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#420331 - 02/17/13 12:52 AM
Expired listing: Buyer agent tried to get 1-time show for less commission
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Major Contributor
Registered: 08/27/05
Posts: 1795
Loc: Missouri
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AND it backfired on her! She offered a bargain-rate commission to the owners of the expired listing in exchange for a one-time showing. They liked her commission offer, but they told her that they would not "cut out" the former listing agent (me). They called me and asked me to write up a one-time show listing agreement and assured me that the other agent had already agreed to the specific commission.
I wrote the listing agreement and then phoned the other agent, after explaining to the homeowners that the other agent had, undoubtedly, meant that she would take that commission for a double-sided deal. Of course, I was correct. The other agent is not happy with half of the commission she quoted to them. She MEANT that she would accept the quoted commission if she had BOTH sides. So now, the property is listed, with the commission splits duly noted in MLS, and I haven't heard "boo" from the other agent. Go figure!
BACKGROUND: Sellers had planned all along to put the house back on market WITH ME as soon as spring arrives. The other agent called them directly to tell them that she was ready to bring another offer from the same customer that we had under contract last fall, one that fell through due to financing.
The buyers' finances have now improved, she said, and they are ready to go back under contract within two days (it's been longer than two days now, and no offer or showing has materialized).
So what do you think? Was this a bait and switch move to reel in an expired listing? Are the clients actually interested but this agent is now frantically trying to find them another house, due to the "bargain" commission SHE negotiated?
_________________________
Broker/Owner, REALTORŪ,GRI, ABR
REO listing/selling since 2004; BPOs only for current clients
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#420338 - 02/17/13 07:10 AM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: LizL]
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Member
Registered: 10/14/11
Posts: 266
Loc: Montana
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So what do you think? Was this a bait and switch move to reel in an expired listing? Are the clients actually interested but this agent is now frantically trying to find them another house, due to the "bargain" commission SHE negotiated?
Probably Bait and Switch, and your seller handled it great. You obviously work hard for your sellers, to develop such loyalty. If the agent was really trying to get the buyers into the house, they probably would have at least shown it. If that is the house the buyer really wants, nothing else will do as long as it is available. This didn't work out the way the agent had planned, but something is better than nothing, and you wouldn't risk losing the buyer (if you really had one).
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#420387 - 02/18/13 08:02 PM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Dodger52]
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Member
Registered: 01/22/08
Posts: 98
Loc: USA
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I might not understand completely, but it seems that the agent went after an expired listing, nothing wrong so far.....Then made a deal that would benefit both them and the sellers. Sounds okay to me as well .....so far anyhow.
Then, after making said deal, you come in and screw it up by screwing over the Realtor who made a seemingly legit deal?
Does anyone else see it this way or am I missing something? What did that agent do wrong, other than talk to and make an agreement that you came in on later and screwed up? If you ask me, it seems that YOU interfered with a contract/agreement.
Edited by Okeydoka (02/18/13 08:38 PM)
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#420393 - 02/18/13 09:20 PM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Okeydoka]
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Member
Registered: 10/14/11
Posts: 266
Loc: Montana
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I might not understand completely, but it seems that the agent went after an expired listing, nothing wrong so far.....Then made a deal that would benefit both them and the sellers. Sounds okay to me as well .....so far anyhow.
Then, after making said deal, you come in and screw it up by screwing over the Realtor who made a seemingly legit deal?
Does anyone else see it this way or am I missing something? What did that agent do wrong, other than talk to and make an agreement that you came in on later and screwed up? If you ask me, it seems that YOU interfered with a contract/agreement. There isn't anything wrong with going after the expired listing, and nothing wrong with trying to put together a better deal for the buyer while benefiting the seller. But the seller wanted to be represented, and went to the agent they trusted to represent them. The "better" deal is in place and the agent is not following through. Either the agent does not want the seller to be represented or they don't like the lower commission, or most likely they were just trying to get the listing using false pretenses. Any of those things would be wrong, and an ethics violation. The OP has gone above and beyond for the client, and didn't have to agree to represent the seller for a reduced commission. I use something similar to a one time showing agreements a lot. My agreement spells out the buyers agent commission, its an agreement to pay a buyers agent, if the seller wants to be represented they can do that at an additional cost. Everyone knows my intentions, and there is no agency issue.
