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commissions: Buyer Services are not FREE! They’re just Financed. - 09/13/11 08:56 AM
OK, be warned. This is a rant, but I need to get it off my chest.In this tough market, with so many sellers underwater, there is an increasing need to work with buyers and we’re seeing even seasoned listing agents working with buyers out of necessity. But with it, the frustration is increasingly oozing out of AR on the lack of buyer loyalty, how no one wants to sign a buyer agency agreement, that even if they sign it, you can’t enforce it, etc, etc, etc. See Mimi Foster’s excellent post An Intense (and embarrassing) real estate lesson to see a … (38 comments)
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commissions: The Clothing Store Versus Your Own Personal Shopper (and what does this have to do with Real Estate?) - 09/05/11 01:25 PM
Suppose you had an upcoming seminar next month and needed to buy a couple of nice suits. You have two choices: you can either shop at a leading clothing store or you can hire yourself a personal shopper. If you go to the clothing store, the salesperson will probably do their best to sell you a suit. Hopefully, they'll be very helpful to you by showing you the inventory they have at their particular store. Of course, since they're working for the store, their focus is to move the merchandise. If they can please you at the same time, that's a … (7 comments)
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commissions: The Realtor® of Tomorrow (Oops - that is Today) - 08/07/11 04:20 PM
We love to talk about the Realtor® of tomorrow but we ought to be talking about the Realtor® of today as we've lost a lot of ground in two crucial areas:
Not recognizing how the role of the real estate agent has changed over the last 30 years and Not adapting to the tremendous growth of technology First, the change in our role: I'm going to state a premise that is controversial but I believe to be true: real estate can and should no longer be defined as a sales profession. The sales model made total sense when our sole responsibility … (0 comments)
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commissions: Whether Rebates or Referral Fees, It Still Adds Up to the Same Thing - Hands in our Pockets - 06/09/11 02:31 PM
There's been a lot of talk of late regarding commission rebates. The consumer, squeezed by the market, is increasingly asking for them and many in our industry are increasingly providing them.But...we sure don't like it!From our vantage point, it feels like hands in our pockets, grabbing at our shrinking paycheck. It feels like...DARE I SAY IT?...the way we have felt for years when relocation companies offer us a coveted buyer or seller in a nice price bracket but attached at the hip to a pile of extra paperwork AND a 30-35% cut out of our check for the privilege!From our vantage … (5 comments)
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commissions: Are Real Estate Professionals Commodities? - 05/19/11 11:07 AM
In the 1995 movie, The American President, there is a scene where President Andrew Shepherd, is in a heated discussion with his domestic policy advisor, Lewis Rothschild, about the President's falling poll numbers.In this scene Rothschild pleads: "People want leadership, Mr. President, and in the absence of genuine leadership, they'll listen to anyone who steps up to the microphone. They want leadership. They're so thirsty for it they'll crawl through the desert toward a mirage, and when they discover there's no water, they'll drink the sand."To which President Shepherd responds: "People don't drink the sand because they're thirsty, Lewis. They drink … (4 comments)
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commissions: Do-It-Yourself Opportunites Versus Expert Advice and Fiduciary Care - Why Can't the Consumer Have Both? - 05/16/11 08:01 AM
A few years back in an article in RIS Magazine, Brian Buffini, founder and chairman of Buffini & Company, made a very interesting observation: although 80-90% of real estate buyers start their home search online, almost none would actually go to the next step and click “Add to Shopping Cart.”Online technology gives the consumer a running start. But to cross the finish line, they need a flesh-and-blood Realtor® who knows the local market and the ins and outs of bringing the transaction to close.The problem is that traditional real estate companies and associations are still telling the public that if they … (2 comments)
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commissions: "The More you Spend, the More I Make". And That Makes Sense HOW? - 05/02/11 02:52 PM
Tish Lloyd wrote a wonderful post a couple of days ago:I work for YOU! It's okay to tell me what you're thinking!
For the most part, I really liked what Tish wrote: that it's vital that a buyer's agent develop a level of trust with her client - without that trust, it's very hard to do our job properly. But one paragraph gave me great pause:"The goal of finding a home you love and can comfortably afford, is my goal -- my only goal. Sure, my salary depends on closing sales -- there's no secret there. And, the more you spend … (7 comments)
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commissions: Shouldn't There Be Merit Pay for REALTORS®? I'm just sayin... - 03/15/11 09:31 AM
A couple of months ago, Kirby, our family dog, started scratching himself like crazy. So, like any good mommy owner, I took him to the vet. Unfortunately, his regular doctor (who has 30 years experience) was away on vacation so he saw a new doctor just out of vetinarian school. He checked Kirby over and gave me a prescription. Alas, he misdiagnosed Kirby's problem, necessitating two MORE visits. It wasn't until the third visit when his regular doctor was back, that Kirby was diagnosed properly.But what really fried me was the bills for the visits. I was charged the same thing … (12 comments)
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commissions: Beyond Fee For Service - Why Real Estate Consulting is Catching Fire - 03/02/11 06:08 AM
In discussions about commissions and other compensation alternatives on AR, it's clear that there is a lot of confusion amongst real estate professionals about real estate consulting which is catching fire. Many confuse the consulting model with the old fee-for-service offerings that charge bargain-basement fees for functionary type services, or think it's some type of discounting scheme.
