Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [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 05-16-2007, 12:15 PM
HDL
 
Location: Seek Jesus while He can still be found!
3,216 posts, read 6,771,933 times
Reputation: 8667

Advertisements

These are all the types of agents I would be looking for ! If I found out that my agent was trying to push higher commission homes on me, I would drop them like a HOT POTATO . And actually, I did have that happen to me the last time I bought and sold in 2005 .

I appreciate the other Realtor being 'honest', because truthfully what she states happens often and does give your whole industry a bad name. Now if only we could get more agents like the ones quoted below ! JMHO as always though .

p.s.
Don't hate me when I'm right !

Quote:
Originally Posted by austin-steve View Post
Wow. I'm disappointed. As a Realtor I think your attitude gives us all a bad rap. Your primary motivation should be to locate the very best home you can find for your buyer. By drooling over the one with the higher commission, you're placing your financial interests ahead of your buyer's needs, aren't you?

You've just described behavior that would be a violation of the Realtor Code of Ethics.
http://www.realtor.org/mempolweb.nsf/pages/code

Even if your buyer "picks" the house, how can you know that your advise isn't tainted by your desire to make more money?

No wonder the Feds are breathing down our throats over commissions. Maybe they're right and Realtors really are mostly greedy and selfish.

Steve
Quote:
Originally Posted by ep4property View Post
As a realtor, I don't agree with only showing listings with higher commission splits. I don't pick and choose based on percentage but rather if it works for my clients. If they are happy, that comes back to me in terrific ways...referrals! If they are not, I may have made a strong commission on that sale, but after that transaction, there may not be another. I understand that if someone is working in an area where "discount" brokers are the rule rather than the exception, it's hard to make a decent living. However, like anything else in business, a good mix is healthy and not all deals could be record breakers. I show my clients the listings that seem to meet their needs and criteria. If they like the house with a lower percentage, no problem...I still make money!
Quote:
Originally Posted by CharlotteAgent View Post
I am also disappointed with this post. Your supposed to have your clients interest above yours. If I am representing a buyer I could care less what the commission is as long as they find the home they are looking for. I personally never look at the commission until its time to write the contract as the lawyers always send over there closing sheets asking for this.

Represent your buyer to the fullest not your wallet!
Reply With Quote Quick reply to this message

 
Old 05-16-2007, 12:45 PM
 
Location: Burlington County NJ
179 posts, read 782,858 times
Reputation: 245
Happydawglady - At least you know there are agents out there who do this, you know, push the higher priced commissioned homes. Sorry you learned first hand in 2005 too. It's unfortunate, for now there's not much we can do. All we can do is educate the general public. I've only sold one house offering a bonus to the selling agent and before we went to the house, I advised my client about the bonus. Her mom, a former REA, was surprised as I had no reason to tell her this but felt it the honest thing to do. She did buy that place, but it was simply because she fell in love with it. I showed her several homes, from 1% commission to 3%+bonus. Honestly, as soon as she walked in, with the owner present, she said "I love this place, I'll buy it". Needlesstosay, we wanted to slap her! Of course, I work with agents who wouldn't show a house offering less than 2.5%, or if they are FORCED to show a house offering less than 2.5% they pick out every flaw. If your competing listings are offering 3% to the buyer's agent and you decide to offer 2%, you will not be employing all agents to sell your home. Sad, but unfortunately true. Not all agents are created equally.
Reply With Quote Quick reply to this message
 
Old 05-16-2007, 01:42 PM
HDL
 
Location: Seek Jesus while He can still be found!
3,216 posts, read 6,771,933 times
Reputation: 8667
Thumbs up It's really too bad that RE Agents don't realize

that the way they are going to stay in business for the long haul is: REFERRALS

If you treat me good, when I go to sell or buy again, who I am going to use or refer??? Guess what, it's YOU . And I'm a woman of my WORD!! I'm doing that now. I am referring past 'agents' because they did such an excellent job and I trust them to treat "my referrals" the EXACT SAME WAY !!

