Does it cost money to sign up on your site?No, for the most part we are a free service for client. As a client (someone looking for a property and looking to work with an agent) it is completely free to post your requirement through our site. We just ask that you work with one of our preferred agents when looking to buy/sell/lease a property.
How does 1001brokers.com make money?Although we are a free site for clients and agents, we do ask the agents we refer our clients to pay us a standard 20% referral fee. Therefore, it is important that we monitor if that agent is working hard on your behalf. We want you to be completely satisfied and periodically might send a follow up email to see how that agent is doing and if you have found a property. We just ask you keep us in the loop so we know how we can serve you better.
What if an agent does not pay 1001brokers.com the 20% referral fee?If we find that an agent does not abide by our Terms and Conditions, that agent and possibly that brokerage house and all agents within that brokerage house will be taken out of our database and we will no longer work with that agency/agent. We are looking for the best and honest brokers to work with. That means we expect our brokers to provide the best service to our clients and abide by our Terms and Conditions.
As an agent, if I want to refer my own leads can I do so?We are currently working on a complete referral network where agents will be able to post their leads and refer them to other agents. There will be a monthly charge for this service but we will not ask for any referral fees from you. You will be able to post your own leads on our site and work directly with other brokers and get paid from that broker directly.
What if that agent/broker does not pay me (an agent) a referral fee?Unfortunately, once we set up our Referral Network, we will not be involved in any agent to agent monetary disputes but we do want to know if an agent is not paying the negotiated referral fee. If this is a reoccurring issue with a specific agent, we will reserve the right to cancel his service.
What if I want to find my own agent through your site, can I interview more than one?Yes, we post our agents in our Directory so you can view their profile, agency, and see which might be the best fit for you. We only post agents who have signed up to work with us and are professionals within their geographic location. We want to make sure you are well taken care of so we do prescreen our preferred agents.
What if I do not like the agent I chose to work with or you assigned to me?You are free to work with whomever you want. If you feel you want to work with someone else on our list, just let us know and we will make sure you are taken care of. You are most important so feel free to let us know what you need.
Can I leave feedback about the agent I worked with?Yes, we will have a section on their page where you will be able to leave positive or negative feedback. We do encourage honest answers and we might contact you to understand what happened. If an agent receives to many negative responses, that agent will not be allowed to work with us. We want professional, good agents which help you find the property you are looking for.
Why do I need a Real Estate Agent to represent me?Don't underestimate the value a good Real Estate Agent brings to a deal. Real Estate Agents are there to not only to get you the best deal, but to make sure you understand the process. A good professional Real Estate Agent will know the area and should advise you what other properties are selling or leasing for in your area. Real Estate Agents have access to public records, comparable properties, properties available and a network with other Real Estate Agents to help you find the right property. A professional Real Estate agent has to abide by the DRE and governing regulations. Real Estate agents also have liability insurance and have a fiduciary responsibility to you.
How do I find the right Real Estate Agent to work with?At 1001brokers, we have a full directory of Real Estate Agencies and agents we work with whom are professionals in your area. Make sure the agent you work with understands what you want and how you work. Feel free to interview a couple different agents, email them and ask questions about their experience in the area, what their expertise is, and discuss what you are looking for. Make sure to be honest with your agent. Remember, agents usually work on commission so their time is important so ask the right questions about what you are looking for. Agents are there to work for you so if you're not comfortable with an agent keep interviewing until you find the right agent for you.
What is a procuring agent? A procuring agent is the agent that brings a Tenant/Buyer to the property. They are the procuring cause of the transaction. This can means they represent the Tenant/Buyer even if you contacted the listing agent directly.
How does my agent get paid? Most transactions are paid by the owner of the property. However there are cases where the owner will not pay the procuring agent and the Tenant/Buyer will have to pay their own agent. It is rare but again you might have to pay your own agent in certain instances. In most cases where you will need to pay your own broker, the broker should inform you as soon as they know.
I started working with the listing agent but do not feel comfortable, now I want my own agent? You are always free to use whomever you want to represent you. However, there are some instances when you might be responsible to pay your own broker for their services. The first would be if you sign an exclusive representation with an agent to represent you. If the ownership is not paying a fee to the procuring broker, and you have an exclusive representation which states you might have to pay their fee, you will be responsible to pay your own broker. Most listing agreements are between owners and listing brokers. The listing broker then pays a fee to the procuring broker. The listing broker and the procuring broker agree on a fee before the transaction is complete. Most of the time the fee is split 50/50 but in certain instances that is not always the case.
Why shouldn't I just work with the listing agent? Remember listing agents work for the owners so their main goal is to get the owner the best deal they can. Although you are free to work with whomever you want, you really should find someone who represents your best interest and is impartial to that specific property. Your agent should be showing you multiple properties so you have the choices within your marketplace. Even if you feel you found the right property, it is always good to know what else is out there and have your agent educate you by showing you the comparables to the property you are looking at. Since a listing agent wants you to only look at their property, they might not show you other comparable properties. Your agent, which is called the procuring agent is there on your behalf. Make sure you get the most out of your agent and ask lots of questions.
If I call the listing agent directly, do I need to work with them? No, the best practice if you are calling a listing agent is to inform them right away you are working with an agent already and they will be contacting the listing agent to get more details and schedule a showing of the property. It's always best to the procuring agent, your agent, call the listing broker directly but if you feel you want to talk to the listing agent directly, there is no harm in doing so. Just understand the more you talk with the listing agent directly, the more they feel you are their client and might not want to pay the procuring agent since the listing agent feels they brought you to the building and are the reason you want the property.
Real Estate Agents are professionals within their community. Their value lies in the knowledge they bring to the deal and the correct way to go about a transaction. It is also important for Tenants and Buyers to understand the process of a transaction and to understand you as their client.
Why do I need to provide my personal financial information to the landlord in a lease? Remember a lease is basically a partnership between the Landlord (Lessor) and Tenant (Lessee). Just like you the Landlord has bills to pay and if you as a Tenant do not pay your rent, the Landlord cannot pay their bills. The worst thing for a Landlord is a bad Tenant. Knowing the Tenants financial history, calling their previous Landlords, and running a credit check to make sure the Tenant pays their credit card and loans back on time is the best way to verify the Tenant will be responsible and credit worthy enough to lease to.
Won’t a Landlord want to charge me more if they know I have money in my account? It is possible the Landlord will feel they can afford to pay more, but you then have the right to not take the deal and that Landlord will lose a great Tenant. In most cases, the better your credit and financial worth the more that Landlord will want you as a Tenant. Again, there is nothing worse for a Landlord than a bad Tenant. Good credit and strong financials can help you negotiate a smaller security deposit, more free rent, and possibly even lower rent. This will be up to how good your agent is at negotiating the best deal for you.
How do I know what a good deal is? Every Landlord wants the most they can get out of a deal and every Tenant wants the best deal they can get so what is the right answer as to that is a good deal? That is up to you to decide what you can afford. The best deals happen when both the Landlord and Tenant stretch the deal to make the other party Happy – or both parties make themselves a little unhappy as I say. The reality is you should have a strong business plan and understand what you can and cannot afford. Never feel you have to have “this property” and you should always be willing to walk away from a deal you cannot afford. On the other hand, if you are stretching just enough to get the property you really want, don’t ever feel the owner is taking advantage of you. Again, owners have bills to pay and they need to make money too.