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re: Selling my house. Why do I have to pay the buyer's agent?
Posted on 10/17/17 at 3:15 pm to lynxcat
Posted on 10/17/17 at 3:15 pm to lynxcat
quote:
Everyone can agree that it is ripe for disruption. The profession will go the way of the taxi driver and I’m excited for it.
the profession will not go away anytime soon. Real estate agents provide all sorts of value to potential buyers. They provide opinions about locations or things to consider, they also can help with picking neighborhoods.
With that said, sellers agents are paid far too much to do far too little.
I would imagine the model will eventually be that sellers will pay an upfront fee for listing the house, and then a small commission to sellers agent (1%) and then sellers will have to fork over some $$ for help.
2
Posted on 10/17/17 at 3:20 pm to 13SaintTiger
quote:
Why do I have to pay the buyer's agent
Cause someone paid for your agent when you bought the house. Round and round it goes, where it stops nobody knows.
Posted on 10/17/17 at 4:12 pm to bobby_3_sticks
quote:
the profession will not go away anytime soon. Real estate agents provide all sorts of value to potential buyers. They provide opinions about locations or things to consider, they also can help with picking neighborhoods.
Same thing was said of commissioned stock brokers 25 years ago.
Posted on 10/17/17 at 5:13 pm to nolabuilder
quote:
Fair question. I most likely would not have paid 3% regardless of the offer considering there was zero service rendered to me
quote:
This is on an 800k transaction
Just for the record, any agent bringing me a exclusive buyer you rep on a 800k house I will happily give you 3% and be absolutely thankful of the services rendered.
Posted on 10/17/17 at 6:44 pm to 13SaintTiger
I sold FSBO and gave any realtor 3% who brought me a buyer and did all the paperwork.
Posted on 10/17/17 at 6:54 pm to bobby_3_sticks
quote:
I would imagine the model will eventually be that sellers will pay an upfront fee for listing the house, and then a small commission to sellers agent (1%) and then sellers will have to fork over some $$ for help.
You can do this now. There are some ‘brokers’ that will list your house on MLS for a flat rate like $750 -$1,000. I’ve seen this where the seller’s personal phone number is in the listing with instructions to not even call the broker. The ones I’ve seen usually offer the buyer’s agent 2.5%.
Posted on 10/17/17 at 9:12 pm to Jag_Warrior
quote:
But anyway, most everything is negotiable and no one has to do anything that they have not agreed to in a contract.
This. Nobody is forcing anyone to pay any set percentage until you sign on the line which is dotted.
If you're comfortable doing a FSBO, go right ahead. You will spend extra time but it isn't all that complicated. For a transaction without problems you'll be better off.
For a transaction with significant problems, you'll be glad to pay 6% and nothing more.
Posted on 10/17/17 at 10:37 pm to MusclesofBrussels
quote:
Real estate agents and their inflated commissions will be dead before too long
I've been hearing this for 15 years. Hasn't happened yet.
I can definitely see downward pressure on commissions at some point.
Posted on 10/17/17 at 10:38 pm to foshizzle
We are selling our house soon and I plan on offering the agent a kicker after certain agreed price points. Basically after a certain price point I’ll give you X % of the profits.
Problem is I’m not sure how much room she has to negotiate off the conventional method.
Problem is I’m not sure how much room she has to negotiate off the conventional method.
Posted on 10/18/17 at 9:54 am to barry
quote:
We are selling our house soon and I plan on offering the agent a kicker after certain agreed price points. Basically after a certain price point I’ll give you X % of the profits.
Problem is I’m not sure how much room she has to negotiate off the conventional method.
Net listings are dangerous territory. You’d be better off figuring out the % you will pay based on the negotiated sales price. It’s cleaner.
Just so we are all clear, I negotiate my commission with my buyer before we begin our search. I have a contract with my client, not you. If you don’t want to pay me a commission, it’s on my buyer to do so. I’ve had it happen more than a few times, and every time it’s happened, it wasn’t a big deal.
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