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re: Thoughts on real estate agents and their commissions
Posted on 3/27/15 at 9:07 pm to CajunSuperJeff
Posted on 3/27/15 at 9:07 pm to CajunSuperJeff
quote:
But since he signed a contract with the agent previously, he has to go through the agent.
When I was buying a house a few years back, I had an agent tell me that it was "standard practice" for agents to require buyers to sign an exclusive buyer/agent contract.
I just laughed at him and walked away.
1
Posted on 3/27/15 at 9:08 pm to genro
quote:
Generally on a buyer's agent contract there's a 6-month provision (again, in AL) that any property purchased he is owed commission
These wouldn't be limited to MLS houses only and even further limited to houses that were brought to the buyers attention via the agent?
I never had to use a buyers contract, and it's not really common here, but it seems like there would be some protection for the buyer.
Posted on 3/27/15 at 9:09 pm to Tbobby
quote:
If you are selling and either the buyer or seller have an agent, you will pay 6%.
They will ALL come down to 5%. If they don't just walk away.
Posted on 3/27/15 at 9:16 pm to MMauler
quote:
They will ALL come down to 5%. If they don't just walk away.
Agree, but as a buyer, I don't care what the seller is paying if I am paying nothing.
Posted on 3/27/15 at 9:18 pm to Tbobby
(usually 6% commission split equally between the buyer's agent and the seller's)
Close, but not completely accurate. The listing agent usually gets 3.5% of the 6, while the buyers agent only gets the remaining 2.5%.
Close, but not completely accurate. The listing agent usually gets 3.5% of the 6, while the buyers agent only gets the remaining 2.5%.
Posted on 3/27/15 at 9:23 pm to CJD4LSU
quote:
The listing agent usually gets 3.5% of the 6, while the buyers agent only gets the remaining 2.5%.
Jesus. Nothing is standard. It might be that way where you are but here it is split equally.
Everything is negotiable. I have seen listings for 4% with the agents splitting it.
It's getting off subject anyway. There is only one agent asking for 3%.
Posted on 3/27/15 at 9:25 pm to Tbobby
quote:
I don't care what the seller is paying if I am paying nothing.
You are paying something. It's been researched and proven that houses on MLS sell for more than FSBO on average so you are paying an inflated costs to cover the commission and then paying interest for 30 years on it.
Posted on 3/27/15 at 9:25 pm to stout
I was a buyer's agent and listing agent working for a broker. We had form buyer's agency agreements, It was pretty cut and dry. Just one quick provision saying any real purchase in 6 months. Had it been contested, idk.
Basically the guy is dumb for signing the form. I sold 4 houses as a buyer's agent and only one signed it. It's not necessary and you know how amateurish and sloppy real estate agency contracts can be
Basically the guy is dumb for signing the form. I sold 4 houses as a buyer's agent and only one signed it. It's not necessary and you know how amateurish and sloppy real estate agency contracts can be
Posted on 3/27/15 at 9:27 pm to MMauler
An agent can actually be reprimanded or investigated for calling something "standard practice." It suggests antitrust price fixing
This post was edited on 3/27/15 at 9:30 pm
Posted on 3/27/15 at 9:27 pm to stout
I would tell the buyer and his agent I would pay 1.5. The agent can either accept, ask his client to cover the other 1.5 or walk.
The hassle of being s landlord of just one property is not worth 6k.
The hassle of being s landlord of just one property is not worth 6k.
This post was edited on 3/27/15 at 9:28 pm
Posted on 3/27/15 at 9:30 pm to genro
quote:
Just one quick provision saying any real purchase in 6 months.
I have seen them but I have never seen anyone actually go after the buyer over it. I have seen agencies fight over who a client belonged to though and used agency disclosures as proof. I have also seen a seller have to pay commission after the listing expired because the buyer was brought to the house during the listing and there was 3 month "cool down" period for lack of a better term.
Posted on 3/27/15 at 9:34 pm to stout
Like i said it never came up in my time, and it always seemed weak to me. You have more experience. The OP can do what he wants with his own house or try to get the buyer to get out of it.
This post was edited on 3/27/15 at 9:37 pm
Posted on 3/27/15 at 9:42 pm to stout
If the seller has an agent and the buyer does not, the seller's agent gets full 6% commission paid by the seller.
If both have an agent, the 6% commission gets split between the agents and paid by the seller.
If neither has an agent, nobody loses money to commission.
In summary, if you are a buyer, get an agent. It won't cost you anything because the seller pays all commissions.
If both have an agent, the 6% commission gets split between the agents and paid by the seller.
If neither has an agent, nobody loses money to commission.
In summary, if you are a buyer, get an agent. It won't cost you anything because the seller pays all commissions.
Posted on 3/27/15 at 9:44 pm to CajunSuperJeff
(no message)
This post was edited on 3/27/15 at 9:46 pm
Posted on 3/27/15 at 9:45 pm to Tbobby
Its obvious my post went WAY over your head. Just stop.
Posted on 3/27/15 at 9:49 pm to Tbobby
I assume you're using 6% just as an example.
If you're a buyer, negotiate and pay what you want to get what you want.
quote:Who pays is negotiable, and that's if the listing agent was signed for a 6% commission
If the seller has an agent and the buyer does not, the seller's agent gets full 6% commission paid by the seller.
quote:Correct that they split, but again who pays is negotiable
If both have an agent, the 6% commission gets split between the agents and paid by the seller.
quote:This is how I bought my house after quitting real estate and getting married. FSBO, no agent. I wrote the purchase contract and did all the negotiating with the seller directly. It was pretty seamless as far as these things go. I'm proud of that
If neither has an agent, nobody loses money to commission.
quote:Negotiable. But that is the best case scenario for a buyer and not unlikely at all.
In summary, if you are a buyer, get an agent. It won't cost you anything because the seller pays all commissions.
If you're a buyer, negotiate and pay what you want to get what you want.
Posted on 3/27/15 at 9:50 pm to genro
quote:
I would tell the buyer and his agent I would pay 1.5. The agent can either accept, ask his client to cover the other 1.5 or walk.
The hassle of being s landlord of just one property is not worth 6k
I think the most I would pay would be 1%. He wants 3% on a house valued at over $400K. I would only be renting to other officers who have the same housing allowance as me, so it will not be that much of a hassle. And the rent is high enough to keep out the riff raff. This is not a low income area. It is the better area of Colorado Springs, CO.
Posted on 3/27/15 at 9:52 pm to CajunSuperJeff
Plus, renting to other military is pretty safe. When I was an agent I sold around Ft Polk and military were always the best renters because if not you just call their commander and shite hits the fan for them.
Posted on 3/27/15 at 9:55 pm to CajunSuperJeff
With the Internet, a real estate agent's role is severely diminished. They are overpaid
Posted on 3/27/15 at 9:56 pm to CajunSuperJeff
Completely agree. The standard commission for a real estate agent is outrageous.
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