The agent that tried to steer me to homes she made more money on?! I not only didn't buy from her, I don't refer her either . The agent that spent time with me and drove me all around, but I didn't end up moving to his state?! I bought him meals several times while he was showing me homes, gave him a music CD, and 2 yrs later, after I had sold my home, I sent him a nice sized check $$$ just because I appreciated all he had done for me. I also referred him to someone posting on CD that was looking for an agent in Greenville, SC .

Treat me RIGHT, you have my business for LIFE . Treat me WRONG and I'll let everyone I know hear about it (and what with the internet, blogs and CD forum, it may be more people than you'd expect ) ! Real Estate is one of my passions and I probably know the market better than most in the business (not trying to brag ). When I give my hard earned opinion on the market, it's from 'hours and hours' of research and reading, etc. But the catch is, I have nothing to gain from giving my viewpoint. RE Agents do have something to gain and all I ask from you is to be a person of INTEGRITY please if you wish to have my respect and/or business.

I wish much SUCCESS to all reading my post!

Good day

Quote:
Originally Posted by jersey2nm View Post
Happydawglady - At least you know there are agents out there who do this, you know, push the higher priced commissioned homes. Sorry you learned first hand in 2005 too. It's unfortunate, for now there's not much we can do. All we can do is educate the general public. I've only sold one house offering a bonus to the selling agent and before we went to the house, I advised my client about the bonus. Her mom, a former REA, was surprised as I had no reason to tell her this but felt it the honest thing to do. She did buy that place, but it was simply because she fell in love with it. I showed her several homes, from 1% commission to 3%+bonus. Honestly, as soon as she walked in, with the owner present, she said "I love this place, I'll buy it". Needlesstosay, we wanted to slap her! Of course, I work with agents who wouldn't show a house offering less than 2.5%, or if they are FORCED to show a house offering less than 2.5% they pick out every flaw. If your competing listings are offering 3% to the buyer's agent and you decide to offer 2%, you will not be employing all agents to sell your home. Sad, but unfortunately true. Not all agents are created equally.
Reply With Quote Quick reply to this message
 
Old 05-16-2007, 01:52 PM
 
Location: Burlington County NJ
179 posts, read 782,858 times
Reputation: 245
INTEGRITY isn't something learned in RE class and unfortunately, there are too many folks out there practicing RE who just shouldn't be. You have a nice day too.
Reply With Quote Quick reply to this message
 
Old 05-16-2007, 02:02 PM
HDL
 
Location: Seek Jesus while He can still be found!
3,216 posts, read 6,771,933 times
Reputation: 8667
Thumbs up Just an FYI for those who are new here...

If you write (post) something we agree with or like on the forum, you can go to "My Settings" near the top left corner of the page and click on it to see the comments of people. Not all posters comment, but some do and it is nice to know WHO appreciates what you wrote. I have done that for quite a few people on this thread.

And THANK YOU 'jersey2nm' for your post and quick rep !

Quote:
Originally Posted by jersey2nm View Post
INTEGRITY isn't something learned in RE class and unfortunately, there are too many folks out there practicing RE who just shouldn't be. You have a nice day too.
Reply With Quote Quick reply to this message
 
Old 05-22-2007, 12:14 AM
 
Location: central California
114 posts, read 397,034 times
Reputation: 57
Wow! What a hot topic? It was an honest question, and an equally honest answer. It is a bit like a bigger 'bait', and it is suggested at some seminars as a way of getting that little edge in 'showings'. How each agent runs his/her business is like other businesses. Let's be patient with each other. Our clients just want their homes sold in the shortest time at the best price, and if it works in this market, then it works. If not, no harm has been done. It is only an idea that might help. I'm sure now no agent will ever admit they would show a home because of an increased buyer's agent commission. It's not a crime, it's an option. Lighten up. Commissions are the seller's choice, and negotiable, and if a seller can afford to offer 10%, and it is his choice, and his house gets sold because he needs to move on, are we going to tell him he cannot do it? Furniture and jewelry have huge mark ups. Who are we to say it should not be done? Just trying to see the big picture. .5 percent is not going to make me steer anyone to a place that is not what they want to see; what good would it do anyway? This is a seller's choice, in my humble opinion.
Reply With Quote Quick reply to this message
 
