Why do we put up with banks and there agents? No buyer of my will pay a listing agent a fee

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July 10 2011 - US
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Answers (6)

Profile picture for Pasadenan
"...but I don't recall this particular argument." -

Well, technically you are correct;they didn't use a factor of 3; they used two other terms that are much more extreme....
1) "Worth their weight in Gold"... (well, we've already addressed that one multiple times)
2) "services they provide are PRICELESS" ...  (Meaning that it is worth "millions of dollars" to have representation for a purchase or sale of an item that is less than one million dollars).

So, I don't consider my statement about their statements "hyperbole", but rather an intentional "understatement".
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July 11 2011
Profile picture for Michael Helton
@SoCal: I think he may be referring to the NAR study which falsely claims that sales with Realtors had a 30% higher sales price?  I do see that card played pretty regularly.

As far as the OP, I am not sure why you would not pay the listing agent a fee.  Most REO's I see are pre-negotiated down to 2-2.5% anyway and it is what it is.  I prefer FSBO's, and think most agents are still overpaid, but if a listing has an agent why wouldn't you pay them?

It's like sitting down to dinner and then trying to negotiate the prices.  If you don't like the price go eat somewhere else.
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July 11 2011
Profile picture for sunnyview
I suppose if the banks or their agent won't pay you an agreeable commission, then you can do what some agents already do for FSBO's who offer no agent commission...ignore them.
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July 11 2011
Profile picture for SoCal Engr
@ Pasa...

"And we keep being told that the agents are worth at least 3 times what their fees are"

Me thinks this may be a bit of hyperbole. Many REAs have definitely defended the existing commission/fee structure, but I don't recall this particular argument.
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July 10 2011
Profile picture for Pasadenan
I'm also baffled...... as we keep being told that the seller pays the listing fee and the listing agent's fee and the listing agent's broker's fee, and the buyer's agent fee, and the buyer's agent's broker's fee.

And we keep being told that the agents are worth at least 3 times what their fees are... so what are you doing to upset your clients, and how are you not explaining the purpose of the fees?

If a client doesn't want to pay a fee, what they are really stating is they don't like the services you are offering and would rather seek other options.

And if that is the case, how can you call them "your" buyers?  They can't be your clients if they don't like the fee arrangement and won't accept the fee arrangement.
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July 10 2011
Profile picture for SoCal Engr
Other than spelling, what are you really trying to say? That REAs who represent REOs are arrogant? Obnoxious? Killing sales?

If your buyers won't pay fees to a listing agent, then are they also unwilling to look at traditional MLS listings? Since most buy-side REAs are still paid from seller proceeds, are you working under a different compensation model?

From prior posts by other REAs and consumers, I get a general impression that their is dissatisfaction with the banks on REOs, and even a REA distrust of REAs who represent REOs. If this is also your point-of-view, then are you advocating a boycott of REOs until the banks and their REAs start acting in a manner more to your liking? If so, what changes are you looking for?

Decent start of a post, and may actually have some content for discussion. Just leaves way too much "filling in of blanks" for those responding.
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July 10 2011
 
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