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53 Comments on Cut My Fee?
Simply astounding how much the public believes realtors earn for doing what they perceive to be nothing. Thank you for your post supporting our industry!
The value of my service is not related to the value of the house. The market value of the house, determined by what a ready, willing and able buyer will pay for the house today has no bearing on the service you receive from me. I provide you with the same personalized service whether your home is in the million dollar price range or the $200,000 price range. Service is not a fluctuating commodity.
The public will never understand like every other type of business Realtors have both FIXED costs and Variable costs(overhead). A portion of each commissions we earn must be allocated against our fixed costs(what it costs to be a REALTOR annually !!!).
Great post and I love the price reduction reduces your fees comment...I am stealing it...:)
I agree that most sellers don't realize how much of our time and energy goes into our listings including sometimes personal funds that we may not get back if the home doesn't sell. We don't get paid unless the home sells.
This is my full time job and I give 100% to each client. I would not ask them to take a pay cut for providing their service to me.
The general public has a great misconception about the wealth of Realtors in general. They should bear our expenses for a while and see.
I explain the reality of life. An agent is working with a buyer that will spend x dollars for a property. When putting together the list of potential homes which ones will be at the top. The discounted commission or the full commission. The discounted one will be shown only after the others have not appealed to them. Is this something that they want? They understand in this market they don't want to be a last thought.
My answer to the question of whether or not I will lower my fee is much shorter.
No.
Yes, this has always worked very well for me! Where I might cut them a break is if they also buy from me within a specified amount of time.
I'm not sure how to change the general public's perception of our fee structure. They don't look at the countless hours we spend marketing their home and then getting it to the closing table once it's under contract. I try to arm myself with all the things my competition is not doing for the same fee. There is usually no discussion of lowering my feel once they see my arsenal of tools.
Good way of looking at it and putting fees in perspective!
I keep getting bargain hunters too! I am also contemplating a offered discount to my daughter parocial school system...families and fauculty/staff. I spend so much time with these people that I feel it is a good idea. What concerns me is that everyone else will want it too. I think I am going to go ahead and take the plunge though. It is worth a shot!
Slightly off-topic, but ....
Yesterday a Wells Fargo LO told my buyers that if she could not get their loan done on time, their agent should be happy to pay the builder per diem fees. And WF would approve that contribution. I did not approve it.
Gita, Yes, and it works, very easily!
Lenn, Sometimes we just need to tell it like it is.
Jayne, That's another good one. Thank you for sharing with us;)
Jeff, We are like the "energizer bunnies." Keep up the good work. People will notice and appreciate you. One of my clients purchased a Halloween costume, a few years ago, yes, the Energizer Bunny! LOL!
Patty, Hope you can use it:)
Charlie, It is what it is:)
Karl, The top producers and full time agents, respect their profession much more, than those who would give their money away.
Melissa, I agree. They would certainly not reduce their income.
Mark, It's that simple.
Howard & Susan, Oh, they ask this. shortly after they have listed. Not just at the closing table. You need to be ready for it.
Right Track, Knowing your worth, is key.
Charita, If you very calmly and directly make that statement, there will be nothing further said.
Scott, LOL! Can you imagine?
Paula, Yes, that's what I do:) Work smarter!
Jason, In this current market and economy, I just don't see that happening. Though, in the high market, people were reducing because of the competition. Most of those agents, are now, working at other jobs:)
Nancy, It works, very well.
Erica, That would be an excellent backup, thanks!
Frances that is an excellent response, and from the way that you delivered it, I would say you have probably given it more than once :)
Have you been talking with my clients, lol? This question comes up so frequently, shame on us if we don't have an automatic response for it.
When I was a new agent, I once spent two hours negotiating with a potential seller about my fee. It is such a good feeling to be past that!
You need to have selfworth or you do not belong in this business
Mike, Thank you! LOL! That's probably true.
Yvette, No, just people trying to reduce the fee that we charge. When you are experienced and skilled, there is no competition.
Ken, Having that bit of confidence, makes all the difference.
Michael, Thank you. It works because, it's true.
Joe, These types of clients are not quite there:) Just trying my patience and my skill level. However, I have had clients that I have said Brian's phrase to and felt really good afterwards.
Mark, It's really, that simple. Thanks!
Connie, Yes, thank you.
Lizette, That's it:) Paying for quality service and results.
Frank, And, reserves in place, so that, you can walk away.
Kathleen, Agreed. You have to take a stand.
Brenda, Thank you! Hope the phrase helps you with your business.
Lisa, Wouldn't that be a nice surprise! I have had clients, who have offered me more than my normal fee and I am grateful to them.
Steve, That's it:)
Justin, Hope it works for you! Thank you:)
Lisa & Robert, That's why we need to stand firm and know our value.
Maria, Just that one phrase, speaks volumes. Thank you.
Michael, The Sellers just want there home, sold. The fee is what it is and we just need to explain that to them, firmly. Thanks!
Shelly, You are welcome to use it:) Hope that it helps you on a presentation.
Richard, It is the one profession that you have the potential to make millions. Some do, some don't.
Joseph, I, actually, show my buyer clients, homes that I believe would be a good fit. It can work out to be a quick sale and have happy clients.
Lori, Sometimes, no does work.
Jayne, As long as you are still producing sales, and getting referrals, keeping your business stable, it works.
Tammie, Good for you:) Being prepared always works, whether it's your tools or phrases.
Ann, It just, makes sense.
Rosalie, Keep in mind that if those cliients refer others to you, they will expect the same. It could be endless. That might work for you, if you get volume sales from it.
Virginia, That's a potential for your next post! Give it a shot! I'll comment on it for you!
George, Yes, I have:) It works, rather well. Thank you:)
Kathryn, It is a learned response, like many others:) Are you goint to see Brian Buffini in New York, November Turning Point?
Hannah, You hit that nail, right on the head. Confidence in your abilities. Thank you!
As a buyer's agent, I am rarely asked to reduce my commission. A few clients have brought it up and I tell them that as they are not paying the commission, it is not theirs to negotiate. My answer has always been and will always be "no".
Hi Fran,
You've got comments!
But I see you need one more, so here goes.
Good post!
Phil
Marge, I like the phrase that you use, also. Thank you:)
Phil, Thanks, much was learned from three simple words! We have an awesome community, here on the Rain!
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