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Old 08-07-2012, 03:02 PM
 
Location: Needham, MA
6,328 posts, read 9,067,723 times
Reputation: 5324

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Quote:
Originally Posted by marksmu View Post
You seem to be the experienced voice of reason....some agents/brokers would claim that what your doing is doing twice the work....Seems that you are looking out for your clients best interests...I applaud you.
Dealing with an unrepresented buyer or acting as a dual agent is more work and also exposes an agent to additional risk. I'm still happy to work with an unrepresented buyer or act as a dual agent so long as everyone involved is comfortable with it. I'm here to act in one person's best interest only and that is my client.

 
Old 08-07-2012, 03:04 PM
 
Location: Columbia, SC
8,861 posts, read 17,482,773 times
Reputation: 6244
Quote:
Originally Posted by marksmu View Post
I I dont complain about what I pay my doctor at all. I see very little value added in a real estate transaction from a realtor.
You want to go there? First, I assume you aren't paying the bill, your insurance is. Second, have you seen what they charge uninsured patients and if so you're saying you don't have an issue with it? I could get more in depth but I'm shocked at your absurd statement which I assume you put no thought in to it.
 
Old 08-07-2012, 03:24 PM
 
413 posts, read 700,167 times
Reputation: 294
Quote:
Originally Posted by MikePRU View Post
Dealing with an unrepresented buyer or acting as a dual agent is more work and also exposes an agent to additional risk. I'm still happy to work with an unrepresented buyer or act as a dual agent so long as everyone involved is comfortable with it. I'm here to act in one person's best interest only and that is my client.
So if your seller doesn't care and the buyer is happy to be unrepresented what does it take for you to go along with it. Do you still expect the 6% commission or are you giving half of it back to your seller or some other amount.
 
Old 08-07-2012, 03:28 PM
 
413 posts, read 700,167 times
Reputation: 294
Quote:
Originally Posted by Captain Bill View Post
I agree it is a non-issue when you're dealing with people who have experience and know what they're doing.

It's the inexperienced, and the ones who are are after the agents commission and instigating to get the seller to renegotiate the agents commission, who are going to create double the work, and double the risk.
So to be clear, you are stating its a non issue to have an experienced unrepresented buyer so long as he has no problem with you keeping the 6% commission.

Any experienced buyer who does all the work themselves and wants the savings to be passed back to the seller is still a problem.

You just don't have any issue with an experienced buyer coming in, doing all of their own work and handing you a double commission. You are an everyday Mother Teresa.
 
Old 08-07-2012, 03:40 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,697,866 times
Reputation: 3810
Quote:
Originally Posted by hindukid View Post
So to be clear, you are stating its a non issue to have an experienced unrepresented buyer so long as he has no problem with you keeping the 6% commission.

Any experienced buyer who does all the work themselves and wants the savings to be passed back to the seller is still a problem.

You just don't have any issue with an experienced buyer coming in, doing all of their own work and handing you a double commission. You are an everyday Mother Teresa.
  • The commission is a contract between my seller and myself.
  • Our commission arrangement is no one else's business
  • No one has the right to interfere with our contract.
  • A buyer who is not a licensed real estate agent has no right to any commission.
  • If a buyer wants a commission then get a real estate license
  • If they want a rebate, then hire a buyers agent who is willing to rebate a portion of their commission to them. There are those who will.
Is that clear enough for you?
 
Old 08-07-2012, 03:46 PM
 
Location: Needham, MA
6,328 posts, read 9,067,723 times
Reputation: 5324
Quote:
Originally Posted by hindukid View Post
So if your seller doesn't care and the buyer is happy to be unrepresented what does it take for you to go along with it. Do you still expect the 6% commission or are you giving half of it back to your seller or some other amount.
First, I've almost never seen a 6% commission. The market in these parts hasn't been willing to pay that level of commission in quite some time. Second, why would I not deserve a higher commission if I'm the only agent involved. Whether I represent both parties of not, I think all the agents in this thread have been pretty cleear that we still have to shoulder more of the load and we're exposed to more risk by doing this.

