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Answers (28)
Best Answer
- NTETS, "Mr Caveat"
- Contributions:6436
you tell him that he is welcome to break your buyer-broker agreement if he is unhappy with the commission he is getting on the deal. the seller's agent would be happy to take the whole thing.
if you havent agreed to such an arrangement, then dont pay
if you havent agreed to such an arrangement, then dont pay
- clc5150
- Contributions:2
No contract was signed. Agent tried to slip this into the closing.
There is no possible way to prove your 3% will outperform my 2% except for dollars in our pockets and is a poor example of determining value.
excellent point jkonstant. just for the record the 2 highest recorded sales on the Big Island this year $11,300,000 and $14,700,000 did not pay the usual 3% commission split. I severly doubt that either Buyer or Seller received sub-standard representation.
excellent point jkonstant. just for the record the 2 highest recorded sales on the Big Island this year $11,300,000 and $14,700,000 did not pay the usual 3% commission split. I severly doubt that either Buyer or Seller received sub-standard representation.
- Jeff Konstant, "jkonstant"
- Contributions:1970
Mark:
Your first argument here is, if they signed a buyer agency agreement with the pay spelled out, the agent is entitled to it. Most here agree with that. A contract is a contract.
Your other argument is not supportable. Your own example of doctors and lawyers is false. In the grand scheme of things there are unlimited examples of overpaid incompetence and underpaid excellence. There is no possible way to prove your 3% will outperform my 2% except for dollars in our pockets and is a poor example of determining value.
Your first argument here is, if they signed a buyer agency agreement with the pay spelled out, the agent is entitled to it. Most here agree with that. A contract is a contract.
Your other argument is not supportable. Your own example of doctors and lawyers is false. In the grand scheme of things there are unlimited examples of overpaid incompetence and underpaid excellence. There is no possible way to prove your 3% will outperform my 2% except for dollars in our pockets and is a poor example of determining value.
- Mark Ryan, "The Boxer Guy"
- Contributions:301
I am still shocked at the attitude of many here... So many think the buyer is being "screwed"... the buyer has yet to answer if they signed a CONTRACT or not??? If they did then how is it "screwing" them to expect them to honor the contract? How would you feel if in your job you showed up on Friday to pick up your check and your boss said... "you know what... I know you were expecting $10/hr but we are only going to be paying you $6.60/hr..." Would you just take that or would you still feel you were worth the $10 you VALUE YOUR LABOR FOR???
A good agent is not a monkey that opens the door for the buyer to walk in... Again a GOOD AGENT will know what they are worth and will earn it... can you find someone that will do it for less? YEP, and twice on Sunday... that does not mean they will be any good...
As for walking the dead beat path to another job... thanks but that is exactly what I will not be doing... Because I bring true VALUE to my clients they are happy to pay my fee. I am also not embarrassed to ask for it... I know I am worth it. If it was always about nothing more the the PRICE then we would all be driving YOGO's and there would not be any BMW's etc...
It is about VALUE and what service is being provided... I have had clients that have been very concerned they we were paid eneough and wanted to make sure we got our "bonus" even when we were already being compensated very well... I will be around because my team and I are good, earn a fair fee and have very happy clients... not because we are cheap... in real estate, like in many industries we have names for those that are willing to work for anything...
I would LOVE to hear back from the ORIGINAL buyer...
A good agent is not a monkey that opens the door for the buyer to walk in... Again a GOOD AGENT will know what they are worth and will earn it... can you find someone that will do it for less? YEP, and twice on Sunday... that does not mean they will be any good...
As for walking the dead beat path to another job... thanks but that is exactly what I will not be doing... Because I bring true VALUE to my clients they are happy to pay my fee. I am also not embarrassed to ask for it... I know I am worth it. If it was always about nothing more the the PRICE then we would all be driving YOGO's and there would not be any BMW's etc...
It is about VALUE and what service is being provided... I have had clients that have been very concerned they we were paid eneough and wanted to make sure we got our "bonus" even when we were already being compensated very well... I will be around because my team and I are good, earn a fair fee and have very happy clients... not because we are cheap... in real estate, like in many industries we have names for those that are willing to work for anything...
I would LOVE to hear back from the ORIGINAL buyer...
