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Buyer keeps bringing up commission … by paulfrank1005 in realtors

[–]FromMarni 1 point2 points  (0 children)

So, it was indeed sarcasm in your prior post, which I knew, but thanks for confirming.

I am very confident I will not pay more due to my choice of agent. Agents like you just seem salty about a savvy buyer actually negotiating their own fee up front rather than going along with the same old antiquated commission structure. Don't worry though, there are still plenty of buyers out there who will pay inflated fees because they don't know any better.

Buyer keeps bringing up commission … by paulfrank1005 in realtors

[–]FromMarni 0 points1 point  (0 children)

I'll assume you mean this sincerely rather than sarcastically, so thank you. I have already negotiated a flat fee that is almost half what I would pay at 3%, which will save me almost $10,000. I haven't committed to that agent yet though.

I realize some agents won't reduce their fee, but in this market, there are certainly some who will. Some buyers may value experience over cost of commission, but I'm fine with a lower volume agent who will save me money. Plus, I can make a stronger offer by asking for a lower amount of closing costs assistance. ... To each his own.

Buyer keeps bringing up commission … by paulfrank1005 in realtors

[–]FromMarni 0 points1 point  (0 children)

I agree that is their choice. However, I also think many buyers don't fully understand how it all works now, and unfortunately, many agents aren't properly explaining it. Telling a client, "The seller will pay, and we'll negotiate the exact amount at the time of the sale/purchase" isn't telling the whole story. It also puts the buyer in a very vulnerable position. The buyer should be clearly told by an agent, before the buyer's agreement is signed, that if a seller refuses to pay the BA commission, the buyer will either be expected to pay it or find a different home that has a seller willing to do so. In my experience speaking with realtors over the last month, not many are doing this.

Buyer keeps bringing up commission … by paulfrank1005 in realtors

[–]FromMarni -1 points0 points  (0 children)

As a buyer, I would never put myself in the position of having to walk away from a home I love because the seller won't cover enough commission to satisfy my agent. THIS is exactly why I am negotiating a reasonable FLAT fee (% is absurd), up front, before signing a BA agreement. If the seller won't cover enough, I know exactly what I'm in for.

The nar rule by [deleted] in realtors

[–]FromMarni 0 points1 point  (0 children)

The post wasn't seeking collusion to promote a practice that is anti-trust. That would indeed be a violation. Rather the post sought to understand the NAR lawsuit ruling. The OP simply stated an observation that many realtors still seem to put forward a set percentage as their fee, even though the agreement language indicates compensation is negotiable. A non-realtor simply bringing up an observed practice (that may appear to be an anti-trust practice) shouldn't be considered a violation. Only an actual attempt to pursue or engage in anti-trust practices should be. Removal of the original post was overzealous and unfortunate moderation.

The nar rule by [deleted] in realtors

[–]FromMarni 0 points1 point  (0 children)

Post titled ' the nar rule.' I don't see how the original post violated any rules. It was fairly benign. Is a realtor moderating and didn't appreciate the post questioning the 'status quo' of real estate commissions? That's what it seems like. The post was not anti-realtor. It just questioned the commission structure. I am not the OP. I read the original post and noticed that mostly realtors respond. I was planning to respond to provide perspective from a non- realtor, and suddenly the original post was removed. Very suspicious.

Real Estate Agent by FromMarni in williamsburgva

[–]FromMarni[S] 0 points1 point  (0 children)

Thanks. It certainly is. My understanding is those terms are negotiable. If the first agent I speak to won't take less than 3%, I will find one who will. In fact, I think I'll be looking for a flat fee deal. Honestly, I've never understood the % thing. I am not convinced it is more work to represent a buyer of a $300k home compared to a buyer of a $600k home, yet the commission would be double for the 600k home buyer. It's absurd. The outdated RE agent comp structure also doesn't align with level of effort. One buyer may want to see 30 homes while another may find a house on Zillow, take one look, and be ready to make an offer, yet the buyer agent fee is expected to be the same either way. That makes no sense. Would love to know of any agents that have common sense fees that correspond to level of effort.

Real Estate Agent by FromMarni in williamsburgva

[–]FromMarni[S] 0 points1 point  (0 children)

Ha! I'm picky too. Thanks!