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Hi everyone. Just a question... if a realtor lists the house and say a couple walk in off the street without an agent and put an offer in, does that agent have the ability to take less commission to make it work financially? Usually in NY the split would be 2%/2%
Hi everyone. Just a question... if a realtor lists the house and say a couple walk in off the street without an agent and put an offer in, does that agent have the ability to take less commission to make it work financially? Usually in NY the split would be 2%/2%
Why should he/she ? The listing agent represents the seller in every state, that would be the seller's decision, and would also have to be ok'd by the owner of the agency. Are you a seller who wants to negotiate the commission to pay 4% for a quick sale ?
Location: Danbury CT covering all of Fairfield County
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The contract & terms of the listing is negotiated at the time of when the agent goes over the listing contract with the home owner. The buyer can not ask for it to be lowered, as they are not a party to the contract between the seller & listing agency.
Hi everyone. Just a question... if a realtor lists the house and say a couple walk in off the street without an agent and put an offer in, does that agent have the ability to take less commission to make it work financially? Usually in NY the split would be 2%/2%
CAN they? Most likely yes. WILL they? Another story.
Hi everyone. Just a question... if a realtor lists the house and say a couple walk in off the street without an agent and put an offer in, does that agent have the ability to take less commission to make it work financially? Usually in NY the split would be 2%/2%
If the agent does not have that ability, you are not talking to a decisionmaker, but a cog in a machine.
Yes, a good agent can make that decision. Would they? Should they? A completely different topic.
... does that agent have the ability to take less commission to make it work financially?
Financially for whom? It's not financially anything for the agent if you're taking money out of their family's pocket. That's how the agent pays their bills and puts food on the table. Are you offering equity in your property for reduced commission to help you financially?
You bought the property. You're selling the property. The agent has no investment in the property. You bought the property offering no equity to your agent to benefit financially if you made a profit when you sell...
It’s a myth that if there is no selling agent then the listing broker can do their share of the workload and still be paid the same.
Reality is the listing broker has to all the work and be willing to get half the pay.
My listing contracts say I will get the whole pie, and if there is a selling agent, what will I obligate myself to pay them a piece of my pie at closing. It’s laid out in writing for the seller to see.
The buyer rarely know exactly what to do in a real estate purchase and when it needs to be completed by.
Some potential buyers think “it’s higher then I want to spend, but if I got the selling agent fee, I could make that work.” Is a myth.
The buyer is not entitled to the selling agent fee, unless the selling agent is also the buyer.
CAN they? Most likely yes. WILL they? Another story.
Quote:
Originally Posted by amylauren
Thank you for a straightforward answer!
It may be oversimplified.
The agent may be working at a brokerage, or on a team, that will not allow a reduction.
Or, the agent may have to pay a split on the full contract commission rate, and a reduction may be costly.
You need to know if you are talking to the decisionmaker in any business transaction.
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A myth