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#420398 - 02/18/13 10:15 PM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Okeydoka]
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Major Contributor
Registered: 08/27/05
Posts: 1795
Loc: Missouri
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Dodger52~You nailed it exactly. Thank you so much for beating me to the punch! The seller TOLD the buyer's agent that she wanted to have her own representation and that she wanted me involved, both out of a sense of justice (same buyer who had been under contract before the house went off market) and her desire to be represented. ...Then, after making said deal, you come in and screw it up by screwing over the Realtor who made a seemingly legit deal... I did NOT interject myself into a done deal. The seller called ME (just as she told the other agent she would be doing) to represent her, even though she really did not want to relist the house until late spring. I agreed to the commission structure, though it was discounted. The person who was screwed, as Okeydoka put it, is my seller; because she was misled and went out of her way to accomodate a buyer and an agent who had already disappointed her once before. The person who did the screwing (to borrow Okey's vernacular again) was the other agent, not me. The seller now has a bad taste in her mouth both for the other agent and for her buyer. If this was a bait and switch, it certainly backfired on the other agent.
_________________________
Broker/Owner, REALTORŪ,GRI, ABR
REO listing/selling since 2004; BPOs only for current clients
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#420401 - 02/18/13 10:33 PM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Dodger52]
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Member
Registered: 01/22/08
Posts: 98
Loc: USA
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What are the false pretenses you speak of. I don't disagree, I just don't see what you're talking about.
He or she made a deal, then the seller changed the terms? I don't think it's a law that the seller is represented. Actually, it seems to be that maybe the former listing agent could be accused of interference of a contract by coming in and trying to insert themselves into a deal after the fact.
Although, again, I may not have all the facts. Just the ones from a listing agent who couldn't sell a property, then after another agent cuts a deal, moves in on it, then posts details here to try and justify what they did?
There is nothing wrong with cutting a deal with a seller. But you seem to have mis-used your relationship with the seller to blow it up. Why didn't you just back off and let them consummate the sale?
I am playing Devils Advocate here. I don't know you from Adam, but there are two sides to every story and we only know yours. You just seem to be making assumptions about the other agent. Have you spoken to them and heard their side? Might they say you blew up the deal? You tried to screw her out of her commission and in doing so blew up the deal.
Yes or no?
To me, you sound jealous that the other agent was able to do what you couldn't. So instead of bringing everyone together, you made the other agent look greedy, or unprofessional in the eyes of the seller..
Also.......Bait and Switch? How so? I don't see it.
You might think I'm the other agent.
Tell me, who wins when no sales are made, and who loses?
Do the deal.
You lost the listing, couldn't make a deal, blew it up and in the process assured that you would get a commission eventually?
Man, I don't know why this struck such a nerve with me. Is there anyone else who sees this like I do, or do I just need a nap?
Thank you for posting Liz.
Edited by Okeydoka (02/18/13 11:05 PM)
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#420410 - 02/18/13 11:10 PM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Okeydoka]
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Major Contributor
Registered: 08/27/05
Posts: 1795
Loc: Missouri
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What are the false pretenses you speak of. I don't disagree, I just don't see what you're talking about.
He or she made a deal, then the seller changed the terms? I don't think it's a law that the seller is represented. Actually, it seems to be that maybe the former listing agent could be accused of interference of a contract by coming in and trying to insert themselves into a deal after the fact.
Although, again, I may not have all the facts. Just the ones from a listing agent who couldn't sell a property, then after another agent cuts a deal, moves in on it, then posts details here to try and justify what they did?
There is nothing wrong with cutting a deal with a seller. But you seem to have mis-used your relationship with the seller to blow it up. Why didn't you just back off and let them consummate the sale?
I am playing Devils Advocate here. I don't know you from Adam, but there are two sides to every story and we only know yours. You just seem to be making assumptions about the other agent. Have you spoken to them and heard their side? Might they say you blew up the deal? You tried to screw her out of her commission and in doing so blew up the deal.
Yes or no?
To me, you sound jealous that the other agent was able to do what you couldn't. So instead of bringing everyone together, you made the other agent look greedy, or unprofessional in the eyes of the seller..
Also.......Bait and Switch? How so? I don't see it.
You might think I'm the other agent.
Tell me, who wins when no sales are made, and who loses?
Do the deal.
You lost the listing, couldn't make a deal, blew it up and in the process assured that you would get a commission eventually?
Man, I don't know why this struck such a nerve with me. Is there anyone else who sees this like I do, or do I just need a nap?
Thank you for posting Liz. Did you even READ my post? The seller called ME because she wanted her own representation. It's that simple. The "bait and switch" part is that the buyer's agent MAY have simply been lying about her buyer being ready and willing. The buyer's agent did not "have a deal." She was trying to get a listing, and the seller turned her down flat on that account. What is in question, however, is is whether or not she has a buyer right now. She certainly does not have a "deal" of any kind with the seller. I'll give you the benefit of the doubt. Maybe you do need a nap, and you are not just trying to pick a fight.
