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Thread summary:

Real Estate Agents: relocation company, realtor, commission, brokerage, buyer.

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Old 02-08-2008, 09:46 AM
 
Location: South Carolina
836 posts, read 3,374,150 times
Reputation: 678

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I have a question for a real estate agent..

We had our house on the market with Coldwell Banker.. our contract expired this past Jan. We did not resign the contract. We decided to wait for the relocation company to move us within the year...However we would like to sell if someone is interested.
The Coldwell Banker Agent we was prev. through called us and wants to show the house tomorrow (she claims the people want to see the house are very interested) so my question is... How much of a commission should the realtor get if these people really are interested and make us an offer? When we was under contract it was 6%.. do we negotiate the 6% down to 3% or less since we aren't under contract or do we have to give her the full 6%? Or does she get any commission since the house is no longer under a contract?
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Old 02-08-2008, 06:28 PM
 
Location: Barrington
63,919 posts, read 46,533,215 times
Reputation: 20674
Quote:
Originally Posted by wolfeyes View Post
I have a question for a real estate agent..

We had our house on the market with Coldwell Banker.. our contract expired this past Jan. We did not resign the contract. We decided to wait for the relocation company to move us within the year...However we would like to sell if someone is interested.
The Coldwell Banker Agent we was prev. through called us and wants to show the house tomorrow (she claims the people want to see the house are very interested) so my question is... How much of a commission should the realtor get if these people really are interested and make us an offer? When we was under contract it was 6%.. do we negotiate the 6% down to 3% or less since we aren't under contract or do we have to give her the full 6%? Or does she get any commission since the house is no longer under a contract?
When you were listed with CB, had there been a closed contract, CB would get 3% and your agent a percentage of that based upon the split. Out of this, she probably had to pay the relo company a referral fee, as high as 35% of groos commission. The other 3 % would go to the buyer's agent's brokerage XYZ and the buyer's agent would receive a percentage of that amount.

Given you are no longer listed with any brokerage, you will not ow a listing fee to anyone. You former agent represents the buyer. It would be appropriate to pay CB, her broker 3% and they would in turn, split with her.

In my state a one time showing contract would cover this. I am not sure how it works in your state.

Good luck on the showing.
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Old 02-11-2008, 08:20 PM
 
Location: Burlington VT
1,405 posts, read 4,776,772 times
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Here's my take on this - and I know my take on this issue is NOT universally shared by my fellow Realtors. It's not my intent to ruffle any feathers here, friends. And as the client, YOU should be directing the agent you've chosen.

Here's my observation:

You'll get fewer showings if the listing agent requires she be present - it's a simple matter of logistics. Your agent simply isn't available 24/7/365.

I also question the value of an agent who has no rapport with the buyers (having not met them) ..."showing" the house. I've seen it done well, but fewer times than one might imagine.

As a buyer agent, when I bring buyer clients to a home - I try to keep my mouth shut until I get a sense of what impression the house makes on them. If it makes a good impression and the buyers become animated and talkative, I'll begin to "show" the house and ask questions of the buyers designed to help them think through how it would be for them to live in. But if the house doesn't appeal to them - emotionally - no "showing" I do is going to make them feel like this could be home. This whole process can be made difficult if there's a listing agent doing a lot of talking while my clients are trying to think, feel, and come up with questions about the house so I can write them down...

Of course, all bets are off if the buyers are engineers
I once had a couple of engineers look at houses with me. They'd walk in, say something like "well, this one's not suitable, honey!" and then spend as much as an hour writing a floor plan on the back of the listing sheets I'd given them. I found them another Realtor - a former electrical engineer. They were all happy then. So this varies according to who the buyers are - but I can tell you, in my experience, having two Realtors doing a lot of talking during showings isn't productive.

Or so it seems to me.
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Old 02-12-2008, 01:16 AM
 
Location: New Mexico
631 posts, read 2,439,786 times
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Quote:
Originally Posted by chaz longue View Post
You'll get fewer showings if the listing agent requires she be present - it's a simple matter of logistics. Your agent simply isn't available 24/7/365.

I also question the value of an agent who has no rapport with the buyers (having not met them) ..."showing" the house. I've seen it done well, but fewer times than one might imagine.

in my experience, having two Realtors doing a lot of talking during showings isn't productive.
I respect the rapport with buyers. It does not happen usually in my area, but if I'm along on an appt. other than my own, and if I'm the third wheel w/o the rapport but with the knowledge, I do stay out of the way as the third wheel, keep my mouth shut unless it's of utmost importance that I speak or be seen. If anyone is showing my listings, first off, they ask for me to come to show them how the heck to get there at the least.

When wrongs are told, I still keep my mouth shut unless it does become impt. that the info be corrected. Logistics has to do with the area you're in. Our particular logistics are anywhere is a long ways away no matter where you're coming from. Percentages are I'll be more available than you because I specialize in long distance and remote showings.
So it's not likely you'll be able to show when I can't accommodate.
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Old 02-12-2008, 01:26 AM
 
Location: New Mexico
631 posts, read 2,439,786 times
Reputation: 331
Quote:
Originally Posted by wolfeyes View Post
I have a question for a real estate agent..

