You Can Take This to the Bank: NO, I Will NOT Cut my Commission!!!

 

There is a lot of talk lately about the market heating up.  In my own microcosm, my brokerage firm, we currently have 15 transactions waiting to close.  Of these, 12 are distress sales, either REO’s or Short Sales. 

 

80% of my current business consists of Distressed Property Transactions.  Markets like ours, Las Vegas, and other “vintage” hot investor activity locations have seen plummeting prices and endless foreclosures.  This brutal market has decimated our Realtor base.  The few of us still standing are huddling together like lonely soldiers seeking safety amongst their own. 

 

Is the frenzy of activity we’ve had this year due to large numbers of Buyers finally taking the plunge, or is it due to the dwindling numbers of Agents still servicing these markets? 

Another reason all of us, working Agents, are deluged by activity is because each transaction takes many, many steps to close.  I have experienced every kind of contortion there is, in this weird, crazy market of ours.  Boy, do I have some stories to tell!!!  “I’ve sold a home seven times and I’m yet to get paid for it!” is the title of an upcoming blog (I’ll post it when I finally close on it). 

 

Now the Banks are slicing and dicing our commission structure.  I refuse to work for peanuts!  No, I will not agree to take a 2% cut!!!  Your CEO just walked away with a 53 Million Dollar Pension.  My advertising is costing me 10 times what I used to spend.  My support staff has doubled due to the sheer amount of paperwork inherent in today’s market.  I work 80 hours a week to meet my obligations.  Now you want me to take a drastic pay cut?  No way, Josẽ, B of A!!!

 

I need your help!  How do you deal with the Banks’ attempted commission slashing?

 

Mirela Monte, Your Myrtle Beach Real Estate Connection