New Generation of Realtors Part 16: Buyer`s Agent wants to be rewarded for deal falling through!


thought I`ve seen everything in the book, except this one.We sold a home in Tamarac Florida three weeks ago. The closing was set for Dec. 21st.2006.

Inspection were completed last week as well as the appraisal. Last night we received a notice from the lender that they`re unable to give a loan commitment to the buyer. There are too many "Charge Off`s" the lender can`t help them.

I must admit, working in South Florida other agents will agree that this can be "Ground Zero" some days. Many times Realtors have no concept of law or actual contracts. Other times we have to assist our fellow Realtors in closing a transaction,because they`re unable to get assistance from their office and Broker.


The deal was finished or so we thought! Today, we received the release and cancellation from the Buyer`s agent stating that buyers agent is to receive her commission from our Seller for attempting to bring them a buyer!


At first i figured it was a mistake, so I decided to call the Buyers agent to make sure that she understood, what she was doing!

When I called her I explained that unfortunately in Real Estate we can`t reward the Buyer`s Agent for her client not being able to secure a loan, if that was the case, everyone would be doing it and nothing would close.

Her response to me was startling!


Buyers Agent: I bought the seller a buyer, I`m a Reel-toor! I want my money! It`s mine!


Me: Well, I`m a Realtor as well, you`re Buyer can`t qualify for a loan, therefore, the transaction won`t close and neither of us will get a commission. Sorry, we can`t reward you for your efforts!


Buyer`s Agent: I can sue the Seller, and I welllll.


Me; First off,you can`t sue anyone for a commission your not the Broker!

Buyer`s Agent: I want the check made out to meee! It`s the law!

Me; How long ago did you actually receive your Real Estate license? This isn`t funny anymore. Speak to your Broker or, go back to Real Estate school for a refresher course.


With that i hung up and started to laugh! The young lady wants a reward from the Seller for attempting to find a Buyer, we should all be that lucky!


I haven`t had a good laugh like that in a very long time! I`m wondering what her Broker will say to her after she tells him the story! I can`t wait!


visit our web site @ www.floridalistforlessrealty.com

You need more web sites.

Tucker,

Actually we have numerous other sites. Many geared to local area`s. We recieve approx. 20,000 unique visitors per month which leads to plenty of potential buyers and present and future business.

How many sites do you currently have?

Next week, we'll hear the story about horrible agents who want to get paid even though the house they listed didn't get sell.

They're called flat fee realtors, and charge up-front, so that they have absolutely nothing at stake and no motivation to get the home sold.

They take one product, their MLS subscription, which costs them maybe $1000-$1500 a year, and without adding any value, they resell that product to the people for $600 at a time. Sounds like a great business to me.

Ron,
Interesting story. Except most Flat Fee brokers transition to transaction brokers.. Thereby, having the motivation to sell the home and recieve a Full Commission..

Ron, that's funny as hell! You gotta love those flat-fee brokers! :rolleyes:

Len,
That`s fantastic that you have 4 listings.
Great job based on the sales price, you`ll have some very nice commission checks when they sell.


Of those 4 listings how many do you "Think" you`ll handle both sides of the transaction?

If you actually do sell both sides, would you`re seller be expect to pay the "Full Commission" or have you made an arrangements to offer your seller a Discount?

If that was a compliment, thanks.

I do not offer a discount when I list my properties. If I get into dual agency by bringing the buyer, then I am doing twice the work. It probably means that I have spent a lot of time with that buyer too, getting them pre-qualified, showing them multiple homes, etc.

Why do you feel you need to discount your services? Are you not worth just 3% of the sale price?

Len,
My business model differs from yours that`s all.
Normally, we close 60-75 transactions per year. Whether, the market is good or bad.I constantly review how the market reacts and make changes.

Th Discount Brokerage side of our business is only one facet of what we do. Hence, as Tucker mentioned "why so many web sites?"

We do very well with that concept, but mainly Len, we`re handling 35-40% of these transaction,thereby compensating our Realtors the 3% commission.Mulitpy that with a constant supply of new listings and sold listings each month and you can figure out we`re doing well.

Again, Real Estate is an area where there is no set formula for success.

We have more rerferrals than we can handle,so I assume we`re on the right track.

I do wish you alot of success in this business.Each of us have to weigh what works for our personal achievements. Also,be ahead of the curve, keep on eye on new trends in our profession, it`s changing right in front of our eyes as we speak.

The successful agents know that sometimes, they must change course, and shift with the trends.

That`s what we do. It`s called survival.

I said you needed more sites. You have basically the same site, just different domain names. Why not just funnel all the traffic to one site and save all the updating time. It's really a nightmare to update all those sites. All those different names are probably confusing more people than you think. And dump the intro of yourself, it's kind of creepy. By the way, I have one site that works just fine.

Thats fantastic. Can you share it with the forum?

I would but, I'm getting well, soon I hope.

Sorry to hear that. Are you sick?

No, I'm being a smart ass.

Of course you were. That doesn`t mean you can`t show us your web site. Come on, What do you have to hide?

I`ve never seen so much paranoia on a Real Estate forum as I see here..

What are you folks hiding from?