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Thoughts on real estate agents and their commissions
Posted on 3/27/15 at 8:31 pm
Posted on 3/27/15 at 8:31 pm
I have my home on MilitaryByOwner for sale or rent. Another officer contacted me about the house and I have sent him a lot of info and extra pics. He told me he already had an agent. The agent contacted me this afternoon and wants to negotiate the deal to buy and get 3%. I think, not a chance. I have had a number of people interested to rent it. I would rather rent it for a few years then give this guy 3% for not doing anything for me. Thoughts?
21
Posted on 3/27/15 at 8:33 pm to CajunSuperJeff
Make the buyer pay if he wants to use an agent. There is such thing as a buyers agent though it is rarely done that way.
Posted on 3/27/15 at 8:33 pm to CajunSuperJeff
Do it.
Posted on 3/27/15 at 8:34 pm to CajunSuperJeff
then don't do it
Posted on 3/27/15 at 8:34 pm to CajunSuperJeff
quote:
. I would rather rent it for a few years then give this guy 3% for not doing anything for me. Thoughts?
If you want to sell the house to this particular man...you will pay his commission for bringing you a qualified buyer. If you don't want to pay his 3% commission move on and be happy and rent it out like you would prefer. Not that hard.
Posted on 3/27/15 at 8:35 pm to BigAppleTiger
Yup, that is our thoughts. There is no way I will pay a dude over $12K for not doing anything for me.
Posted on 3/27/15 at 8:37 pm to CajunSuperJeff
I would negotiate him to 1.5 or 2 percent if you want to sell it to this guy
Posted on 3/27/15 at 8:39 pm to CajunSuperJeff
quote:
over $12K
You're in the military with a house worth over $400K?
Must an officer with a hell of a housing allowance.
Posted on 3/27/15 at 8:39 pm to BigAppleTiger
quote:
If you want to sell the house to this particular man...you will pay his commission for bringing you a qualified buyer.
Yeah, the biggest plus to me for paying an agent is their clients are usually already well qualified, so you don't have to deal with people making offers, then not being able to follow through bc they can't get qualified for what they offer. It's just less hassle with a realtor, actually, to me - a good one though.
Posted on 3/27/15 at 8:39 pm to CajunSuperJeff
I've sold two houses on FSBO and paid buyers agents 1% and 1.5%. At the end of the day, it's all about the bottom line.
Posted on 3/27/15 at 8:45 pm to CajunSuperJeff
Tell the buyer that he can pay his real estate agent if he wants. I had this same situation happen to me when I was selling my house and sold it fairly easy without having to pay the real estate agent for 0 effort on their part.
Posted on 3/27/15 at 8:48 pm to CajunSuperJeff
What the agent did for you is bring you the buyer. But it is 100% your call. You don't have a duty here or anything. It's your money, your decision, your negotiation.
former realtor in al
former realtor in al
Posted on 3/27/15 at 8:49 pm to OhFace55
quote:
Must an officer with a hell of a housing allowance.
Yes, I am and the BAH in Colorado Springs is very high because the housing prices are astronomical.
quote:
Tell the buyer that he can pay his real estate agent if he wants. I had this same situation happen to me when I was selling my house and sold it fairly easy without having to pay the real estate agent for 0 effort on their part.
Yep. That's how we feel. This officer researched the house and did all of the leg work with me and this guy comes in and wants a commission. No thank you.
Posted on 3/27/15 at 8:52 pm to stout
quote:
There is such thing as a buyers agent though it is rarely done that way.
Disagree. A buyer's agent does not cost the buyer anything. The seller pays all fees (usually 6% commission split equally between the buyer's agent and the seller's agent).
So basically, a buyer gets free agency service (which is substantial) at the expense of the seller.
Posted on 3/27/15 at 8:53 pm to genro
quote:
What the agent did for you is bring you the buyer.
The agent didn't bring him to me. He found my house after the agent couldn't find anything he liked using the MLS listings for the area. But since he signed a contract with the agent previously, he has to go through the agent. Do not ask me what the contract said.
I will probably rent before I give this guy anything. Thanks for your thoughts.
Posted on 3/27/15 at 8:53 pm to genro
Did the agent bring him a buyer or did the buyer contact him and then want to involve the agent?
If the former the. The agent did do something for him, if the latter the tbe agent did nothing for him.
If the former the. The agent did do something for him, if the latter the tbe agent did nothing for him.
Posted on 3/27/15 at 9:00 pm to Tbobby
quote:
Disagree. A buyer's agent does not cost the buyer anything
No. There is a such thing as a buyers agent and a buyer can pay the commission if he chooses to. It's more common in commercial and higher end real estate but it does happen. Nothing is set in stone though the seller paying the commission is the accepted norm.
Source: I have been involved in real estate for 14 years and was an agent for 4.
quote:
Buying agent
Real estate
In the United States agents that buy real estate in this way are also known as property search agents or buyers’ agents and are professionals exclusively acting on behalf of a property buyer who assist the client during the entire purchasing process from sourcing the properties that correspond to the clients' requirements to negotiating the best possible price and terms with the seller and helping the client during the legal process to complete the acquisition.
Buying agents often preview properties on behalf of their clients, shortlist the most suitable, and usually accompany clients to all viewings. In order to ensure the most efficient property viewing experience, most agents offer a chauffeur and sometimes even helicopter viewings to their high-end clients. Often they will also offer personal concierge services which can schedule all viewings, book hotels, transfers and other amenities for the client. These services can be particularly useful to international clients who tend to fly in to view properties. In addition agents are typically able to connect the client with all necessary technical trades people who are required at different stages of the buying process such as lawyers, surveyors and other professionals.
Buying agents might have access to off-market properties through their network of contacts, although this depends on the market conditions and on how well connected the agent is locally.
The ethical behavior is a very important aspect to measure the professionalism of a buying agent: at any time they must advise their clients with no self-interest for their own success fee.
While initially buying agents catered exclusively to wealthier demographics, lately, especially in more competitive markets like London or Paris, the entry-level has significantly dropped to properties valued at around £500,000 or €500,000
Posted on 3/27/15 at 9:00 pm to novabill
If you are selling and either the buyer or seller have an agent, you will pay 6%.
This post was edited on 3/27/15 at 9:01 pm
Posted on 3/27/15 at 9:04 pm to CajunSuperJeff
quote:
But since he signed a contract with the agent previously, he has to go through the agent.
What state are you in? I'm no lawyer but that seems like it would be hard to enforce and bad PR for the RE firm. I always had people sign agency disclosures because Louisiana requires it but it is in no way binding. That would be stupid as a buyer to sign a contract because then you are held hostage.
However, the ethical thing is that if an agent brings a certain property to your attention then you use that agent to complete the transaction.
Posted on 3/27/15 at 9:05 pm to CajunSuperJeff
Yeah I can probably tell you that he has to stick with that agent. Generally on a buyer's agency agreement there's a 6-month provision (again, in AL) that any property purchased he is owed commission. It's all your call.
This post was edited on 3/27/15 at 9:06 pm
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