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Answers (14)
- Mark Malave, "Mark Malave"
- Contributions:172
Go to ZIp Realty and ask them. Oh wait, they are closing! That model does not work, it does not inspire loyalty or committment to the client.
- Jack Lewitz, "Jack Lewitz"
- Contributions:20
Personally.. I dont like this business model.. and think you get what you pay for.. and besides most RE commissions are not paid by the buyer anyways. It comes from the seller..
If the buyer needs money to close or for downpayment then why are they buying in the first place. Sellers sometimes pay closing costs and so do lenders.. i get tired when we the agents are always asking to cut our commissions.. enough is enough.
If the buyer needs money to close or for downpayment then why are they buying in the first place. Sellers sometimes pay closing costs and so do lenders.. i get tired when we the agents are always asking to cut our commissions.. enough is enough.
- Dennis & Jeanne McGuinn, "Philly Broker"
- Contributions:53
I'm sure if you search "discount real estate office in Chicago" or "low fee real eestate office in chicago" or "commission rebate" on Google you'll get some results of brokers that you can at least work out a representation agreement that you will be happy with and also get great professional service
- Bob Brandt, "BobBrandtRealtor"
- Contributions:1019
You should consider getting your own Broker's License and keeping all the money you earn(and decide what you will say when your client wants half).
- vabroker
- Contributions:164
GaryRealestate1,
Our business model in Virginia is we cap our commission at 2% of the sales price. This usually results in a 33% rebate or more.
Did you ever find a broker in Chicago willing to rebate their commission?
If so, it would be nice know. I'm always looking for flexible brokers to refer business to if they are experienced and competent. Keep investing and spread the word.
Our business model in Virginia is we cap our commission at 2% of the sales price. This usually results in a 33% rebate or more.
Did you ever find a broker in Chicago willing to rebate their commission?
If so, it would be nice know. I'm always looking for flexible brokers to refer business to if they are experienced and competent. Keep investing and spread the word.
- Rex Osborne, "Rex Osborne"
- Contributions:49
If you are just looking for a licensed agent to let you in the property and to prepare an an offer for you, why not ask for a larger rebate? Maybe 80% or 90%.
If you want a professional broker, who will save you time, money and take on liability. A broker who actually brokers the deal and can share information with you about the community, the current market trends, abstact and abtrusive information only known by an experienced local broker, then offer to pay him 50% more. I truly believe the latter choice will make you wiser, happier and wealthier. Possibly a lifetime relationship which will continue to add value to your life and your bank account.
- Dan, "the_country_hick"
- Contributions:4709
Look at the link below. A similar question was asked awhile ago. This video really shows how it went.
Similar Conversation on Trulia Voices
There is a link to the thread that conversation came from under the video.
That just shows that not all agents are willing to accept that you can do this.
Similar Conversation on Trulia Voices
There is a link to the thread that conversation came from under the video.
That just shows that not all agents are willing to accept that you can do this.
- GEChicago
- Contributions:17
Does anyone have any experience with closing cash realty? It seems they offer 40% rebate on purchases from 150-350k
- Vivianne Rutkowski, "VivianneRutkowski"
- Contributions:925
Gary,
The buyer agent's cash back bonus MUST be listed on HUD-1 - it's the federal law, uncle Sam likes to keep the transactions clean as much as possible. No money exchanged under the table in real estate transactions :-)
Unless you are financing with cash, buyer agent's bonus must be approved by the buyer's lender.
Also, short sales must be arms length transactions - even though on the surface, the buyer agent's bonus does not effect the seller or the seller's lender, it does raise some legal and ethical concerns/questions.
FINALLY, all the above aside, you want the agent to do all the market analysis for you and share with you all their knowledge of the industry..... you want the agent and the BROKER to take on all the LEGAL responsibility that comes with real estate representation ..... and you want them to give YOU a 50% CASH BACK BONUS..... all for the HONOR of representing you......
I say, why don't YOU get a license and offer 50% cash back bonus services???
I think you'll find out soon enough if it's a good idea or not - and then we'll all have a good healthy laugh :-)
The buyer agent's cash back bonus MUST be listed on HUD-1 - it's the federal law, uncle Sam likes to keep the transactions clean as much as possible. No money exchanged under the table in real estate transactions :-)
Unless you are financing with cash, buyer agent's bonus must be approved by the buyer's lender.
Also, short sales must be arms length transactions - even though on the surface, the buyer agent's bonus does not effect the seller or the seller's lender, it does raise some legal and ethical concerns/questions.
FINALLY, all the above aside, you want the agent to do all the market analysis for you and share with you all their knowledge of the industry..... you want the agent and the BROKER to take on all the LEGAL responsibility that comes with real estate representation ..... and you want them to give YOU a 50% CASH BACK BONUS..... all for the HONOR of representing you......
I say, why don't YOU get a license and offer 50% cash back bonus services???
I think you'll find out soon enough if it's a good idea or not - and then we'll all have a good healthy laugh :-)
- Matt Laricy, "Matt Laricy"
- Contributions:1621
Phil I wouldnt consider myself a rookie agent. I have been around the business my whole life, as well as been a licensed broker for over 6 years. I would consider rookie 1 or 2 year experience.
Gary I am not sure how redfin works. I was just saying I thought 20% was the limit, but there is a good chance I am wrong. Since my post, I looked it up and I was wrong. There is no limit it seems as to how much one can give back. I was wrong about the cap.
Gary I am not sure how redfin works. I was just saying I thought 20% was the limit, but there is a good chance I am wrong. Since my post, I looked it up and I was wrong. There is no limit it seems as to how much one can give back. I was wrong about the cap.
- GEChicago
- Contributions:17
Matt, how does redfin do a 50% commission rebate on anything over 175k, if there is as you say a 20% cap?
- Philip Sencer, "Philip_Chicago"
- Contributions:551
Oh contraire! A Broker who happens to own his own firm and therefore does not need to share his commission with the firm or anyone else might be willing to consider this, particulary in the slowest season of the year given certain parameters. A Broker who has been in the business 20+ years might also since they might be a bit more 'efficient' than a rookie agent. Since Zillow does not allow us to 'promote' ourself on this site I suggest that you review my website for more information and let me know if you have questions.
- Ryan Gossett, "ryanmgossett"
- Contributions:83
Why do you want an agent. Anyone who would agree to this is only going to make your job harder?
- Matt Laricy, "Matt Laricy"
- Contributions:1621
I may be completely wrong, but I think legally you can only give back 20%. Either way, an agent looking to agree to this is going to be a desperate agent that isn't doing much business. Your quality is going to be minimal at best. But I see your point of view. Your trying to save money where you can.(as most people are these days) I would maybe consider another option. Just call the listing agent directly. See if they will just forfeit the buyers commission completely if you buy it right off of them. They are probably giving out anywhere from 2-3% commission. I doubt it would work, but could be a better option than what you are looking for.
Experience buyer looking for agent that will do a commission rebate on 300k+ Sale
I am looking for an agent that will do a 50% commission rebate.
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