- Jeff Konstant, "jkonstant"
- Contributions:1970
I have a closing tomorrow on a $28K lot sale. The commission is being split 50/50 with a local Re/Max agent with whom I have had several co-ops over the years. He drove his clients around and showed them all the things they wanted to see and then a few others. I guarantee he did the same job for them as he has done when he has sold one of my $300K listings. I have assisted buyers with FSBO's for a flat $500, I have cut my commission to get a deal done, I have cut my commission to beat out another offer and I have kept the full commission as a dual agent. Years ago I sold a piece of land and had to split $150 with my broker. I never once hesitated because I didn't earn enough.
- klarek the realist
- Contributions:7044
Fire the agent. Considering the utter lack work needed on the buyers agents part, it's unbelievable he could be so selfish. See how he likes his zero percent commission.
And to "the boxer" agent Mr. Ryan below, nice job picking on your cohorts for not wanting to screw the client. You're right, there are too many agents in the field. Those that are adapting and willing to take a cut will survive, and you'll be walking the deadbeat path looking for another job.
And to "the boxer" agent Mr. Ryan below, nice job picking on your cohorts for not wanting to screw the client. You're right, there are too many agents in the field. Those that are adapting and willing to take a cut will survive, and you'll be walking the deadbeat path looking for another job.
- Professional Investor, "Sacramento Investor"
- Contributions:42
Sounds like you might want to get a new "buyers agent". Typically, I've seen the buyers agency commission higher than the listing agency commission these days.
Whenever I make an offer on a property I contact the listing agent directly and let them double end the deal (double commission). That way I'm sure to get the house I want!
Whenever I make an offer on a property I contact the listing agent directly and let them double end the deal (double commission). That way I'm sure to get the house I want!
- Mark Ryan, "The Boxer Guy"
- Contributions:301
Typically a buyer agent is free... there are no set commission rates but at least in our area a 3% commission to a buyer agent is very common.
As for the guarantee... there is none. BUT I would say that it is pretty universal that you get what you pay for. I CAN guarantee that you can find another agent that will work for less than what I will and I can guarantee that there are a ton of them with do not have the training, experience and/or level of service that I offer.
Again, would you hire a doctor, lawyer, dentist, accountant, financial adviser... why then the cheapest Realtor you can find... this is the largest financial decision you likely will make and the reality is the level of professionalism in the industry is pretty low... you need to ask questions and then pay for the expertise... Working with a "cheap" Realtor can COST you thousands...
As for the guarantee... there is none. BUT I would say that it is pretty universal that you get what you pay for. I CAN guarantee that you can find another agent that will work for less than what I will and I can guarantee that there are a ton of them with do not have the training, experience and/or level of service that I offer.
Again, would you hire a doctor, lawyer, dentist, accountant, financial adviser... why then the cheapest Realtor you can find... this is the largest financial decision you likely will make and the reality is the level of professionalism in the industry is pretty low... you need to ask questions and then pay for the expertise... Working with a "cheap" Realtor can COST you thousands...
- Jeff Konstant, "jkonstant"
- Contributions:1970
Now I'm totally confused. I thought working with a buyer's agent was free. I read and hear that all the time. And since when did paying more for something or someone, guarantee a higher level of quality or performance?
- Mark Ryan, "The Boxer Guy"
- Contributions:301
Workabee,
Sorry to confuse you... I stated in my response just what you did... If they signed a buyer agent agreement to pay 3% then they owe it... if not then they do not...
Not sure why I sound like someone with a lack of experience... I actually am a broker with a successful team and am ranked in the top 5% of all agents in the State...?
Sorry to confuse you... I stated in my response just what you did... If they signed a buyer agent agreement to pay 3% then they owe it... if not then they do not...
Not sure why I sound like someone with a lack of experience... I actually am a broker with a successful team and am ranked in the top 5% of all agents in the State...?
- Andrea Wince, "Diamond Investment R"
- Contributions:108
If you agreed to this arrangement in writing then you must honor it. I have never asked a client to do that.
- Michael Emery, "MikeEmery"
- Contributions:7283
The real estate business is kinda like playing Monopoly with your crazy Aunt Tessie.
Whether you like it or not, the rules of the game have changed. And either you play along with your crazy Aunt Tessie's rules or you sit in the corner and sulk.
