

In my opinion, if he showed you houses out of your discussed budget AND missed an important must have (school system) then he wasted YOUR time and not the other way around.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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8foot7
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Re: fire buyer's real estate agent

Post by 8foot7 » Mon Feb 11, 2019 7:34 pm

"Thanks for your time. We're going to go in a different direction." Ignore future communications. If they had been more helpful I'd suggest a gift card or a bottle of wine but it sounds like the agent truly wasted your time, so I would feel zero obligation to make a gesture.

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lthenderson
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Re: fire buyer's real estate agent

Post by lthenderson » Mon Feb 11, 2019 7:37 pm

indexfunds wrote:
Mon Feb 11, 2019 6:10 pm
The homes we looked at are either too expensive for our current budget or lack quality school systems. So I think we will hold off on buying and continue to rent.
Just tell them that. Don't burn a bridge by telling them they are too aggressive. Perhaps three weeks from now they have inside information on a killer house that meets all your requirements coming up for sale and think of you?

quantAndHold
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Re: fire buyer's real estate agent

Post by quantAndHold » Mon Feb 11, 2019 7:45 pm

Mr.BB wrote:
Mon Feb 11, 2019 7:20 pm
A simple phone call will suffice. Let this be a good lesson for you when interviewing agents. This agent obviously does not have your best interest in mind. You need to give your future agent specific guidelines on what you are willing to spend and what you expect from them! If you think about it, agent don't work for you (even though you are paying them), they actually work for the seller. The more they can get you to spend, the bigger their commission.
Actually, it's less about getting the biggest commission as it is about making the sale *now*. Agent apparently had nothing that met OP's needs right now, so instead of continuing to look, they were trying to sell OP whatever they had, even if it was a poor fit.

stan1
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Re: fire buyer's real estate agent

Post by stan1 » Mon Feb 11, 2019 8:28 pm

If you are being specific about your price range and school district then I'd expect to see houses that meet that criteria -- and if none exist the realtor should be breaking that news to you by speaking to you not just by showing you more expensive houses in the school district you like or lower cost houses in the school district you don't like.

You can email the agent. I'd just say "thank you for showing us the houses, we've decided to keep renting in our current location". Done. No need to reply beyond that. You are under no obligation to work with that realtor in the future but you may want to keep focusing what you are looking for with your own internet searches.

tim1999
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Re: fire buyer's real estate agent

Post by tim1999 » Mon Feb 11, 2019 8:57 pm

I would just send them an email or text saying either you've decided to hold off on buying and don't need their help anymore. If they try to call you after that, which if they are pushy they will for sure, don't answer. Don't even listen to the voicemail, just delete it.

I think giving them a parting gift is nuts.

EHEngineer
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Re: fire buyer's real estate agent

Post by EHEngineer » Mon Feb 11, 2019 11:11 pm

It's good you're doing this now. The searching phase is the most fun. contracts, inspections, and closing are way more stressful. You need someone that you can work with.

My 2 cents ... After the "breakup" I feel better when I protect the other's feelings versus telling the raw truth. I would feel worse saying "I think you're pushy" that I would saying, "I've learned that house buying is stressful for me, and after visiting several houses, I think that I need to slow down and take my time. I'd like to try some other agents and see if I can find one that's the best fit for my personality. I need to do this, and If I don't, I'm not sure I'll make it through this process."

aka "it's not you, it's me."

I think you should give them a gift for their time. A gift card to a nice restaurant would be appropriate. And, you better make sure you don't buy any houses that agent showed you, or you may get sued for his commission (deserved or not).
Or, you can ... decline to let me, a stranger on the Internet, egg you on to an exercise in time-wasting, and you could say "I'm probably OK and I don't care about it that much." -Nisiprius

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jfn111
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Re: fire buyer's real estate agent

Post by jfn111 » Mon Feb 11, 2019 11:20 pm

This happens all the time. Just tell them your staying put for awhile and then find a different agent when your ready to look again. If this agent is really pushing you to make bad financial decisions then just sever contact with him. No apologies necessary.

Cactuscoug
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Re: fire buyer's real estate agent

Post by Cactuscoug » Tue Feb 12, 2019 7:01 am

If you did not sign a Buyer's Contract, then the agent is not your agent, he/she is the seller's agent. You own them nothing.

Mr.BB
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Re: fire buyer's real estate agent

Post by Mr.BB » Tue Feb 12, 2019 7:06 am

Cactuscoug wrote:
Tue Feb 12, 2019 7:01 am
If you did not sign a Buyer's Contract, then the agent is not your agent, he/she is the seller's agent. You own them nothing.
+1
and any agent who tried to push you into a loan that was high interest and possible could not afford deserves no kind of thank you gift for their time.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

spectec
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Re: fire buyer's real estate agent

Post by spectec » Tue Feb 12, 2019 8:07 am

8foot7 wrote:
Mon Feb 11, 2019 7:34 pm
"Thanks for your time. We're going to go in a different direction." Ignore future communications. If they had been more helpful I'd suggest a gift card or a bottle of wine but it sounds like the agent truly wasted your time, so I would feel zero obligation to make a gesture.
+1
You're not obligated to explain anything. Terminate the relationship and move on. The agent needs to get the message and do the same. If they're a pro, they will realize this. If they're not yet a pro, it will be a good learning experience for the agent.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers

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