We had our house on the market with Coldwell Banker.. our contract expired this past Jan. We did not resign the contract. We decided to wait for the relocation company to move us within the year...However we would like to sell if someone is interested.
The Coldwell Banker Agent we was prev. through called us and wants to show the house tomorrow (she claims the people want to see the house are very interested) so my question is... How much of a commission should the realtor get if these people really are interested and make us an offer? When we was under contract it was 6%.. do we negotiate the 6% down to 3% or less since we aren't under contract or do we have to give her the full 6%? Or does she get any commission since the house is no longer under a contract?
If you expired with me and I called you with a buyer later, yes, I would ask for the full commission regardless if we expired or not. I still found the buyer and offered you a sale.

I do respect most of you are in a diff. real estate world than I am.

My sellers listed or not would never expect me to take less due to the type of lisiting I had or even an expired listing.
They just want to pay for the sale regardless how I got it, listed or not.
I have many people I've turned down listings that say, sure if I find them a buyer they would pay the full commission, or people who think they've found a buyer on their own, I tell them they don't have to pay me becuase we're listed, but they insist on paying me anyway, the full commission whether I sold it or not just due to the listing agreement.

Probably because I sell most of my listings in house, at least 98% or so, I've just never thought of halves. The way I see it, and funny, my sellers see it the same way, if I find a buyer, it's worth the full commission. I could not stay in business by splitting halves all the time. I make my living on the whole commission 98% of the time.

Last edited by keeperk; 02-12-2008 at 01:29 AM.. Reason: clarify
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Old 02-12-2008, 05:37 AM
 
Location: South Carolina
836 posts, read 3,374,150 times
Reputation: 678
Well this Realtor doesn't deserve anything from us and the people she sent over here this past weekend.. ugghh they weren't even interested in buying a house this size. The realtor that showed the home hesitated on going in to show the house.. why send someone to look at a house this size if they aren't even interested?
Our Realtor at first was enthusiastic about selling our home when we spoke to her about putting it on the market.. then soon as we sign the papers for her to put it on the market.. her attitude completely changes from good to bad.
Right away she started pushing us to reduce our price in which we have done twice, within a 2months span.., she kept telling us houses in our neighborhood isn't selling in which 3 sold within a month of putting ours on the market. She showed our house 3 times during the time we put it on the market and that was back in May when we first put it on the market.
As far as the realtor sign in the front, everyone else homes being sold by her if they reduced the price she puts a reduced sign on the realtor sign and the flyers, well that is another story also..I have had to keep printing out flyers and putting them in the little box because she doesn't come out and replace them like she does for her other clients and I typed up all the wording for our house on her website..
Two couples were interested in buying our home.. however they needed to put a contingency on it, until they could sell their home..in which was fine with us.. and she never even tried to contact them to get this setup.
We had an Open House one time during the 9months it was on the market and there was a couple interested in buying our house (according to the realtor that showed the home.. a different realtor, he said the people loved our home and was possibly going to make us an offer.. well our realtor had not even contacted them about this and I ask her why she says.. she didn't know someone was interested.
I so badly wanted to just go rip the sign out of our yard and take it back and tell her to shove it up her a**, but I didn't. I believe we could have already sold our house if she would have gotten off her lazya** and done something, but what can you do.. but sit and wait for the contract to run out..And thats what we did.. is let it run out..

Last edited by wolfeyes; 02-12-2008 at 06:05 AM..
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Old 02-12-2008, 08:25 AM
 
Location: Burlington VT
1,405 posts, read 4,776,772 times
Reputation: 554
I seem to have posted my answer ...on the wrong thread. I'm gonna go find the thread it belongs on now. Sorry.

DB
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Old 02-12-2008, 10:01 AM
 
Location: WNY
1,049 posts, read 3,847,525 times
Reputation: 274
If she or he does all the contracts for both sides you should pay the 6%, if you do all your own paperwork and she he rep the sellers then 3%. But do not expect the agent to do your work and they buyers for 3%. I understand your frustration though in the past months.
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Old 02-16-2008, 12:24 PM
 
2 posts, read 5,025 times
Reputation: 10
Default Sorry about your situation . . .

It's very frustrating to list your home on the market and then feel abandoned by your agent. Most agents will have weekly contact with you regarding showings, marketing, etc.. Then, there should be a monthly review where all of this information is summarized and decisions are made by the seller and the agent as to what changes need to be made to effectively market the home; circumstances and market conditions fluctuate, so these changes need a thoughtful response. I hope that your experience in the future is more satisfying!
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Old 02-18-2008, 04:44 PM
 
Location: San Antonio, Texas
5 posts, read 23,835 times
Reputation: 10
What I know is that you have to pay 3% to the listing agent and 3% to the buyer's agent. Are your agent doing intermediary? What I mean, is she representing both of you..the seller and the buyer.
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