Quote:
Originally Posted by hindukid View Post
So to be clear, you are stating its a non issue to have an experienced unrepresented buyer so long as he has no problem with you keeping the 6% commission.

Any experienced buyer who does all the work themselves and wants the savings to be passed back to the seller is still a problem.

You just don't have any issue with an experienced buyer coming in, doing all of their own work and handing you a double commission. You are an everyday Mother Teresa.
I can see by your immediate use of sarcasm that you are here to add something constructive to this discusssion.

It's still more work when an unrepresented buyer knows what they are doing, but there are slightly fewer headaches. I've yet to meet an unrepresented buyer who actually was as knowledgeable as a most of the real estate agents I've worked with. Also, as Bill has already pointed out, the commission agreement has nothing to do with the buyer. I don't see any sellers complaining if the agent gets the entire commission. Only buyers who want to save a buck. Maybe if you had an experienced negotiator on your side like say . . . a real estate agent you could get a better price without trying to reach into someone's pocket.
 
Old 08-07-2012, 04:04 PM
 
413 posts, read 700,167 times
Reputation: 294
I don't think any professional investor or experienced home buyer goes unrepresented because they just feel like it or because they want the selling agent to enjoy a juicy commission. They are doing it because they are hoping to save some money and have some of the savings passed back onto them.

If you say you are willing to work with an experienced unrepresented buyer that does not mean much unless you are willing to cut the commission.

That is the same as a landlord saying that he is willing to work with poor single income mothers as long as they are willing to pay full rental price.

I get the impression that Silverfall's statement was that he was willing to take on unrepresented buyers and pass on the savings.
 
Old 08-07-2012, 04:09 PM
 
413 posts, read 700,167 times
Reputation: 294
Quote:
Originally Posted by MikePRU View Post
First, I've almost never seen a 6% commission. The market in these parts hasn't been willing to pay that level of commission in quite some time. Second, why would I not deserve a higher commission if I'm the only agent involved. Whether I represent both parties of not, I think all the agents in this thread have been pretty cleear that we still have to shoulder more of the load and we're exposed to more risk by doing this.
That is the argument of this entire thread and really no need to rehash it. I was just clarifying your position. I would expect that just about any realtor would be willing to work with an experienced buyer and keep the entire commission. So basically your original statement was just that you willing to do what any other agent would be willing to do.
 
Old 08-07-2012, 04:11 PM
 
Location: NJ
17,579 posts, read 38,400,792 times
Reputation: 16101
Quote:
Originally Posted by hindukid View Post
They are doing it because they are hoping to save some money and have some of the savings passed back onto them.
Why do they think they deserve any of those savings being passed back to them? Personally they would be a distant third on my list as to who deserves the savings.

1. Me
2. My agent that got my house sold







3. Buyer
 
Old 08-07-2012, 04:24 PM
 
413 posts, read 700,167 times
Reputation: 294
Quote:
Originally Posted by Captain Bill View Post
  • The commission is a contract between my seller and myself.
  • Our commission arrangement is no one else's business
  • No one has the right to interfere with our contract.
  • A buyer who is not a licensed real estate agent has no right to any commission.
  • If a buyer wants a commission then get a real estate license
  • If they want a rebate, then hire a buyers agent who is willing to rebate a portion of their commission to them. There are those who will.
Is that clear enough for you?
Everything but the interference is clear enough. This is America and its a free country. There is no law that you have to work for a certain percentage and if you find clients dumb enough to give you the full 6% when the buyer comes on their own then I guess its your god given right.

Its also a country of free speech and somebody explaining to your seller what is happening and even encouraging him to rethink things is not tortiously interfering with your contract.

Good luck holding onto your model in the future though. Perhaps you are old enough that you will be retired by the time things change enough to really effect you or perhaps you will fiddle away like the majority of useless agents out there. The old way of doing things is dying fast enough.
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