As my office manager said in a recent meeting, agents are working alot harder for alot less money.
But that's the reality of realty.
Whether you like it or not, the rules of the game have changed. And either you play along with your crazy Aunt Tessie's rules or you sit in the corner and sulk.
As my office manager said in a recent meeting, agents are working alot harder for alot less money.
But that's the reality of realty.
"professionaly yours"
How about you "professionally" start following zillows policies:
no spam links, no phone numbers, no self promotion?
How about you "professionally" start following zillows policies:
no spam links, no phone numbers, no self promotion?
- daniel smrt, "DanielSmrt"
- Contributions:16
Greetings,
Hmmmm...Do you feel that he earned the the extra 1%, alot of agents working with buyers do incur expenses related to finding the right house. gas and time being the top. negotiation,paperwork,etc.
A contract is a contract, and if he is a good agent then he would have gone over the contract and explained it well, it is hard for a buyer under agreement to understand everything in a contract, at the top of the form it should have stated that this is a legal document and if needed to consult an attorney. But emotions run high when finding a house.
He should be happy that he has any possible commission and be happy with the coop commission, I believe that you should discuss this with him. If it only took a week to find a house then negotiate if you have spent many months with him hopefully he earned it.Professionally yours,Daniel Smrt
[content removed by moderator for being self promotional]
Hmmmm...Do you feel that he earned the the extra 1%, alot of agents working with buyers do incur expenses related to finding the right house. gas and time being the top. negotiation,paperwork,etc.
A contract is a contract, and if he is a good agent then he would have gone over the contract and explained it well, it is hard for a buyer under agreement to understand everything in a contract, at the top of the form it should have stated that this is a legal document and if needed to consult an attorney. But emotions run high when finding a house.
He should be happy that he has any possible commission and be happy with the coop commission, I believe that you should discuss this with him. If it only took a week to find a house then negotiate if you have spent many months with him hopefully he earned it.Professionally yours,Daniel Smrt
[content removed by moderator for being self promotional]
- workabee
- Contributions:1030
So professional of you Mr. Boxer Dog photo to call your fellow agents "pathetic" and "unprofessional." Makes you sound like someone with only a few years in the business angry at those with more experience willing got work with a client. If there is nothing stated in the contract, this client owes nothing but the 2% stated in the listing.
- Mark Ryan, "The Boxer Guy"
- Contributions:301
Wow... I am shocked at the number of unprofessional agents that answered this question... the general theme seems to be "hey I am so desperate for a pay check... I'll take whatever crumbs fall off the table"... that is pathetic!
If you did in fact sign an buyer agent agreement then it should have addressed the pay your agent is willing to work for. If you did then you are working with a professional and you need to and SHOULD pay him. If you did not sign an buyer agent stating that the agent would get 3% then he is only entitled to the 2%...
The big point I am trying to make is that there is such an oversupply of agents right now that you will surly find a ton of "I'll take what I can get" agents... Is that what you REALLY want? Would you hire a Dr, Dentist, attorney... heck almost anything... a contractor?? ANYONE that was willing to take a 33% cut in pay just because you found a good deal???
That is what you are expecting this agent to do... take a 33% pay cut.
Be GLAD that you have a real PRO working with you and not some bottom feeder that is willing to take "WHATEVER"... my hope is that the "whatever" those type of agents get is nothing and they get out of the business where they belong... It will be so much better for the clients and the industry in general...
Best of luck to you!
ps: My frustration / anger is not focused on you... it was an honest question... it IS focused on the "agents" that have no business being in our industry...
If you did in fact sign an buyer agent agreement then it should have addressed the pay your agent is willing to work for. If you did then you are working with a professional and you need to and SHOULD pay him. If you did not sign an buyer agent stating that the agent would get 3% then he is only entitled to the 2%...
The big point I am trying to make is that there is such an oversupply of agents right now that you will surly find a ton of "I'll take what I can get" agents... Is that what you REALLY want? Would you hire a Dr, Dentist, attorney... heck almost anything... a contractor?? ANYONE that was willing to take a 33% cut in pay just because you found a good deal???
That is what you are expecting this agent to do... take a 33% pay cut.
