A couple of weeks ago I heard a new agent say "i'm getting paid x if I sell them this house; and x+.5 if I sell them the other house". He was of course referring to the percentage of commission which the Listing Broker was offering to pay a buyers agent.
I wanted to throw something (heavy) at this agent. I chimed in; "You are their agent - your needs do not matter - you need to help them buy the home that is best for them and the one they like the like the most!"
A buyer's agent needs to address his commission at the very beginning with his Buyers Agency Agreement. If he is going to charge x% or accept the co-op%; they need to accept it.
I always address how I get paid up front with my buyers. I explain to them how the commission works and how I get it paid - then I don't think about it again until I see the commission check at the end of the transaction.
It is a Realtors obligation to look out for his clients BEST interests above all else - PERIOD.
When hiring your own Agent; make sure you know whose side they are on !
Contact James Downing of the Downing Real Estate Group, LLC; if you are selling, buying or have questions! Office: 202-469-6778 or 703-244-3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
James, I find it very strange to focus on something that might not materialize.....I wait to focus on the commission once we have Escrow Instructions and then I do not focus on it until the buyer has removed all the contingencies. The money will come if we take care of our buyers and so will referrals.
I look at the commission to however never let commission determine what homes I show my client. I represent them to the best of my ability then get paid, but sometimes as a game to my self and to my husband I might see a bonus and say, Wow look at this one it has a nice bonus, wouldn't it be sweet if they choose this one. I might show it more when there is so much out there to show , however if it doesn't fit what the buyers want then I will not show them. I ultimately let my clients determine theBEST home for them and do not let the bonus presuade me or them. I want them to be happy!!!
Oh like the DOG!
In small towns you really can't pay attention to the commission because they buyers will demand seeing everything not caring about commission. I don't even look to see how much is offered. I agree with you. Buyer's needs take precedence.
Good post! Clients needs always need to come before commissions...
I have to agree with you here, if you are not going to look out for your client's best interests, do everyone a favor and find something else to do!
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James, you are right. I think the same way as you. The right home for the client is the the right answer.
You are so correct Jim. I hear this too often in my office as well and it drives me totally and completely nuts.
LOL!!! Love it - and I can't imagine to whom this would be pertaining - Smiles!
James, what? You mean it's the buyer and not tne buyer broker's checkbook balance that matters? Who knew!