Big Commission! Huge Inducement?
I just got the email telling me that I can score a nice 7% commission at a new home community.
I guess that means I should reschedule all appointments, kidnap a customer or two, and run by there tomorrow?
This is why we encourage Buyer Agency Agreements in North Carolina. When we do, the client enjoys some protection from being dragged out to see homes just because they represent a bonanza for their fiduciary, the Buyer's Agent.
We have to disclose, in a timely manner, whether the compensation offered to the agent is more than what was projected in the Buyer's Agency Agreement. And I bet there aren't many Buyer's Agency agreements in the Cary area where an informed Buyer agrees to provide 7% to their Buyers' Agent.
And.... What cobroke is established as the "Expected Compensation" when there is no agreement?
"A timely manner?" One school of thought says that "A Timely Manner" is defined as prior to showing the home. But, it is definitely prior to writing the offer.