Percentages that Realtors Get (new agent, MLS, broker, open houses)

[jdm2008]

Originally Posted by BLUEDIAMOND64

What she said was this: She told us that we should list it at a higher percentage otherwise agents will not show our house. We asked her if this was illegal and she said no, "we have to feed our famililes".

This is kinda ridiculous, you should have told her to give 4.5 percent to the buyers agent and see what she said.

[BLUEDIAMOND64]

Originally Posted by Silverfall

One of the biggest challenges we agents deal with, I think, is consumers accepting things. Did your "hmmm...this doesn't sound right" meter go off? If it didn't maybe she was genuine in her belief. She is entitled to her opinion. If in her opinion she thinks it won't get sold, she thinks that. If your meter did go off, why didn't you interview other agents?

I'm not trying to downplay her comments. It isn't something I personally would say, and can't imagine any of the agents on this forum saying, but look back at your listing interview and why did you believe her?

Sorry, Silverfall, you are not in this category, but we believed her because she is the expert. And, hence we did not know any better.

[BLUEDIAMOND64]

Originally Posted by LynnKK

Commissions are negotiable end of story. From what I can tell, she successfully negotiated the commission rate she wanted. Good negotiators are hard to find...most of the time you get the "baloney" between the two slices of bread (buyer and seller).

That nice, you know that in because you are in the business. I am seeing now why the comparison is made from agents to "used car salesman". Now, I know better if I would to ever sell again. In the meantime, calling the "baloney" the seller and the buyer was totally uncalled for.

[BLUEDIAMOND64]

Originally Posted by tomocox

Any sales person, whether in real estate or tidly-winks that tells a prospective client that "I must feed my family" is down right stupid, IMO. Their greed is obvious and the client immediately takes a defensive position, which they darn well should.

How many referrals did that Realtor lose? When it becomes about the deal, and not about the buyer and seller's welfare, we have a problem.

I agree tomocox. Good news travels fast and bad news travels faster. As I sated in my previous post, my husband and I have no real experience selling houses, so when you are at the mercy of a professional you expect someone with values. Well, the 7 percent is not helping, have no showings - just another list collector.

[MikeJaquish]

Originally Posted by BLUEDIAMOND64

That nice, you know that in because you are in the business. I am seeing now why the comparison is made from agents to "used car salesman". Now, I know better if I would to ever sell again. In the meantime, calling the "baloney" the seller and the buyer was totally uncalled for.

Whoops... You missed Lynn's point.
The "baloney" in her line is the AGENT who just sits between the buyer and seller.
She was comparing claims of great negotiating skill to BS.

I am interested in one thing...
What is the co-broke you agreed to?
One poster mentioned you should have requested the agent offer 4.5% to a buyers agent.
What did you actually agree that the agent would offer?

[BLUEDIAMOND64]

Originally Posted by MikeJaquish

Whoops... You missed Lynn's point.
The "baloney" in her line is the AGENT who just sits between the buyer and seller.
She was comparing claims of great negotiating skill to BS.

I am interested in one thing...
What is the co-broke you agreed to?
One poster mentioned you should have requested the agent offer 4.5% to a buyers agent.
What did you actually agree that the agent would offer?

Oh, then I am really sorry, I apologize Lynn!! The total is 7 percent. 3.5 to the seller/ 3.5 to the listing agent.

[George Chong]

If you haven't been getting many showings (not sure if it is based on the price of your listing or what other factors), have now been educated by forum members and now trust your intuition - why don't you just fire the Agent and get a new one?

You certainly have learned from your experience in trusting your instincts and what is professional and what is not.

P.S. I am not making this recommendation to chide you, it's a genuine recommendation.

[JustJoy]

Originally Posted by George Chong

If you haven't been getting many showings (not sure if it is based on the price of your listing or what other factors), have now been educated by forum members and now trust your intuition - why don't you just fire the Agent and get a new one?

You certainly have learned from your experience in trusting your instincts and what is professional and what is not.

P.S. I am not making this recommendation to chide you, it's a genuine recommendation.

Originally Posted by BLUEDIAMOND64

Oh, then I am really sorry, I apologize Lynn!! The total is 7 percent. 3.5 to the seller/ 3.5 to the listing agent.

Well for 7% I was thinking it was to offer 'more' incentive to BA's than just an equal split, especially with the comment the LA made to you about the whole feeding their family bit - do know when I practiced in the States that sometimes LA would offer higher percentage to BA, because the house had been sitting on the market for a while and they wanted to offer more incentives. I don't know how long you've been listed or what, but if you're not seeing any showings etc., then maybe you should look for someone else like George suggested who will really evaluate comps, etc. to make sure you're priced right and someone who you feel good about working with. You're obviously not happy with who you have now and it really is important that a seller feel good about who they're working with. Maybe the BIC could assign another agent to work with you and one you'd feel more comfortable with, unless it's the entire brokerage you have a problem with.

[middle-aged mom]

Originally Posted by BLUEDIAMOND64

Yes, the fee is split, 3.5. However, we were told that was the reason our house was not selling because of the commission. Typically they get 6 percent and in surrounding areas 4 1/2 because of the economony.

Typical commissions, in my area, are 5%, split 50-50 between the listing and selling brokers, not agents.

Most of the listings that offer more tend to be relocation company-owned, the occasional flat fee listing or more rural properties and even then....

It makes me uncomfortable that this agent told you the reason your house has not sold was due to commission, assuming you were offering a competitive co-op, 3%, in your area.

[middle-aged mom]

Originally Posted by BLUEDIAMOND64

What she said was this: She told us that we should list it at a higher percentage otherwise agents will not show our house. We asked her if this was illegal and she said no, "we have to feed our famililes".

So according to her, absolutely nothing comparable has sold in your area, unless the co-op fee was more than 3%. ( Where's my BS flag?).

Why then, did she increase her own commission?

Is there something very unique about your property? Is it rural? Is it in a less desirable location?