Be GLAD that you have a real PRO working with you and not some bottom feeder that is willing to take "WHATEVER"... my hope is that the "whatever" those type of agents get is nothing and they get out of the business where they belong... It will be so much better for the clients and the industry in general...
Best of luck to you!
ps: My frustration / anger is not focused on you... it was an honest question... it IS focused on the "agents" that have no business being in our industry...
- Michael Emery, "MikeEmery"
- Contributions:7283
- jkwast
- Contributions:5
Do you know how to read? What does the agreement with your buyer broker say?
- Theresa Lussier, "Theresa Lussier"
- Contributions:191
Did you sign a Buyer Broker Agreement? Those will often state a commission rate, but if not, all commissions are negotiable, as there is no set commission rate. Remind your agent of that. He should also show you the buyer's agent commission on the MLS listing, if you haven't seen it for yourself.
You can have any and all contracts read by a lawyer, if you have one. This might be an excellent time to use them.
You can have any and all contracts read by a lawyer, if you have one. This might be an excellent time to use them.
- Andrea Mazzoni
- Contributions:60
Paid commissions are always disclosed at the bottom of the " Agent's full page" of the MLS. I am pretty sure your Agent was fully aware of the 2% commission he was going to collect from this sale.
You don't have to pay him an additional 1%. It's part of this deal. Some sellers pay a 3%, some don't. In this particular situation, (whether it was a Foreclosure or not), that's what the seller was willing to pay the selling agent.
I would never ask my buyer to make up for the difference and I sure hope he didn't ask you either.
You don't have to pay him an additional 1%. It's part of this deal. Some sellers pay a 3%, some don't. In this particular situation, (whether it was a Foreclosure or not), that's what the seller was willing to pay the selling agent.
I would never ask my buyer to make up for the difference and I sure hope he didn't ask you either.
- Lori Lenihan, "Lori Lenihan"
- Contributions:3
Unless you signed something with them stating that they would be paid at least 3%, I would speak with the broker or manager of their office. Always make sure it is explained, and you understand what you are signing going foreward with your home purchase! It is close to the biggest purchase you will make in you life....
Good luck- Lori
Good luck- Lori
- SoCal_Engr
- Contributions:5655
Do yourself, and everyone else that has to deal with this agent, a favor. Talk to his broker and determine what, if any, buyer representation agreement you have.
Unless you signed a buyers representation agreement where you agreed to pay a 3% commission to "your agent", then what this agent is doing is slimy at best - and should be brought to the attention of his broker. If the broker won't help, then go to the broker's local franchise board (assuming the broker is affiliated with one of the larger RE franchises).
Unless you signed a buyers representation agreement where you agreed to pay a 3% commission to "your agent", then what this agent is doing is slimy at best - and should be brought to the attention of his broker. If the broker won't help, then go to the broker's local franchise board (assuming the broker is affiliated with one of the larger RE franchises).
- Looking in Clemson
- Contributions:1
I would tell the agent to take a hike and then go find another agent. Any agent who is trying to weasel the extra 1% our of you is trying to play the ignorance card on you. Don't fall for it.
If you have some form of exclusivity contract with him, do all you can to get out of it including legal action. every contract must have benefit to both parties to be valid. if you want to bail, not much can stop you. 2% is a great comission on a house. Especially if you didn't drag it out for months.
If you have some form of exclusivity contract with him, do all you can to get out of it including legal action. every contract must have benefit to both parties to be valid. if you want to bail, not much can stop you. 2% is a great comission on a house. Especially if you didn't drag it out for months.
most agents will accept the offered co broke...
What kind of agreement did you sign with this Agent?
- Bill Harrison, "Billharrison"
- Contributions:2
If you didn't sign anything then, no, you don't have to. If you signed an Exclusive Buyers Agreement (also known by a variety of other names, like a Buyers Representation Agreement, Buyer's Agency Contract, etc.) and it specifies that he gets a payment equal to 3% of the purchase price of the property, and the seller is offering only a 2% commission, then, yes, you owe him the money.
- wetdawgs
- Contributions:26756
No, that is not normal practice (unless you signed something to this nature in an exclusive buyer's agent contract). The commission that the agent receives is between the selling agent and the buying agent.
How irritating.
How irritating.
Do i have to pay a 1% commission to my agent (buying) because he's only making 2% on the deal.
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