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Old 05-01-2018, 03:55 PM
 
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Quote:
my Agency agreements are typically exclusive agreements, so that's not an option.
that's a problem right there -- likely not realized by buyers when signing an exclusive agreement.
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Old 05-01-2018, 03:57 PM
 
3,800 posts, read 1,730,758 times
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Quote:
Where do you believe that most asking prices come from? Seller emotion.
hardly.
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Old 05-01-2018, 03:57 PM
 
Location: Cary, NC
31,647 posts, read 55,374,605 times
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Quote:
Originally Posted by illtaketwoplease View Post
that's a problem right there -- likely not realized by buyers when signing an exclusive agreement.
It says "EXCLUSIVE BUYER AGENCY AGREEMENT" at the top of the page.

Likely not missed by many buyers.
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Old 05-01-2018, 04:00 PM
 
167 posts, read 72,867 times
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Originally Posted by BoBromhal View Post
Where do you believe that most asking prices come from? Seller emotion.
Hardly. Otherwise a CMA wouldn't exist.
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Old 05-01-2018, 04:02 PM
 
Location: Raleigh NC
7,781 posts, read 6,136,961 times
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Quote:
Originally Posted by illtaketwoplease View Post
that's a problem right there -- likely not realized by buyers when signing an exclusive agreement.
I don't know, it says exclusive in all caps along the top, and I explain that means I will be their Realtor until they buy a house. Unlike Mike. You should give him kudos, the standard agreement doesn't have a cancellation policy; he writes it in. I don't write it in, but have certainly cancelled exclusive agency when appropriate.
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Old 05-01-2018, 04:09 PM
 
167 posts, read 72,867 times
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Quote:
Originally Posted by illtaketwoplease View Post
that's a problem right there -- likely not realized by buyers when signing an exclusive agreement.
Highly unlikely. It's pretty clear when you sign with an agent what the intention of that is. Now, I've done exclusive to specified properties - had to when buying 3 and selling 4 at the same time. It's a PITA to write a new contract for every offer, but it made it easier in the long run.
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Old 05-01-2018, 04:16 PM
 
Location: Raleigh NC
7,781 posts, read 6,136,961 times
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Quote:
Originally Posted by El Senor View Post
Hardly. Otherwise a CMA wouldn't exist.
is there any particular reason that you've chosen to direct the conversation this way?

Here's my original post, that listed 3 reasons:

Quote:
a property is worth different amounts to different parties. ONE:that could be from choosing different comps, TWO: on an investment property it could be wanting a higher return. THREE and it can be emotion.
For whatever reason, it seems you are ignoring 2/3 of the reasons, and even the first 2 reasons I cited (and I will say that I put them in order).

one of the foibles of resale real estate is that it's not a commodity, and it's not a product you readily choose your options, get it built, and know the price.

There is no perfect substitute of one house over another. Even in a tract neighborhood with 4 floorplans and 3 elevations, no 2 lots are the same, and no 2 sellers have kept the home the same.

Of course, when a capable agent and a well-informed Seller sit down and discuss price, the CMA shows a range at which the asking price should be set. And then the Seller chooses.

And if the home sells, fantastic, everyone did their job. But if the home doesn't sell in a reasonable amount of time to that market, then the pool of Buyers looking then are telling you the price is off.
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Old 05-01-2018, 04:31 PM
 
Location: northern va
1,555 posts, read 1,996,248 times
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Quote:
Originally Posted by Diana Holbrook View Post
As a frequent buyer's agent, I will accept some lower commissions, but I would really resent anything other than a 50-50 split.

We don't see uneven splits very often, that I know of.
Cant say I've ever cared. Before I show a house via the MLS, I see the fee listed and 'agree' to it. If the listing agent agreed to charge 10% to the seller and only offer 2.5% of that for the co-op, more power to them..

I had a listing back when we were still on HUD1's (and you could see commissions listed), to get the deal done I agreed to match a reduction (.5%) that the buyers agent offered to get his clients offer accepted, so a total of 1% less in commission paid by my sellers.. That took the buyers agent from the MLS advertised 2.5% down to 2.0% (which he acknowledged and agree to), and me from 3.0% down to 2.5%..

When he saw the HUD1 (and my overall .5% higher commission) he was pissed, he was calling every and anyone he could to complain, and called me out for being unethical and said he'd never work with me again .. He clearly had no leg to stand on, and cared more about my making $1,300+/- more than the fact I took a reduction to help his client get their offer accepted
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Old 05-01-2018, 04:38 PM
 
Location: Cary, NC
31,647 posts, read 55,374,605 times
Reputation: 30193
Quote:
Originally Posted by kww View Post
Cant say I've ever cared. Before I show a house via the MLS, I see the fee listed and 'agree' to it. If the listing agent agreed to charge 10% to the seller and only offer 2.5% of that for the co-op, more power to them..

I had a listing back when we were still on HUD1's (and you could see commissions listed), to get the deal done I agreed to match a reduction (.5%) that the buyers agent offered to get his clients offer accepted, so a total of 1% less in commission paid by my sellers.. That took the buyers agent from the MLS advertised 2.5% down to 2.0% (which he acknowledged and agree to), and me from 3.0% down to 2.5%..

When he saw the HUD1 (and my overall .5% higher commission) he was pissed, he was calling every and anyone he could to complain, and called me out for being unethical and said he'd never work with me again .. He clearly had no leg to stand on, and cared more about my making $1,300+/- more than the fact I took a reduction to help his client get their offer accepted


"Never count the other guys' money."
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Old 05-01-2018, 04:42 PM
 
1,528 posts, read 728,653 times
Reputation: 2062
Quote:
Originally Posted by BoBromhal View Post
I don't know, it says exclusive in all caps along the top, and I explain that means I will be their Realtor until they buy a house. Unlike Mike. You should give him kudos, the standard agreement doesn't have a cancellation policy; he writes it in. I don't write it in, but have certainly cancelled exclusive agency when appropriate.
No kudo. The problem with that clause is that even he can't explain how it works and exactly when you can no longer cancel. It says "prior to location of a suitable property" but what the heck does that specifically mean? We asked but he could not properly explain it.

Consumers should understand what they are signing and it should be straightforward. Otherwise they will get a false sense of security. I would say, particularly when dealing with someone so bent on 'being right'. You might get "no I located you a suitable property. I ran an MLS search and lots of suitable properties came up for you. I'm right, you're wrong and you're not going anywhere".

That's what I think consumers should be afraid of here.
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