Old 05-22-2007, 12:20 AM
 
Location: central California
114 posts, read 397,034 times
Reputation: 57
that's .o5 % for the record. Typo.
Reply With Quote Quick reply to this message
 
Old 01-17-2008, 08:35 AM
 
Location: Houston, Texas
469 posts, read 1,481,661 times
Reputation: 295
Default Does Raising Buyers Agent Commission Work

I am a licensed real estate agent in washington and new york. In my experience raising the buyers agent commission is a excellent idea but half a percent is usually not enough. Also just raising the commission itself is not sufficient the listing agent must market it to the agents heavily and repeatedly. Whenever I have a house listed for 30 days without a contract I first use a increase in the buyers agent commission first this is usually much cheaper to my client when compared to having to reduce the price 5,000 to 10,000 before the price reduction is even noticed. For this strategy to work well the commission needs to be raised to 4% any less and I have not seen much sucess with it and more doesn't seem to increase its effectiveness. Adding to this some sort of incentive to the buyer (other than the norm of paying their closing costs) magnifies the effectiveness of raising the buyers agent commission. I think my average time on market of 43 days has alot to do with this strategy hope this helps.
Reply With Quote Quick reply to this message
 
Old 01-17-2008, 09:18 AM
 
Location: Houston-ish, TX
1,099 posts, read 3,725,331 times
Reputation: 399
Wow, I totally agree with the posts saying that you should find a way to offer a bonus to the BUYERs, not to their agent. If an agent is only looking at their commission, they are being selfish and not doing the best for their clients. I show my clients what they want to see, in an order that makes sense geographically.

It does happen though, an agent in my office was told that her listing wouldn't be shown unless she add $500 to the buyer's agent commission. I don't think that is ethical, it is not the way I work, and I wouldn't want to work with agents who only see dollar signs. Those are the agents who are making a bad name for the rest of us.
Reply With Quote Quick reply to this message
 
Old 01-17-2008, 12:59 PM
HDL
 
Location: Seek Jesus while He can still be found!
3,216 posts, read 6,771,933 times
Reputation: 8667
Thumbs up Good post MikiJayne!

You'd be the type of agent that I would want to work with if I lived in Indiana !

While people can and do 'lie' about many things here online , I have to wonder WHY some Real Estate 'Professionals' post what they do ! Don't they realize how many people will read their posts and may be in need of a GOOD agent either today or in the near future and think "No way do I want that Realtor!"

I recently had a Realtor call me after seeing my home on CL as a FSBO. She left me a message stating that she wanted to 'preview' my home for her clients. I won't go into ALL the details about how I knew she was 'fishing' for a listing, but suffice it to say that even though I admired her for doing something in this down housing market to find new clients, I had to say 'no way' to meeting with her! If she lied to me to get my listing, what could I expect from her if I signed on with her???!

Quote:
Originally Posted by MikiJayne View Post
Wow, I totally agree with the posts saying that you should find a way to offer a bonus to the BUYERs, not to their agent. If an agent is only looking at their commission, they are being selfish and not doing the best for their clients. I show my clients what they want to see, in an order that makes sense geographically.

It does happen though, an agent in my office was told that her listing wouldn't be shown unless she add $500 to the buyer's agent commission. I don't think that is ethical, it is not the way I work, and I wouldn't want to work with agents who only see dollar signs. Those are the agents who are making a bad name for the rest of us.
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 > Real Estate Professionals
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