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you missed the point. If the realtor was business savvy, he/she would be willing to work for a 3% commission to get the sale done ASAP rather than risk the possibility of not getting it done. If the realtor is so "business savvy", why not go for broke and demand a 6% commission?
Business savvy does not mean dropping my rate to get a deal done. It means proving to my client that I am in fact worth the full fee they agreed to pay me.
Because they hold themselves out as "agents", which implies that they are bound by some fiduciary duties to act according to your wishes and put your interest ahead of their own. And time and time again they fail to live up to that and don't sufficiently regulate their own profession.
But I agree with you, let them get the most that they can. Let's just call them "used house salesmen" and then everyone is on notice that they're just out to make a buck like anyone else, and will refrain from putting any undue trust in them.
I don't know what real estate agents you've dealt with, or if your experience represents the norm in your neighborhood, but what you describe is certainly not how I do business. When I contract to be an agent, I am in fact an agent. I do represent my clients interests, in exactly the manner I tell them I am going to, in advance. I am bound by some fiduciary duties, and I do take those seriously. My clients do in fact put a great deal of trust in me, and none of it is misplaced or undue. You need to start using limiting words & phrases, such as "some real estate agents," or "the real estate agent I had the misfortune to encounter in my last real estate transaction." Your statements will likely be more accurate & less inflamatory that way.
Business savvy does not mean dropping my rate to get a deal done. It means proving to my client that I am in fact worth the full fee they agreed to pay me.
but they aren't dropping anything, 3% is normal. I'll stand by my statement, I'm sure there are plenty of agents that would do this transaction at 3%, especially in a market with declining sales and declining prices.
but they aren't dropping anything, 3% is normal. I'll stand by my statement, I'm sure there are plenty of agents that would do this transaction at 3%, especially in a market with declining sales and declining prices.
If 3% is normal, I'd suggest that it's for working one side of the transaction. When working with an unrepresented party, the one professional involved will almost certainly have more work to do, as well as higher risk. This particular real estate agent appears to believe that their part in this transaction is worth more than the standard for just one side of it. Might there be plenty of agents that would do it for the standard? Sure. But they didn't come to this seller with a buyer, did they?
no one is claiming they don't have the right to ask it. But to restrict your client from seeing a house because you want more than you would typically get on a transaction is a little shady. Furthermore, it kinda defeats the interests of every party on this market. One person mentioned that since prices are falling at 1% a month, then he should bite the bullet and accept the deal. What about the flipside. Since prices are falling, maybe the real estate agent should bite the bullet and simply show her client the condo now rather than holding out for a bigger commission because is the price of the house falls far enough, 4% may end up being less than 3%.
Like I've said before, I'm sure there are plenty of agents out there that would be willing to do the deal at 3%.
You also said this:
but they aren't dropping anything, 3% is normal. I'll stand by my statement, I'm sure there are plenty of agents that would do this transaction at 3%, especially in a market with declining sales and declining prices.
You are being way to negative on this. For god sake it is a condo, there are probably 5 others just like it on the market that this REALTOR can take the buyer to for much less hassel.
I noticed a comment about this REALTOR being short sighted by asking for said commission from this FSBO. Just curious, how so? They are that special breed of do it yourself-er no matter what it costs you. I doubt they will be hiring or recommending this REALTOR in the future anyway.
If these people are smart, and this REALTOR brings them a offer that makes sence in total, they should take it and run.
I very much doubt there are any REALTORS out there restricting buyers from seeing what they want. For god sake the buyers are smart, 85% of them shop for a home online for 4 months or more before contacting a REALTOR. That is how a good enough number of them end up on my site and end up as people I can help.
Would you want any of those agents who would settle the deal at your said 3% just to get it done, negotiating on your behalf the sales price of your home?? I dare say, I would want a hard A$$ doing that job, not some wishy washy who will cave.
Last edited by JamesBoyer; 01-27-2009 at 10:09 PM..
I would pay the 4% but stipulate its for that buyer only, unless they have another sure deal. Its a bad market now all over, and its better to have a sure deal at 4% than no deal at all at 3%.
I must say my NJ realtor worked very hard for me, with the nutty buyers I had. At least the crazies closed. Their attorney said they would never represent them again. He almost fired his clients, lol.
Diane G
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