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82 Comments on Everyone should have to work on commission!
Just imagine how long the welfare lines would be if everyone were on commission. How would those who interview and judge the worthiness of the welfare applicants be paid? $10 per acceptance or $10 per rejection? Or $10 for just interviewing someone? Just imagine how many interviews would be possible at $10 per head!
I agree with you. How about Congress gets paid when we balance the budget with honest numbers?
Supporting your rant Jerry; here is the frustrated e-mail I got from a Short Sale seller after 14 months on the market and the bank's umpteenth counter offer to kill the deal. I have now sold this house 11 times:
(I'm editing this to remove some profanity)
This organization and there people are a $^@&(% joke!!! All they are doing is wasting everyones time.
They deserve to lose their ass on this house.....
I shared this so EVERYONE can see the truth behind the bank's ridiculous hurtful stance that Jerry is talking about.
Putting everyone on commission could certainly have some interesting effects. I do believe people should be paid for results and work done.
EXCELLENT!
I have had a short sale under contract now for over SIX MONTHS while trying to get everything worked out with the Bank. I feel a Re-Blog on this one. :)
Beautiful. I love this idea. Then the bank agent who does not return call, who holds up the short sale, doesn't get paid if we don't close.
Good rant. I personally try to steer clear of short sales and foreclosures. Not good for business but I get a lot less heartburn. I suffer enough discourtesy from my fellow agents; I don't need it from bank agents.
I disagree with this sentimenent entirely. It wouldn't be long before we start getting into situations where unethical bank employees start making decisions that favour their own pocketbooks rather than the stability and best interests of the bank for which they work. The Prudential Bache and Barings bank fiascos come quickly to mind.
Like some have said, the $9.00/hr. bank employee is just following instructions from the brass. Be angry with the banks and their structure of systems. Read this article, "Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior". It's all about their bottom line and what fees they can collect on. Call your senators and reps. It may not be too late. The financial reform bill is getting voted on now and has been watered down thanks to all the banks' lobbyists.
Great post, i think that airline employees should be paid on commission as well, how about DMV and >..>
I never have to fire anyone at my office. I just put people on straight commission and they quit shortly after their initial draw runs out. Guess they think I want them in my office because they're fun, huh?
Not a single responce from the author? Wow, this is quite unexpected. At least I have not seen it on featured blog...ever
Thank you all for your comments and feedback. Meant only as a rant after a frustrating day, I was pleased to see that the blog post stirred a lot of similar sentiment toward the banks and some creative ideas as to how we can correct the service issue prevalent in our society.
Jerry, greta post with a lot of comments on both sides. A question though: if bank negotiators worked on commission and they got paid based on seller's (bank) net profit per closing then wouldn't make sense to them to keep the loss to the barest minimum (say +/- $500)? I can see that this scenario would also tie up approving the sale until the buyers meet this minimum on both 1St & 2ND mortgages. If paid per unit closing then to get paid they would approve everything but of course eventually the banks would start loosing money; so to offset the loss reduce mortgage reveiwers, tighten credit more to reduce forclosure/short sale loss & raise customer banking fees.
IMO it seems that we (agents, sellers & buyers) are caught in a vicious cycle where the banks & financial instutions are in control with congress afraid to rock the boat & cutoff the banks financial support for reelection.
While I understand your frustration with a system you have to work in, do you realize that most NON-Real estate people wonder why you work on commission and not a straight salary. Most people think your commission drives up house prices. Of course this is not true, so maybe not all banks caused all the problems and maybe not all bank employees are lazy.Remember, being on commission means you can make as much money as you want.
I understand the rant and questions you had about poor service. I think we should of put more requirements on the banks before we gave them all of that TARP money.
Just yesterday in our "CMA: The Whole Story" MCE class, the instructor proposed making it mandatory for everyone in the United States to work on commission for a minimum of 2 years. (Akin to Israel's requirement that all citizens perform military service for 2 years.)
But I also heard Dave Ramsey say recently that everyone works on commission anyway, since if we don't perform, we don't get paid.
Thanks for sharing your thoughts!
Amy, Actually Israel requires all citizens (male @ age 17; female @ age 18) to fulfill 4 yrs of military service (must wear uniform & go armed @ all times) then serve till age 60 as part of the ready reserve (maintain uniform & arms) & homeland security. It was interesting when my naval ship stopped in Israel and we were told about their military requirements & it came up in conversations with local business owners. England also require their doctors to perform either military or public service prior to beginning their private practice & then about every 5-10 yrs they have to work in public service health clinics.
It would be an interesting experiment but IMHO only the corporate bosses would like it because they could downsize w/o worrying about bad press & the Dept. of Labor would like it because it would make their unemployment figures better (since their press releases are based only on that segment of the unemployed that receive UI benefits & we know that commission based employees are not part of that figure, see BLS report for more info).
Getting paid by commission certainly weeds out all the non productive workers. Not many people are cut out for it.
Yes!!! Great post! How much better would customer service be at McDonald's or the local bank if they guy or gal behind the counter didn't get paid unless I was satisfied. That's EXACTLY how the world should be run.