Nothing could be further from the truth! Real estate consulting is a whole new model that is at it's heart about elevating the role of the real estate professional by emphasizing where our value truly is - as a fiduciary, providing the representation, advocacy, … (7 comments)
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commissions: Isn't it Time We Start Shepherding Our Clients Instead of Selling To Them? - 07/07/10 01:59 PM
I'm currently writing a book due out in September. Unlike my previous book, where I had a traditional publisher who took care of everything (financially and otherwise) but left me a minuscule royalty on my books that sold, I went a different route this time. I hired a "Book Shepherd".Follow me on this because I'm going to get to the tie in with real estate in just a moment. My "shepherd" acted as my editor and manager of the process. I paid him by the hour to edit my manuscript and then guide me as to what needed to be done. … (2 comments)
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commissions: Why are We so Afraid to Get Paid Non-Contingently? - 06/28/10 02:06 PM
A recent post in Active Rain asked very simply "When Do Realtors Stop Working for Free?" She mentioned that she: "got an email today from a colleague who is a real estate investor. He is very savvy and someone who "gets" it. His advice can be summed up in a couple of snippets. If we are as smart as we think we are and we give great advice, why are we giving it away?"
The comments were overwhelmingly from agents that agreed with her premise but questioned how they could get paid in any way other than by commission. But there … (4 comments)
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commissions: Stop Explaining a Commission as a Payment for Services. It's Not! - 06/22/10 07:36 AM
"Don't get too close to me...I have a cold!" We have believed for so long that breathing the same air will spread germs, that it's almost a given. But if you talk to medical professionals, they will tell you that colds and viruses are rarely spread by breathing the same air. It's the exchange of body fluids that spread the germs.
In our profession, we have been told, and continue to tell the consumer, that a commission is a payment for services rendered. We've repeated it for so long that, almost universally, we believe it to be true. But logically, it's … (46 comments)
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commissions: Real Estate Commissions - Answering the Tough Questions - 06/01/10 03:33 PM
I'm very pleased to let you know that I will be a guest of Jennifer Allen (Author of Sell with Soul) on Saturday morning, June 19th at 11:30 EDT as a part of her "soulful" series. The subject is Real Estate Commissions - Answering the Tough Questions.If you dread that part of the listing interview where you talk about, um, MONEY, you'll really enjoy this show. I know that I'm excited to be a part of it. There is no charge to attend this seminar. For details and registration, click here.
… (2 comments)
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commissions: Lack of Transparency Befuddles Today's Consumer... - 08/18/09 10:05 AM
...whether they are dealing with Health Care or Real Estate Services.
I was chatting with a friend of mine last week when he admitted that he had been without health insurance since he got out of college. Given that he's a real estate agent, that's not so surprising: as an independent contractor he's on his own regarding health insurance and many in our industry have simply taken their chances, especially when they are young and healthy like my friend Jack.
But as part of the approximately 15% of Americans who are uninsured, Jack has a window on a phenomenon that few … (0 comments)
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commissions: When a Model No Longer Works, it's Time to Adapt - 08/04/09 07:16 AM
As I write this, the US government is embroiled in wrangling over how to overhaul our health care system. It seems to me that the system is not so much broken as it is hopelessly dated because as times changed, it never adapted. Our health care system was designed in years past, when you would hold a job for a lifetime. In that world, it made perfect sense to have your health care as a benefit of that job. But how many of us today stay in one job for our entire lives? And what about the growing legions of independent … (0 comments)
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commissions: In the Evolving Role of the Real Estate Professional in the Internet Age, LESS IS MORE - 09/27/07 05:47 AM
Last week, in "Broker proposes new real estate marketing platform: Universal MLS", Inman News Writer Glenn Roberts discussed a "Universal MLS" that is the brainchild of Colorado real estate broker Creed Smith, a specialist in bank-owned foreclosure properties. A real estate broker since 1987 who has a master's degree in marketing, Smith said his vision for a new breed of MLS is based on his belief that real estate agents and brokers will inevitably play a lesser role in real estate transactions as Web-based services become increasingly popular with consumers.
Smith is quoted as saying "I'm absolutely sure that the way we … (2 comments)
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Mollie Wasserman - Real Estate Trainer & Founder - ACRE®
Framingham,
MA
More about me…
Accredited Consultant in Real Estate® LLC
Office Phone: (508) 294-0106
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