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Has anyone had a realtor offer a rebate program, and if so did you actually get the rebate or were there "reasons" it didn't end up happening?
Twice now we have had a realtor off to give us half her commission check. One time it was because we were referred by a neighbor, another time it was because I work as a first responder. The first time I thought it was an interesting but unusual way to get clients, now I'm wondering if this is common.
The offers are presented this way "To say thank you to our first responders, I'll give you half of my commission at closing, as long as you do everything I say."
It's that caveat with vague wiggle room that makes me wonder if these offers never actually happen. Or maybe I'm being too suspicious? If other people have had good experiences with offers like this I'll give the benefit of the doubt.
Never heard of someone doing a rebate in that amount for the reasons posted. I would say it's sounds like someone desperate to secure a client at any cost but I don't know. But to answer your question, it's not common.
I have heard of it but it usually comes from inexperienced agents desperate for business. Since this is quite a bit of money and a large investment, one way or another, you may be paying for something you thought was a good deal.
1/3 rebate is more common. some companies tie the rebate to the amount of work they actually do, i.e. - you buy one of the first 3 houses I show you the rebate is "XX", after that the rebate goes down... etc.
it is also possible that they want to "lock you up" and make you sign an agreement whereby you must use them to buy or sell. careful on signing anything a realtor presents you because their forms are written for their benefit by their lawyers.
I know the Soup of the Day is to bash Realtors but I can't imagine why they would do that. The reality is that most don't really make a whole lot of money for the time invested and by the time that 6% gets divvied up it becomes more like 2% and listing expenses still have to be paid as well as desk fees.
I don't like the qualifier "do everything I say". And I've never heard of half. Maybe the agent would list and sell a house? I've heard of a smaller percentage. Some places I know have to be careful about the wording of this so it's legal/ethical.
I would say it's common in my experience. I've actually rebated money back to buyers/sellers, reasons vary but it's easy to do and you just enter the amount in the CDA to the Title Company prior to closing.
I would have a definition of "do everything I say" before I committed to anything, and particularly before I committed to agency as a buyer or a seller.
Vague language is the enemy of understanding.
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