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Old 10-12-2011, 07:07 AM
 
602 posts, read 446,398 times
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Default Do you rebate your commission?

This is more for the buyer's agents, but all feedback will be appreciated.

Do you try to match discount brokers (redfin, et al) buyer rebates? If not, how do you normally respond to such requests by potential buyers?
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Old 10-12-2011, 07:34 AM
 
Location: Inman Park (Atlanta, GA)
19,166 posts, read 7,439,986 times
Reputation: 10089
Nope

If someone asks me, I tell that you get what you pay for (not that there aren't good agents that do such). I don't ask my doctor or any other service provider for a rebate so why should someone ask me? There have been times where I know that I worked so many hours with a Buyer that I didn't even make minimum wage. I don't bill the Buyer(s) for the difference. I have had Buyers make a decision on the first trip out and others that have taken over 2 years to make a choice.
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Old 10-12-2011, 07:54 AM
 
602 posts, read 446,398 times
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Quote:
Originally Posted by George Chong View Post
Nope

If someone asks me, I tell that you get what you pay for (not that there aren't good agents that do such). I don't ask my doctor or any other service provider for a rebate so why should someone ask me? There have been times where I know that I worked so many hours with a Buyer that I didn't even make minimum wage. I don't bill the Buyer(s) for the difference. I have had Buyers make a decision on the first trip out and others that have taken over 2 years to make a choice.
thanks for the info. What about when working with family and friends? Do you ever make exceptions?

Also, are you in the area that is covered by Redfin?
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Old 10-12-2011, 08:01 AM
 
Location: Inman Park (Atlanta, GA)
19,166 posts, read 7,439,986 times
Reputation: 10089
Quote:
Originally Posted by BigV View Post
thanks for the info. What about when working with family and friends? Do you ever make exceptions?

Also, are you in the area that is covered by Redfin?
Family and friends are the worse to work with If I could, I would charge them double They all know that this is my business and how hard I work so they don't ask for a discount. They will receive a very, very nice closing gift though.

Of course there are Redfin Agents in Atlanta. Whomever a Buyer chooses to work with is their decision. All my business comes via referral so the new client already has an idea of how I work.
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Old 10-12-2011, 08:14 AM
 
Location: Columbia, SC
6,903 posts, read 10,197,554 times
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There are rebaters everywhere even if they aren't the same company you mentioned. No, I don't. If you prove value, you typically don't get asked for rebates.
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Old 10-12-2011, 09:52 AM
Status: "Support your Local Moderator!" (set 4 days ago)
 
Location: Cary, NC
18,938 posts, read 28,304,879 times
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Default Hmmmmmm.

By definition, a "rebate" goes to the person who pays the bill.
Since it is common opinion that Buyers do not pay a single penny for representation by a fiduciary, it is more or less impossible to "rebate" commission to the Buyer when working within the most common co-brokerage model.
Buyers agent giving Buyer money from commission received from Seller would be more accurately called a "Kickback."

According to common opinion, a commission "rebate" under the most common brokerage business models would have to go to the Seller, not the Buyer.
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Old 10-12-2011, 10:58 AM
 
Location: Barrington
17,250 posts, read 12,430,911 times
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Rebating is legal in my state. Not so in all states.

I have never been approached to do so nor would I consider it on the buy side.
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Old 10-12-2011, 11:02 AM
 
3,703 posts, read 4,033,863 times
Reputation: 1750
Quote:
Originally Posted by MikeJaquish View Post
By definition, a "rebate" goes to the person who pays the bill.
Since it is common opinion that Buyers do not pay a single penny for representation by a fiduciary, it is more or less impossible to "rebate" commission to the Buyer when working within the most common co-brokerage model.
Buyers agent giving Buyer money from commission received from Seller would be more accurately called a "Kickback."

According to common opinion, a commission "rebate" under the most common brokerage business models would have to go to the Seller, not the Buyer.
Actually using your logic it would go to the listing agent.
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Old 10-12-2011, 11:12 AM
Status: "Support your Local Moderator!" (set 4 days ago)
 
Location: Cary, NC
18,938 posts, read 28,304,879 times
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Quote:
Originally Posted by jdm2008 View Post
Actually using your logic it would go to the listing agent.
That may be negotiable between Seller and Agent, as the Listing Agent is somewhat of an intermediary in the conveyance of funds.
Commonly the LA contracts with Seller but Seller is the source of the funds within the transaction.
Regardless, the point stands, that a BA cannot "rebate" to a Buyer who has no investment in BA services.

But, thanks for taking note of my impeccable logic!
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Old 10-12-2011, 11:22 AM
 
Location: El Dorado Hills, CA
2,816 posts, read 3,262,991 times
Reputation: 2553
No.
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