Are your commissions under attack?
Where is NAR, when it comes to protecting your hard earned money?
Asset companies think nothing of slashing your commission on a deal and consistently do it on most REO deals being done today. Yet they accepted the deal and make the agent an unwilling financial participant in the deal.
Asset companies follow no rules but expect agents to adhere to the ethics of making the customer happy and not making the deal come unraveled over commissions. The asset company will walk away from a deal in a heartbeat and does if the agent won't cut their pay. Yet the asset company gets paid, regardless of the price. They get management fees, clean up fees and the like, that are seldom if ever used.
Now we have the new HUD coming out January 1, 2010. It is designed to be easier and to hold lenders to a higher standard. Both of which I doubt. Well, get ready to battle for your commissions so the lender can comply with RESPA. They are not entitled to ask you to cut your commission, but we all know what will happen if they are outside the 10% range allowed.
Our commissions and our way of doing business are under attack and I for one believe NAR is not attacking this correct. When you bring a knife to a gun fight, the results are inevitable.
Are Real Estate Agents the only one still required to have ethics and protect the integrity of the deal?
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