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)
 
Old 04-30-2018, 03:45 PM
 
Location: Raleigh NC
7,908 posts, read 6,234,720 times
Reputation: 7017

Advertisements

Quote:
Originally Posted by MikeJaquish View Post
Of course.
Such a fundamental point that escapes so many posters.
Work on the deal, not on the pique.

Emotions bring endless intrigue to real estate.
but it is also what makes the job nowhere near as easy as people think.

maybe that's it - those who claim it's a piece of cake and the road to riches are the completely unemotional type. It's nothing more than a business transaction.

"I will give you a list of features that I must have, and I will buy any house you show me within the stated budget that has those features."

"I will list my house at whatever price you tell me, and do whatever preparation you tell me, and sell it to any Buyer willing to pay within the average SP/LP of the market."
Reply With Quote Quick reply to this message

 
Old 04-30-2018, 04:09 PM
 
Location: Rochester, WA
3,924 posts, read 2,123,126 times
Reputation: 10864
Quote:
Originally Posted by illtaketwoplease View Post
not to beat a dead horse but... what you describe is the entire problem. you are saying to them that you are paid out of the proceeds -- but what exactly does that mean if the buyers agents commission rate being offered is less than the going average? and are you going to give them a hard time if that other place they want to see offers a 1% co-broke to you vs. 3%? the vast majority of consumers don't understand why a buyers agent would want more in a P&S contract, or worse yet what procuring cause is when that issue arises.
No, I would never do what the buyer's agent in this case is doing. I think it's wrong. I would not ask for more commission than is offered on the MLS, or in the case of a FSBO, what the FSBO is offering. If a FSBO has not publicly offered any compensation, I have that conversation with the seller first before making an offer.

Quote:
and many, many, many buyers would be very surprised to learn that someone driving them around to look at houses, in absence of a written buyers agency agreement, works for the seller of those houses and not the buyer.
Not in our state. Unless there is a signed listing agreement we are presumed to be representing the BUYER.


Quote:
does this mean the buyer is actually paying the real estate commission?
Yes, In the same way any buyer is funding the sale of the product. The actual compensation agreement though, is with the seller's agent.
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 04:12 PM
 
1,528 posts, read 742,668 times
Reputation: 2062
Quote:
Originally Posted by illtaketwoplease View Post
...
and many, many, many buyers would be very surprised to learn that someone driving them around to look at houses, in absence of a written buyers agency agreement, works for the seller of those houses and not the buyer.

does this mean the buyer is actually paying the real estate commission?

Even with a buyers agency agreement, it's not clear who's working for whom. The NAR clearly explains that the buyer's agent role is to help the seller's agent sell the house*. So the seller's agent pays the buyers agent to help him. Gee, that sounds a lot like 'working for' to me. But yes, there is the fiduciary responsibility and concept of agency but that's pretty weak when the context is that the buyer's agent is being paid to help the seller's agent sell the house*.

*Reference - https://www.nar.realtor/nar-doj-sett...mls-what-is-it
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 04:18 PM
 
Location: Rochester, WA
3,924 posts, read 2,123,126 times
Reputation: 10864
Quote:
Originally Posted by just_because View Post
Even with a buyers agency agreement, it's not clear who's working for whom. The NAR clearly explains that the buyer's agent role is to help the seller's agent sell the house*. So the seller's agent pays the buyers agent to help him. Gee, that sounds a lot like 'working for' to me. But yes, there is the fiduciary responsibility and concept of agency but that's pretty weak when the context is that the buyer's agent is being paid to help the seller's agent sell the house*.

*Reference - https://www.nar.realtor/nar-doj-sett...mls-what-is-it
JB... Is the buyer paying the commission, because they're the ones writing the check, or is the seller paying the commission, so we must work for them?

You're going to have to make up your mind which one is worse because you've told us now in this very thread that you have a big problem with it either way.
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 04:20 PM
 
Location: Cary, NC
31,747 posts, read 55,651,679 times
Reputation: 30355
Quote:
Originally Posted by GoPhils View Post
The caveat is that if for example a seller is offering 2.5% to the buyer's agent as opposed to the "standard" 3%, they are not planning to sell the house for any less than they would if they were offering 3%, and thus the buyer really isn't getting any savings.



If that's the case, I think the question would be why? Shouldn't she have told the buyer something like, "hey, the seller should really just care about their net, so even if I get them to agree to a higher commission, it's probably going to mean that we'll need to offer a higher price than we otherwise would have."



There wasn't much information at all. Like jackmichigan said, anything is possible, so considering the OP did not mention a price, it sounds to me like maybe the buyer's agent was trying to get the seller's agent to agree to a higher commission before even bringing price into it.
One reason to stick to the absolutely perfect input and advice I have offered throughout the thread is because of that dearth of information. One should stay focused on what they know.

I know that the OP has a question, and her question was, "If she's wanting more commission, than should we include that 1% in our counter?"
Of course they should, if they want to develop a transaction.

Successful negotiations usually include getting what you want when giving someone else what they want, unless you are confident that you have all the leverage and all the power. At that, you can kick deals away and still stumble into a contract with a desperate party.
Another thing we don't know is, just how many desperate buyers are lining up for the property?

If she wants to play juvenile emotional games, she can do any of the idiotic actions suggested by trolls and inexperienced drive-by twiddlers who proudly proclaim they would kick a deal away to triumphantly show their asses.

When anything is possible, watching your own side of the table without jumping to confusions about what is going happening on the other side of the table is the mark of a capable professional.
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 04:24 PM
 
Location: Rochester, WA
3,924 posts, read 2,123,126 times
Reputation: 10864
Quote:
Originally Posted by just_because View Post
I'm about done with you being deliberately obtuse on this topic, and I DON'T have an issue with the concept of being cooperative with other agents... but FWIW, the purpose of this article is to explain how the MLS works, not how AGENCY works.

Last edited by Diana Holbrook; 04-30-2018 at 04:39 PM..
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 04:55 PM
 
7,787 posts, read 5,480,594 times
Reputation: 14558
Quote:
Originally Posted by El Senor View Post
Laugh. And decline the offer in writing to both the agent and buyer. Let those buyers know she cost them the house.
Nailed it, El Senor!!!!!!!!!!!
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 04:57 PM
 
7,787 posts, read 5,480,594 times
Reputation: 14558
Quote:
Originally Posted by El Senor View Post
Laugh. And decline the offer in writing to both the agent and buyer. Let those buyers know she cost them the house.
Best answer!!!!!!
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 04:59 PM
 
Location: Cary, NC
31,747 posts, read 55,651,679 times
Reputation: 30355
Quote:
Originally Posted by mike1003 View Post
Nailed it, El Senor!!!!!!!!!!!
Quote:
Originally Posted by mike1003 View Post
Best answer!!!!!!
Actually, in the real world, that was one of the stupidest answers in the thread.

OP has a property to sell, and this won't make it happen.
Reply With Quote Quick reply to this message
 
Old 04-30-2018, 05:05 PM
 
6,368 posts, read 7,398,779 times
Reputation: 10834
Quote:
Originally Posted by just_because View Post
Even with a buyers agency agreement, it's not clear who's working for whom. The NAR clearly explains that the buyer's agent role is to help the seller's agent sell the house*. So the seller's agent pays the buyers agent to help him. Gee, that sounds a lot like 'working for' to me. But yes, there is the fiduciary responsibility and concept of agency but that's pretty weak when the context is that the buyer's agent is being paid to help the seller's agent sell the house*.

*Reference - https://www.nar.realtor/nar-doj-sett...mls-what-is-it
You continue to (mis)read too much into things.
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
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - 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 - Top