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Hi there. I just picked up on this post so let me put my two cents in.
Buyer agent commissions can be structured so that part of what they receeive is rebated to their client, the buyer. It is perfectly legal if it is structured correctly. It is completely illegal if it is structured incorrectly, so be careful.
If you are going to pursue this, I suggest that you deal with a broker and not a salesperson. Most salespeople will not have enough left after their split for anything to go back to you.
The high end market is hurting just like the rest of the market. I suspect that you will find someone who is willing to work with you, but probably not at the 50% level that you are seeking.
Hi there. I just picked up on this post so let me put my two cents in.
Buyer agent commissions can be structured so that part of what they receeive is rebated to their client, the buyer. It is perfectly legal if it is structured correctly. It is completely illegal if it is structured incorrectly, so be careful.
If you are going to pursue this, I suggest that you deal with a broker and not a salesperson. Most salespeople will not have enough left after their split for anything to go back to you.
The high end market is hurting just like the rest of the market. I suspect that you will find someone who is willing to work with you, but probably not at the 50% level that you are seeking.
Thank you for your helpful response.
I continue to find it strange that there are probably hundreds of agents who would be very happy to work on a $1 million house purchase at the standard full commission rate, but apparently will turn down earning the same amount of money on a $2 million or more house transaction at a lower percentage rate.
I am leaning towards using Redfin but I need to do some research into how they may differ from other brokers.
Especially if I'm at a restaurant with a big group where they automatically add the tip to the check.
I say to the waiter, "Listen here, you can have 10% of the 20% your restaurant will add to our check and you give me 10% just for the pleasure of doing business with us. Otherwise, we are going to another restaurant! Everybody already knows what they want to eat anyway because we already read the menu your restaurant posted on the internet. We will be so easy to serve! See how simple your job is now that there is internet research available?"
I continue to find it strange that there are probably hundreds of agents who would be very happy to work on a $1 million house purchase at the standard full commission rate, but apparently will turn down earning the same amount of money on a $2 million or more house transaction at a lower percentage rate.
I am leaning towards using Redfin but I need to do some research into how they may differ from other brokers.
I continue to find it strange that there are probably hundreds of agents who would be very happy to work on a $1 million house purchase at the standard full commission rate, but apparently will turn down earning the same amount of money on a $2 million or more house transaction at a lower percentage rate.
I am leaning towards using Redfin but I need to do some research into how they may differ from other brokers.
I'm sure many agents would work with you. From my daily experience, most agents are not that good at what they do. The top 10% are worth every penny. When I'm involved in high end deals, there is alot more issues, demands, attitudes, request, counter requests, timing issues etc. They are just more complicated.....so are the houses!
I've seen many high end deals go South because the agent was over their head in the deal. High end sellers can be very, very demanding. One wrong word and "poof" deal is dead.
I was always under the impression that the commission rates on these high end deals were slightly lower but I could wrong.
The very high end deals....the agents really only work in one or two towns and they know everything about that market. They know every house (listed and unlisted or about to be listed). They know the orginal owner, the current owner etc. Sometimes, this info is priceless. They have a great sense of what the actual market value is.
I'm sure many agents would work with you. From my daily experience, most agents are not that good at what they do. The top 10% are worth every penny. When I'm involved in high end deals, there is alot more issues, demands, attitudes, request, counter requests, timing issues etc. They are just more complicated.....so are the houses!
I've seen many high end deals go South because the agent was over their head in the deal. High end sellers can be very, very demanding. One wrong word and "poof" deal is dead.
I was always under the impression that the commission rates on these high end deals were slightly lower but I could wrong.
The very high end deals....the agents really only work in one or two towns and they know everything about that market. They know every house (listed and unlisted or about to be listed). They know the orginal owner, the current owner etc. Sometimes, this info is priceless. They have a great sense of what the actual market value is.
The last high-end multi-million dollar property to close in my neck of the woods did not have a set commission rate. It was a flat fee - non negotiable. In looking at the original listing paperwork said fee turned out to be more more than the standard commission percentage!
If you want to be a cheap bastard, then dont use a buyers agent.
Deal with the selling agent directly.
You can use Zillow, property shark, public records, etc. to get comparables.
Have your lawyers review any contracts, paper work.
I am currently looking for a house as well, but it seems every buyer agent I have use so far is a bored housewife, adding no more insight to real estate than what I can easily get from Zillow, Trulia etc.
If you want to be a cheap bastard, then dont use a buyers agent.
Deal with the selling agent directly.
You can use Zillow, property shark, public records, etc. to get comparables.
Have your lawyers review any contracts, paper work.
I am currently looking for a house as well, but it seems every buyer agent I have use so far is a bored housewife, adding no more insight to real estate than what I can easily get from Zillow, Trulia etc.
I would be very careful of the online info......really not that realible........use public records.
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