Sticky situation

jane__nyNovember 24, 2009

I have a wonderful agent who worked very hard to sell my home. We sign the contract tomorrow and everything has gone smoothly thanks to her. I can't express how thankful I am to have found her. However, we plan to rent for a year or two before buying again. My husband plans to retire or cut back in a year or so and we need to stay in our area during this time. We haven't decided where we want to move.

We have asked our agent to show us some condo's in the area which are listed for rent. There are many but seem to be listed with specific agencies which handle those condo's. They seem to be the only listing agencies and seem to have an exclusive with these places.

I think we would have a better chance of finding what we want if we worked directly with those agencies. They seem to know in advance what units will be listed or which have not sold and might be interested in renting. I've discovered renting is quite different from buying. There are many condo's listed for sale and they haven't sold all year even with price reductions. Some owners can be convinced to rent for a short term.

I don't think our agent thought we would rent. I think it is time consuming for her to search for rentals and take us around looking at them. I don't think she is thrilled spending her weekend taking us around when she could be showing houses.

Long and short, would it be wrong for us to contact the agencies which list the condo's? I'm not sure what to do and don't want to offend my agent. I don't know if she would be offended or relieved to have us work with another agent.

Jane

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ncrealestateguy

Jane,
If it were me, I would be thrilled to not handle the rental transaction... just not enough compensation to make it wortwhile, and there is a lot of paperwork. Here in Charlotte, it is customary to only offer 10% of the monthly rent for commision. So a property that rents for $1000, pays a commission of only $100.
But, why wait to buy? Interest rates have nowhere to go but up, and you will miss out on the tax credit.
Good luck either way.

    Bookmark   November 24, 2009 at 8:09AM
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cmarlin20

I would immediately and directly tell your agent you want to work directly with the other places, I'm thinking she will be glad. As you said, renting is much different than buying, I wouldn't use a RE agent to rent, not enough money for them.

nc - the OP said, they may be moving out of the area soon, it is a bad idea to buy for such a short term.

    Bookmark   November 24, 2009 at 10:19AM
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jane__ny

Thanks, that's what I thought. I didn't know how the commission worked but figured it wasn't much. I'll ask her directly if she has a problem with it.

I would love to buy...we have no idea where to move. Sounds weird but we love our area but the cost of living on retirement is prohibitive. Husband has his own business (doctor) and wants to continue working for at least another year. So we'll have to rent.

Thanks again,
Jane

    Bookmark   November 24, 2009 at 10:49AM
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