_________________________
Broker/Owner, REALTORŪ,GRI, ABR
REO listing/selling since 2004; BPOs only for current clients
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#420411 - 02/18/13 11:19 PM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: LizL]
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Member
Registered: 01/22/08
Posts: 98
Loc: USA
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How the heck do you know that the other agent was being unscrupulous. Maybe you just used this as a means of looking good or holier than thou to tour seller to assure you will make a commission from them.
Why didn't you just explain to the seller that the other agent can't work for free. Why should you deserve the commission? The other agent made the deal, then you come in and try to justify stealing it after the seller changes the terms.
Just because we can, doesn't mean we should. Sure the seller called you. They made a deal, tried to save the commission then called you, hoping I'm sure, that they could get the best of both worlds. Then you, not wanting to lose a sale, went all holier than thou, told the seller what a bad deal it is not to be represented "by you". And in doing so blew it up.
Obviously, sellers and buyers would never, ever ever do anything unethical.
Yes, I picking a fight, because this really hacks me off. You seem to think that by virtue of your prior relationship, and that the seller called you, that you deserve to screw the other agent.
Edited by Okeydoka (02/18/13 11:26 PM)
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#420416 - 02/19/13 12:42 AM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Okeydoka]
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Major Contributor
Registered: 08/27/05
Posts: 1795
Loc: Missouri
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How the heck do you know that the other agent was being unscrupulous. Maybe you just used this as a means of looking good or holier than thou to tour seller to assure you will make a commission from them.
Why didn't you just explain to the seller that the other agent can't work for free. Why should you deserve the commission? The other agent made the deal, then you come in and try to justify stealing it after the seller changes the terms.
Just because we can, doesn't mean we should. Sure the seller called you. They made a deal, tried to save the commission then called you, hoping I'm sure, that they could get the best of both worlds. Then you, not wanting to lose a sale, went all holier than thou, told the seller what a bad deal it is not to be represented "by you". And in doing so blew it up.
Obviously, sellers and buyers would never, ever ever do anything unethical.
Yes, I picking a fight, because this really hacks me off. You seem to think that by virtue of your prior relationship, and that the seller called you, that you deserve to screw the other agent.
I never said the other agent is unscrupulous. I repeat: The seller called me, not the other way around. The other agent HAD NO DEAL and, so far, has not presented any contract. I had no need to act holier than thou or to tell the seller ANYTHING about the quality of the other agent or about representation. She is a sophisticated seller, and SHE WANTS representation. I did not have to convince her in any way. I would prefer having a civil conversation without throwing in inflamatory comments. You have added lots of assumptions and accusations about my behavior that simply are not true. Please stop making up scenarios and applying them to this situation. Stick to the facts, please.
_________________________
Broker/Owner, REALTORŪ,GRI, ABR
REO listing/selling since 2004; BPOs only for current clients
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#420417 - 02/19/13 12:50 AM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Okeydoka]
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Member
Registered: 10/14/11
Posts: 266
Loc: Montana
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How the heck do you know that the other agent was being unscrupulous. Maybe you just used this as a means of looking good or holier than thou to tour seller to assure you will make a commission from them.
Why didn't you just explain to the seller that the other agent can't work for free. Why should you deserve the commission? The other agent made the deal, then you come in and try to justify stealing it after the seller changes the terms.
Just because we can, doesn't mean we should. Sure the seller called you. They made a deal, tried to save the commission then called you, hoping I'm sure, that they could get the best of both worlds. Then you, not wanting to lose a sale, went all holier than thou, told the seller what a bad deal it is not to be represented "by you". And in doing so blew it up.
Obviously, sellers and buyers would never, ever ever do anything unethical.
Yes, I picking a fight, because this really hacks me off. You seem to think that by virtue of your prior relationship, and that the seller called you, that you deserve to screw the other agent.
I think I see where you are hung up. The Buyers agent made an offer to do a one showing listing at a reduced commission with the seller having no representation, the seller rejected that offer and then approached the OP to see if they could still do something. No deal was actually made only offered. The seller does not have to have representation, but if they request it a buyers agent can not move forward. Remember that this "buyer" had a contract that fell once already, the seller was wise to ask for representation. Does that help?
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#420418 - 02/19/13 12:55 AM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: Dodger52]
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Major Contributor
Registered: 08/27/05
Posts: 1795
Loc: Missouri
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Thanks again, Dodger52.
_________________________
Broker/Owner, REALTORŪ,GRI, ABR
REO listing/selling since 2004; BPOs only for current clients
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#420420 - 02/19/13 02:09 AM
Re: Expired listing: Buyer agent tried to get 1-time show for less commission
[Re: LizL]
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Major Contributor
Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
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". . . The Buyers agent made an offer to do a one showing listing at a reduced commission with the seller having no representation . . ." And we better hurry up and finish this argument, or the one show listing period will be over and done with before our discussion is.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"
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