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Old 04-11-2024, 12:25 PM
 
768 posts, read 858,141 times
Reputation: 2806

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A retired real estate broker licensed in 3 states and I think that if you decide to pay a buyer agent not representing you 1% of the entire commission, that is entirely your business. More and more buyers will contact your agent. I hope, for your sake, that you have something written into your contract that perhaps makes it worth your while for your agent to not only list but also sell your home. That is what we were supposed to do, eons ago. If the buyer broker is worth his/her salt, they will have an agreement in which they are paid, whatever is agreed upon from the buyer. Anyone purchasing a half-million dollar home can afford to pay their buyer broker. I never ever felt it fair to my seller or my company for me to have to negotiate a fee for a nameless, faceless individual who I know from experience wouldn't be doing anything except showing the house once or twice.
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Old 04-11-2024, 01:23 PM
 
Location: Cary, NC
43,264 posts, read 77,043,330 times
Reputation: 45611
Quote:
Originally Posted by LynnKrause1 View Post
A retired real estate broker licensed in 3 states and I think that if you decide to pay a buyer agent not representing you 1% of the entire commission, that is entirely your business. More and more buyers will contact your agent. I hope, for your sake, that you have something written into your contract that perhaps makes it worth your while for your agent to not only list but also sell your home. That is what we were supposed to do, eons ago. If the buyer broker is worth his/her salt, they will have an agreement in which they are paid, whatever is agreed upon from the buyer. Anyone purchasing a half-million dollar home can afford to pay their buyer broker. I never ever felt it fair to my seller or my company for me to have to negotiate a fee for a nameless, faceless individual who I know from experience wouldn't be doing anything except showing the house once or twice.
I never dealt with an agent who had no name and no face.
Are those common personal features in your area?

So, buyers agents don't write offers, show more than one property to a buyer, go to home inspections, do CMAs to consult on offer prices, etc, where you are?
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Old 04-11-2024, 02:01 PM
 
Location: Florida & Arizona
5,975 posts, read 7,365,693 times
Reputation: 7591
I would add that my very, very, very good brokerage found me a plumber in one phone call after I had called 10 and been turned down for some minor inspection items we agreed to repair. Amazingly, the plumber they use can come pretty much whenever they're needed - they'll be here tomorrow at 10.

This is the kind of service that earns a 3% commission. I'm sure it won't be the last in this deal.

RM
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Old 04-12-2024, 07:18 AM
 
Location: Columbia, SC
10,966 posts, read 21,972,507 times
Reputation: 10659
Quote:
Originally Posted by MikeJaquish View Post
I never dealt with an agent who had no name and no face.
Are those common personal features in your area?

So, buyers agents don't write offers, show more than one property to a buyer, go to home inspections, do CMAs to consult on offer prices, etc, where you are?
I hear what you're both saying. I believe Lynn is referencing committing 3% upfront to a buyer agent that is TBD. If you get a dud that complicates the deal, it would be nice to not have to pay them 3% sometimes. That's my interpretation, not how I feel.

That being said, I never minded until the last 3 years. There's so many more terrible new agents that I've had to deal with, I finally broke and started offering a lower co-broke. I wanted to offer a lower commission with an optional bonus that I could decide to pay or not pay based on their performance (communication, assistance in closing, etc) but our company attorney nixed it because he feared it would open us up to a lawsuit if someone cried discrimination. He's probably right, but as a listing heavy agent, I am looking forward to the changes at this point in that it will get rid of some of those agents and I'll probably make more. Brandon the agent looks forward to the changes. Brandon the humanitarian hates it for the buyers that will be harmed by the changes.
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