Real Estate Agents, Realtors, and Salesmen
(Page 7 of 8)
May/June 1974
by Les Scher
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A broker might tell you that he can get you the loan you need. Brokers often have very close ties with local banks and savings and loan associations. But you have to be careful of two things. The first is that a broker will probably charge you for this service. Second, the loan he will get for you might have a higher interest rate, origination fee and other costs than you can get elsewhere. This is because of a kickback to the broker.
DESTROYING THE MYTH THAT A REAL ESTATE AGENT MUST PROTECT HIS REPUTATION
A common misconception perpetrated by the rural real estate business is that a broker would not dare to harm his reputation by misleading buyers. However, the country land broker who makes a living selling land primarily to city dwellers does not have to worry much about his reputation, since the stranger who drives into town and stops at the first broker's office he comes to does not know anything about the person he will be dealing with. In a town near my home, a few defrauded purchasers printed and distributed leaflets protesting the dishonesty of the broker who had sold them their property and warning prospective buyers not to do business with this man. This protest did not affect the broker's income in the slightest. He is still the most successful real estate agent in town, despite the fact that he is held in very low esteem by a large part of the community.
The fact that a broker shows you a piece of land does not commit you to continue to patronize him. If you hear that a particular broker has lost his license or is being investigated by the District Attorney or local Real Estate Board, find out if this is true before buying land from him. Write to your state Department of Real Estate and ask what the current status of the broker is and whether he has been charged with fraudulent sales practices. It is illegal for a person to claim he is a broker if he is not.
PREPARING TO DEAL WITH AN AGENT
Many real estate agents prefer that you write or call to make an appointment to view land rather than just drop in. Go to the phone company or to the public library to get a copy of the phone book for the area you want to investigate. Look under "Real Estate" in the Yellow Pages, write down the addresses of all the brokers in town, and send duplicate letters to every agency telling them when you will be in the area and requesting an appointment to view their property. Most brokers will send you pamphlets describing what they have for sale. If some of the described properties are already sold, the honest broker will have marked them with a "sold" stamp.
The broker will want to know what kind of place you are looking for and how much money you have to spend. If you are restricting your search to land with electricity that is not more than fifteen minutes from the nearest town and has a year round creek running through it, the broker will immediately know if he has anything that will interest you. But you should always try to get him to show you everything he has. Never tell the broker the actual amount of money you have to spend so you will be in a better position to bargain to get the purchase price down later. Simply tell him the price range of property you can afford. But always act like a serious customer or the broker might not show you the best of what he has, particularly if it is far from his office.
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