Buyer's Agent - MLS boundaries - Commissions

[AugustaREGroup]

Could not find this on a quick Google search. I know this is a green question, but I thought I would find out if there was a normal protocol for this situation.

2 General situations:

1) You are a client's buyer's agent. Long story short.. they have a wide area of interest and they house they decide on is outside your MLS. Whether they drove by and saw it or you found it on a site like trulia.
What do you do? Call the listing agent when you and your client want to view it? Ask the listing agent for a referral fee if your client purchases the property? And if so, How much 25% of their dual agent commission or (for example) 3% of the purchase price or what ever was going to be granted to a buyer's agent...

2) Client was never in your MLS. Friend from another state asks you to locate them a property. You use, again, trulia or a similar site to find them a property. <Now same options as above>

What would you do? and is there already normal protocol for these situations?

Sorry if this a obvious question - Could not find the answer on Google, and broker is not much help.

[gregharaksin]

Unless you are too busy, and the home is too far away, show the home yourself and get the full commission.

[AugustaREGroup]

If the home is outside my mls I do not have the supra key or a way to access the home by myself.

I meant that I would have to contact the listing agent, or a license agent in that MLS to open that property for me and my client to view.

[Bigtoe]

If they are outside of your MLS are they also outside your area of expertise?

Are you doing the client a disservice by helping them buy a house where you don't know the school systems, zoning laws, etc.?

Using trulya, or anything similar, will not provide you with the information necessary to help your clients make an informed decision.

How will you know if the home is overpriced or not without access to the sold MLS comps and a knowledge of the school systems and zoning laws?

When you use the word client you are holding yourself up to a higher standard.

[AugustaREGroup]

In this specific situation: It is the border state, state in which I was originally licensed (passed their exams, etc), grew up in all my life, own 6 properties (all in the same areas) for investments, and constantly am searching for homes.

I can honestly say I am more qualified than 90% of practicing Realtors in the area.

Other than that though.. Is there protocol for this situation?

[Susan Zanzonico]

I agree with Bigtoe...if you do not have access to the MLS in that area, you do not have access to the comps and other information you need to look at the full picture for that client.

In my opinion, you should 'refer' them...you can negotiate this fee as you see fair if the other agent agrees.

[DMG]

If the home is outside my mls I do not have the supra key or a way to access the home by myself.

I meant that I would have to contact the listing agent, or a license agent in that MLS to open that property for me and my client to view.

I get these calls often as I am sure we all do. I personally don't like them and think if the agent needs me to open the door than they should be in the "refer" mindset rather than having me open the door. That being said I see you're stating you know the area well, that is helpful and I am sure makes you want to work with them, I would feel the same way. In the end I agree with Bigtoe & Susan "refer" it. If you don't have access and need the listing agent you really need to work with them on a refer fee or something. If however it's a property you can access through a combination lock box and you truly know the area and have the time, work with the buyer yourself. Bottom line if the listing agent is needed for you to complete the job refer it (IMO) - Best of luck.

[bonhamsurf]

Ultimately it depends on how familiar I am with the area. If it's an area I feel very confident I can represent them on with full knowledge of that area's market and such, I will represent them and provide the listing agent with a commission agreement prior to showing it. If I'm unfamiliar with the area, I will find an agent to work with and split the money.

[satxproperty]

We get calls like this all the time... as a listing agent, I'd gladly turn the key in the lock for you; and I won't short change your commission either. On my rural listings, I put 2 lockboxes, 1 supra and 1 combo-box, so that non-MLS participants can have a way to access it.

Not every agent that we deal with in rural areas is a Realtor. (Lately, we have even gotten calls from agents that are normally otherwise commercial-only types that want to show houses.) Maybe I ought to start putting 2 lock boxes on all the listings.

If you are licensed in the state and knowledgeable in the area, go for it. (There are other ways of getting comps than the MLS.) Just be sure to contact the listing agent and work out your commission before hand... (without you being an MLS member you have no unilateral offer of commission.)

If the listing agent won't cooperate with you and your need to open the house, I'd suggest finding an agent you are comfortable with working together on the deal and a 50% split wouldn't be out of the question. (They have the keys, you have the client.) (I would avoid working with the listing agent directly together on the deal, though.) Or refer it out completely.

[Susan Zanzonico]

I guess states and areas operate differently. Here, we would definitely refer it.