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We found an agent we we wanted to use to sell our home and they are charging 6% commission.... BUT they are only going to pay the buyer's agent 2.5%. Is that normal? I thought it was usually a 50/50 split. Will this deter other real estate companies/agents from showing our home?
What explanation did they give you for doing that? Generally I split 50/50 and will sometimes offer out more to the selling agent especially in this market. It is the seller that determines what they will pay and to which agent....you are in control. Ask why and then ask what happens if they sell it themselves. Will they take less? Make sure it is all written into the contract. Could be they think they already have a buyer in mind for the place, but in a saturated market like today, I would definately ask them what the advantage is to YOU to have the split the way they have it.
What explanation did they give you for doing that? Generally I split 50/50 and will sometimes offer out more to the selling agent especially in this market. It is the seller that determines what they will pay and to which agent....you are in control. Ask why and then ask what happens if they sell it themselves. Will they take less? Make sure it is all written into the contract. Could be they think they already have a buyer in mind for the place, but in a saturated market like today, I would definately ask them what the advantage is to YOU to have the split the way they have it.
Seller is not really in control. The buyer is and to a lesser degreethe buyer's agent. The seller's "control" space is very limited. If the seller does not meet certain requirements of the buyer's agent and buyer it does not sell.
Does the seller wish to set commissions and price? Or does the seller want to sell the house?
What explanation did they give you for doing that? Generally I split 50/50 and will sometimes offer out more to the selling agent especially in this market. It is the seller that determines what they will pay and to which agent....you are in control. Ask why and then ask what happens if they sell it themselves. Will they take less? Make sure it is all written into the contract. Could be they think they already have a buyer in mind for the place, but in a saturated market like today, I would definately ask them what the advantage is to YOU to have the split the way they have it.
No explanation. We just happened to notice it in the contract as we were filling it out. We had just assumed since it was 6% it would be split 50/50. It seemed tricky to me. I don't want other agents keeping buyers away from our home b/c of that.
No explanation. We just happened to notice it in the contract as we were filling it out. We had just assumed since it was 6% it would be split 50/50. It seemed tricky to me. I don't want other agents keeping buyers away from our home b/c of that.
If it's not what you want then i would be upfront about it and say that you want it split 50/50.
Seller is not really in control. The buyer is and to a lesser degreethe buyer's agent. The seller's "control" space is very limited. If the seller does not meet certain requirements of the buyer's agent and buyer it does not sell.
Does the seller wish to set commissions and price? Or does the seller want to sell the house?
The seller is in absolute control of anything that is put into a contract they are looking at signing. If that is a listing contract, they are in control of what commission they will pay and how it gets split. If they don't like what is in the contract, they don't sign it. It either gets corrected to what they want to offer or they find another agent. That is called control.
No explanation. We just happened to notice it in the contract as we were filling it out. We had just assumed since it was 6% it would be split 50/50. It seemed tricky to me. I don't want other agents keeping buyers away from our home b/c of that.
Then I would call and ask why the agent thinks it is to *your* advantage to have the commission split that way. I'm wondering why they weren't either at your home with you explaining everything in the contract or on the phone with you asking if you had questions. If you really think that it was 'tricky', underhanded or that they weren't being up front with you, I strongly suggest you rethink listing with them. If you do not have confidence in them from the get go what is the point of hiring them?
The seller is in absolute control of anything that is put into a contract they are looking at signing. If that is a listing contract, they are in control of what commission they will pay and how it gets split. If they don't like what is in the contract, they don't sign it. It either gets corrected to what they want to offer or they find another agent. That is called control.
You think the goal of the endeavour is signing a contract? I don't. I think it is selling a house.
I will stay on topic... I find that practise to be despicable, underhanded and downright gross, and too some degree negligent Especially in this market. If anything your listing agent should be offering more to the selling agent to help incent them to show and sell your home. The listing agent is your Fiduciary... they need to put your interests first... tell them you want it changed AND that you want to see the final MLS listing that only agents see that show the % offered.
Just gets me riled up when I see that kind of stuff!!
I will stay on topic... I find that practise to be despicable, underhanded and downright gross, and too some degree negligent Especially in this market. If anything your listing agent should be offering more to the selling agent to help incent them to show and sell your home. The listing agent is your Fiduciary... they need to put your interests first... tell them you want it changed AND that you want to see the final MLS listing that only agents see that show the % offered.
Just gets me riled up when I see that kind of stuff!!
Shelly
Settle down dawlink...it is standard practice in some areas. Real Estate is local.
When the buyers agents rise...and throw off the yoke of the listing agents... it will be a better world! Liberty and Justice will triumph!
And I also understand hell will free over just after NYC starts using an MLS.
LOL, you are right Olecapt. I just go so darn upset when i see that. Guess what my MLS is doing, which I LOVE. The new listing contract has to SPELL out what kind of service the consumer will get depending on their representation. So, if the consumer is listing with a limited representation, they will have it listed on the contract what they will and what they won't do. I think that is going to be great. I have heard some sad stories about consumers not really understanding what they were getting into. Only to find out too late.
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