Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-02-2007, 02:57 PM
 
Location: SC
9,101 posts, read 16,405,674 times
Reputation: 3619

Advertisements

How many home sellers out there have reduced commissions before signing the P&S agreement to compensate for low ball offers and poor ability of agents to get reasonable sales prices on your home?

Aren't most agents willing to accept less? After all something isn't better than nothing?

Have any agents ruined a deal (told their buyers not to go though with it) when a seller did this?
Reply With Quote Quick reply to this message

 
Old 11-02-2007, 03:15 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,242,078 times
Reputation: 6469
Real Estate commissions are negotiable and I always hold firm on my rates at the beginning. I've conceded commission dollars during negotiations when that would make a difference between success and failure, but I would disagree with your characterization about "poor abilities to get reasonable sales prices".

I get paid more if I get a full price offer. It's in my best interest to get the best price I can. Maybe someday I'll have the ability to implant the phrase "pay the asking price" into my buyer client's psyche, but until that happens, my duty to both parties is to put something together and help them arrive at a mutually agreeable price.
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 03:26 PM
 
Location: Hernando County, FL
8,488 posts, read 20,566,018 times
Reputation: 5397
Quote:
Originally Posted by emilybh View Post
How many home sellers out there have reduced commissions before signing the P&S agreement to compensate for low ball offers and poor ability of agents to get reasonable sales prices on your home?

Aren't most agents willing to accept less? After all something isn't better than nothing?

Have any agents ruined a deal (told their buyers not to go though with it) when a seller did this?
If a house is listed for $200,000 at 6% the total commission for both agents would be $12,000.
If an offer was accepted at $180,000 the seller would be taking 10% less and in doing so the agents would also get 10% less.
I take it from your thinking that the agents should be willing to accept 5% instead of 6% since you took $20,000 less.
So you would still be getting 10% less but now the agents would be making 25% less. (Actually you would get a little more since you want to cut the agents commission)
When you list a home for sale you sign an agreement to pay a certain amount upon closing, why should the agent accept less after everything is done just so you can make more?
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 03:26 PM
 
9,848 posts, read 30,212,206 times
Reputation: 10516
Quote:
Originally Posted by emilybh View Post
After all something isn't better than nothing?
I wonder how you would respond if your boss told you that after he/she decides you didn't live up to their expectations during the last pay period.

"Hey emily.....I know we have a contract with you to pay $XYZ, but I don't think you did as good of a job as you could have this month....so we are docking your pay 25%. Why are you upset? I mean something is better than nothing right?"

That is sure to be a crowd pleaser.
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 03:29 PM
 
Location: Hernando County, FL
8,488 posts, read 20,566,018 times
Reputation: 5397
Quote:
Originally Posted by North_Raleigh_Guy View Post
I wonder how you would respond if your boss told you that after he/she decides you didn't live up to their expectations during the last pay period.

"Hey emily.....I know we have a contract with you to pay $XYZ, but I don't think you did as good of a job as you could have this month....so we are docking your pay 25%. Why are you upset? I mean something is better than nothing right?"

That is sure to be a crowd pleaser.
I think a better analogy would be, We know we told you we would pay you $X amount for this week but the company wants to make more profit so we are only going to pay you $Y amount.
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 05:10 PM
 
45 posts, read 215,160 times
Reputation: 19
Quote:
Originally Posted by North_Raleigh_Guy View Post
I wonder how you would respond if your boss told you that after he/she decides you didn't live up to their expectations during the last pay period.

"Hey emily.....I know we have a contract with you to pay $XYZ, but I don't think you did as good of a job as you could have this month....so we are docking your pay 25%. Why are you upset? I mean something is better than nothing right?"

That is sure to be a crowd pleaser.

Very well said
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 05:11 PM
 
Location: SC
9,101 posts, read 16,405,674 times
Reputation: 3619
Quote:
Originally Posted by North_Raleigh_Guy View Post
I wonder how you would respond if your boss told you that after he/she decides you didn't live up to their expectations during the last pay period.

"Hey emily.....I know we have a contract with you to pay $XYZ, but I don't think you did as good of a job as you could have this month....so we are docking your pay 25%. Why are you upset? I mean something is better than nothing right?"

That is sure to be a crowd pleaser.
Yeah but what if you had discussed it and orally agreed to it 6 weeks before but then as the time grew nearer
decided you didn't like your decision? That's what's happened here.
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 05:13 PM
 
Location: East Tennessee
3,928 posts, read 11,563,894 times
Reputation: 5259
Quote:
Originally Posted by emilybh View Post
After all something isn't better than nothing?
Huh? Sorry Emily. I don't think that's what you meant, but it made me giggle.
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 05:22 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,242,078 times
Reputation: 6469
Quote:
Originally Posted by emilybh View Post
Yeah but what if you had discussed it and orally agreed to it 6 weeks before but then as the time grew nearer
decided you didn't like your decision? That's what's happened here.
Who discussed it with whom? If I told you I would do that, I'd back it up (and hate myself for having said it) no matter what the paperwork said.

I recently had a transaction where the seller was pleading abject poverty and I told her I would help out as much as I can when it came to closing. The preliminary title report came back and she's walking with $250K in her pocket and I'm pretty sure I will make someone who wants my money to prove to me they can't afford it.

I hate little old ladies that sandbag me.

Last edited by DMenscha; 11-02-2007 at 05:24 PM.. Reason: spelling
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 05:23 PM
 
Location: SC
9,101 posts, read 16,405,674 times
Reputation: 3619
Quote:
Originally Posted by Mike Peterson View Post
I think a better analogy would be, We know we told you we would pay you $X amount for this week but the company wants to make more profit so we are only going to pay you $Y amount.

Actually a better analogy would be: you saw the sales quota and the commission associated with each revenue amount provided 6 weeks ago. Considering your sales were less than the lowest level, don't whine and complain that you aren't getting paid at the highest level.

I actually did give the agent different price points and what the commissions would be reduced to at each one and he said he "had no problem with that". The lowest price point was $7500 more
than what the selling price was.

Now he's threatening to ruin the deal if he doesn't get the highest commission level and claims he doesn't agree even though he received multiple written messages with the commissions spelled out.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top