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Old 10-02-2007, 03:28 PM
 
Location: IL
333 posts, read 925,609 times
Reputation: 369

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Me again...with a Question to all you agents.

We're paying our agent 4.5% commission. 2.5% of that is going to the co-op. 2% is going to our agent. Two other real estate agents have mentioned to me that we should be offering at least 3% to a co-op...and doing that should bring some viable hits. Would that .5% possibly be a reason that no agents are bringing anyone to our house? (my agent says "we're doing what everyone else is doing"...)

Thanks in advance...
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Old 10-02-2007, 03:37 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,024,930 times
Reputation: 816
Anytime you can *sweeten* the pot, the more opportunity you have to get showings. I know that it shouldn't be that way, but agents are human too. and right now a lot of them aren't eating too well : ) So, if you have reduced your price down to a very competitive price point, instead of dropping again, increase the commission to 3% and see if it helps or offer a bonus.

Some of my collegues on this site will disagree with me, and I agree with them in principle. But it can't hurt : ) Here is some psychological thinking that can also impact it. If the agents perceive the offered commission amount is less than what they ordinarily see, they may also think a) you are at your rock bottom price and can't negotiate much or b) you are not really serious and may be difficult to negotiate with. I'm not saying that is true, I'm just saying it may be a thought they have.

Since your agent says it is what everyone else is doing, ask her to share the agents copy of your competition MLS sheets... and show you the commission amounts offered. It's right there in black and white. And you can evaluate yourself if you are in the ballpark.

Shelly
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Old 10-03-2007, 12:49 AM
 
Location: Sangamon County Illinois
166 posts, read 766,038 times
Reputation: 95
I would ask the agent what "everyone else is doing". In addition to the co-op split, how is your home being marketed? Are other houses in the area selling? Has your agent run recent comps to see how your property compares to like properties? I'm sure you realize many factors must be taken into consideration, in addition to the commission being offered to a buyer's agent.
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Old 10-03-2007, 08:00 AM
 
Location: IL
333 posts, read 925,609 times
Reputation: 369
Quote:
Originally Posted by AnimalLover View Post
I would ask the agent what "everyone else is doing". In addition to the co-op split, how is your home being marketed? Are other houses in the area selling? Has your agent run recent comps to see how your property compares to like properties? I'm sure you realize many factors must be taken into consideration, in addition to the commission being offered to a buyer's agent.
Yes, we've been there, done all that. This was just another aspect I was wondering about since we're doing all of that...and we're still not being shown.
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Old 10-03-2007, 12:09 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,024,930 times
Reputation: 816
Belize, ask your agent to show you the commission amounts (full mls - agent report) on your comps, both recent solds and your current competition. then you will know what they are doing...

Shelly
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Old 10-03-2007, 01:08 PM
 
Location: IL
333 posts, read 925,609 times
Reputation: 369
I've asked him to change our co-op commission to 3%. He did it.
I guess if my house shows well, the price is right, the marketing is there...it can't hurt to try it and see what comes of it.
Thanks!
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