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Does it sound like he knows commission? He assumed 3% which may or may not have been correct, and he assumed he'd just get a discount for not having an agent.
Your scenario is different. You were negotiating with your agent based on a scenario. You were not interfering in someone else's contract.
True, he assumed the commission was the more traditional 6% split between sides. My listings give 2.5% to the buyer’s agent and 1% to the listing agent. But that’s why he asked the agent, and the question here. It was perfectly reasonable question to ask.
I also received an offer once where the buyer’s agent was offering up a portion of her commission to get the house for her client. Good realtors will sometimes do that. I have asked my title company to increase my agent’s commission on occasion. There are rules thumb but there is a lot of negotiating room as well. In this strong sellers market, not as much though. But it never hurts to ask as long as it’s done respectfully.
True, he assumed the commission was the more traditional 6% split between sides. My listings give 2.5% to the buyer’s agent and 1% to the listing agent. But that’s why he asked the agent, and the question here. It was perfectly reasonable question to ask.
I also received an offer once where the buyer’s agent was offering up a portion of her commission to get the house for her client. Good realtors will sometimes do that. I have asked my title company to increase my agent’s commission on occasion. There are rules thumb but there is a lot of negotiating room as well. In this strong sellers market, not as much though. But it never hurts to ask as long as it’s done respectfully.
And, I would respectfully tell a customer that it was a matter between me and my client.
Yup.
IF the buyer was so naive as to be insulted, I would reiterate the sound advice that they get professional representation.
I’ve bought a lot of houses and truth be told I’ve never had a listing agent suggest I bring in another realtor unnecessarily. They are more than willing to work both sides of the deal- especially when it involves a hassle free cash buyer.
I’ve bought a lot of houses and truth be told I’ve never had a listing agent suggest I bring in another realtor unnecessarily. They are more than willing to work both sides of the deal- especially when it involves a hassle free cash buyer.
Yes, there are greedy and unethical agents out there who would see naught but opportunity in milking a naive noob.
I recommend or require another agent as part of my fiduciary duty to take care of my client properly.
Licensees are compelled to be "fair and honest," and also taught to control liability as best possible.
Greedy opportunistic people who take advantage of less capable consumers fail on all three and are often liability timebombs for their clients.
Brokerage 101, regardless of how many people skate with poor behavior.
Yes, there are greedy and unethical agents out there who would see naught but opportunity in milking a naive noob.
I recommend or require another agent as part of my fiduciary duty to take care of my client properly.
Licensees are compelled to be "fair and honest," and also taught to control liability as best possible.
Greedy opportunistic people who take advantage of less capable consumers fail on all three and are often liability timebombs for their clients.
Brokerage 101, regardless of how many people skate with poor behavior.
The greedy and unethical agents aren't really that much of a problem. There aren't as many of them as the public likes to believe and they are quite easy to spot. The bigger problem s are actually the poorly trained and/or the agents who just don't care to do a good job, because their are so many of them out there right now. Maybe the 2nd falls into the greed category because they just want to get paid while doing the least work possible. The spineless wimps are bad also, because they won't tell the client what they need to hear sometimes for fear of upsetting someone.
Yup, the greedy agents are problematic but at least the greedy agents try to get to closing so they can get paid. See the post from last week where an agent didn't bother to return a message to a buyer who had made an offer for 3 days. That greedy agent is at least responding if it gets them paid.
I would agree. I can’t say I have run into agents who were greedy or unethical. For the most part they seem to try hard to follow their code of ethics. I have run into my share who were lazy, or to put it politely pretty darned bad. A wise buyer or seller would be smart to stay away from the friend of a friend, or the relative of a friend, or the relative who is a part time or inexperienced realtor, or the one who tells you what you want to hear.
Then again I did have to file a complaint with the state once against the buyers agent who gave their clients the keys to my house before closing. How did I find out? My former neighbor called me to tell me my “workers” left my garage door open and my house unlocked. What workers?
We rushed over to discover our four bedroom house had a wall demolished and was now a three bedroom house! This was all done without my knowledge two weeks before we were even scheduled to close.
The realtor’s excuse….well you said it was ok for them to go over and take measurements. Yes, I did. To be let in by you the so-called professional realtor to take measurements. Not to be freely given keys to my house two weeks before closing by your lazy ass so you could allow them to demo a house they didn’t even own.
The greedy and unethical agents aren't really that much of a problem. There aren't as many of them as the public likes to believe and they are quite easy to spot. The bigger problem s are actually the poorly trained and/or the agents who just don't care to do a good job, because their are so many of them out there right now. Maybe the 2nd falls into the greed category because they just want to get paid while doing the least work possible. The spineless wimps are bad also, because they won't tell the client what they need to hear sometimes for fear of upsetting someone.
Yup, the greedy agents are problematic but at least the greedy agents try to get to closing so they can get paid. See the post from last week where an agent didn't bother to return a message to a buyer who had made an offer for 3 days. That greedy agent is at least responding if it gets them paid.
Oh. Well, yeah. If you want to deflect concern about greedy and unethical behavior onto brokerages or teams who retain agents without training or supervising them, we are on the same page.
Working the buyer side in an out of control sellers' market has exposed me to more crap than I could recount.
LOL. Then there's the OpenDoor house we took a run at last week. Sheesh....
The point that is being overlooked here is that in a seller's market with listing agents receiving multiple offers, getting their seller to select an offer from a buyer who doesn't have a buyer's agent is an advantage to the listing agent since their commission is not automatically split in half.
Of course, if they are a realtor and not a broker, they ultimately receive less than half.
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