Signing the Listing Agreement
Real Estate Agents receive a large check at most closings. The check is deposited in the bank and divided up with the brokerage and a previously negotiated part of that amount is then handed to the individual agent. The agent then pays bills from that newly received paycheck. The amount left over is the profit for ALL the work that agent completed during the process. Since it is a large check for the seller to write, it seems that agents are getting rich at the closing table from the profit taken. In most situations that is NOT the case.
Mr. Seller. Please know that I spend many hours marketing your property or looking for buyers to bring to your home. I run a business and therefore I have overhead. I pay dues to many origanizations to be able to work as a real estate professional, and trust me those fees add up. I pay for continuing education and training. I have a website that allows potential buyers to find your property online so that they can decide to visit your home. Many times I am a buyers agent and I bring to see your home. Yes, I still pay all those fees to run my business. It is not magic that sells a home, it is hard work.
Once I find that buyer for your home my job doesn't end. Now the work can get tougher in many cases. I am working directly with the buyers or their agent to make sure that home inspections are done, contracts are signed, appraisal and bank documents are all where they need to be on a continual basis. I oversee so many details of the process, and follow up on all of this takes time and commitment and expertise to make things work. Not everything goes smoothly, but I work to iron out those blips.
I realize that when I do my job right that it seems that I did not do much of anything. A seemless transaction or one that seems to have hiccups along the way that quickly get resolved means that I am on top of the situation working for the sale to be completed as you would expect. I give a 100% and more to my clients and customers as well. I make sure that everything in my power makes it look easy and that a sale gets to the closing table. You see if the deal doesn't go through everything I worked so hard for is lost. I get paid nothing for any of my time already invested. It happens, and that is part of how this business works.
I do however expect that when we are headed for the closing table that the listing agreement will be honored as it was negotiated before we began this process. I do understand that you did not like the process as you felt "inconvenienced" with how the selling process works. I am aware that it cost you more to move than you expected. I do understand that it was not fun for you and it was most stressful not knowing how it would turn out. You feared that the buyers might not get their mortgage and you were ready to move out. In spite of your fears, we they did get the clear to close.
What I don't understand is why you would even consider asking me to cut my commission as you think that you are entitled to some compensation for your worries and additional expenses. Yes, the process of selling a home is challenging and most people are not fond of the process, but I can't change that. I did my job bringing you a buyer that is performing. Our closing date is set and everything is in order. Asking me to cut my commission and the other agent involved to cut theirs too is absurd. I don't think you would ask the dentist to cut his fee if your visit was more or less painful? Maybe you would, but I can assure you his answer would be the same as mine. NO! There is not going to be any negotiation on this from me.
You signed a binding contract with the listing agent when the home was put on the market and the commission was clearly stated at that time. As the buyers agent I am entitled to that fee. There is no room for negotiations here Mr. Seller. I am so sorry that your experience was less than you expected. I did bring you a buyer after over two years of your home being on the market. In my book that is a winning scenario. See you at the closing table.
published by: your real estate expert Janis Borgueta Key Properties of the Hudson Valley as a community service in Newburgh NY. To receive more real estate information please subscribe to this blog.
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