Posted by Scott (ATL) on September 09, 2003 at 22:35:23:
Ah, I’m not playing games with the Realtor. He hasn’t asked nor have I advertised that “agents are protected”. He contacted me and I’m not trying to short anyone. If the buyer he has is legit and we come to an agreement I’m more than happy to make sure he gets paid. Either the buyer can pay him directly or we work out a higher upfront payment to cover a commission. All my conversation with him has been via email and his client has driven by the property and wants to know more.
My issue is should I bring up the commission since the Realtor hasn’t? I will have everyone meet me at the same time regardless and if he and his buyer want to come they’ll get the same treatment as I give anyone else. Plus, he is truly a great buyers agent since he found me and he is the only agent that has contacted me. I have no beef with that just that I haven’t set an expectation and I’m looking for opinions on whether I should be responsible for this and maybe how others have handled Realtor calls with potential buyers.
It appears that you’re of the opinion that I should set the expectation and even get an agreement upfront. I believe the onus is really on the Realtor. After all he is the one that needs to get paid for his time and bring a deal to the table. I?ve provided him everything he?s asked for and commission hasn?t been a question from him.
Realtor has buyer interested in my L/O - Posted by Scott (ATL)
Posted by Scott (ATL) on September 09, 2003 at 17:25:28:
If you happened to see my last post about responses from my classifieds (only 1 on Sunday) I have some good news…I have now received 7 calls and received 3 messages. So the ads are finally working and the screening is doing its job too. I’d still like more calls but at least it is better.
Okay, now to my newest question…I have a Realtor that found my ad on forsalebyowner.com. His client is interested in my place. Of course, the Realtor wants to know how much upfront is needed and I said “depends on their credit” for lack of a better answer. My plan is to try and have him bring his client along with the others I’ll have at the house this weekend. We haven’t talked commission and I don’t plan on paying it…I would leave that up to him and his buyer?
Don’t get me wrong I think the Realtor is due a commission if his buyer buys just that I won’t be the one paying…Maybe I can take it out of the upfront payment? What have you done when doing a L/O through a buyers agent?
Re: Realtor has buyer interested in my L/O - Posted by David
Posted by David on September 12, 2003 at 01:01:38:
Sounds fishy to me…why would the realtor approach a FSBO with a buyer? Sounds like the realtor wants to find some way to get you to list it with him/her.
Posted by ken in sc on September 10, 2003 at 08:40:59:
Since the house is not “purchased” until closing - i.e. when the deed transfers - that is when commission should be paid. Not upfront. Until closing all you have is a tenant. If the agent will wait until closing and help the buyer obtain financing, then perhaps it is worth a commission.
Posted by David on September 09, 2003 at 21:57:54:
Everyone says not to play games with the RE agent, but I disagree. This is a house that is not listed. If this agent brings a buyer, that is when you discuss compensation. If not, why not tell them that because of this realtor fee, the numbers won’t work. You are perfectly happy selling it yourself…good day.
You aren’t obligated to pay the realtor. If this person brings a buyer, it will take all three(or more) of you to come to a mutual agreement. An agents salary is commission based, but that isn’t any of your concern. You have a house that needs to be sold…period. I agree they deserve something for bringing the buyer, but that can and should be discussed at the meeting.
Posted by Ed Copp on September 09, 2003 at 20:14:55:
for you to expect the Realtor to just bring in his buyer without a commission agreement first, up front and in writing. If you can not deliver that simple little item then do not waste the Realtors time and money with your game of possible maybe.
Every time I got a call from a realtor it was because they wanted me to list with them not to bring me a buyer. But if he does bring you a buyer, you owe him a commission.
Re: Realtor has buyer interested in my L/O - Posted by Scott (ATL)
Posted by Scott (ATL) on September 12, 2003 at 06:32:16:
Actually, I am meeting the Realtors buyer at the home this weekend. I told the Realtor that I would meet them both at the property. He simply said he couldn’t make it (Realtor) and that his buyer was looking forward to it.
Can’t beat that! If his buyer is the right one and he does exercise his option I imagine the Realtor would want something. I’m more than happy to work something out but the Realtor doesn’t seem interested. I have to give him credit as most Realtors wouldn’t be looking for a long term commission or “word of mouth” referrals. Based on his behavior when I need a Realtor or I have a refferal I’ll probably refer someone to this guy. Good move by him if you ask me. He’ll get more money in the future this way than just this deal.
Re: Hmmm…who to listen to??? - Posted by Scott (ATL)
Posted by Scott (ATL) on September 09, 2003 at 22:44:48:
Based on the other posts I was probably misunderstood. I certainly agree that if his buyer L/O my house he is due a commission. It is just a matter of “where” it comes from. The buyer can either pay the Realtor directly, we can increase the upfront payment, increase the rent or increase the purchase price…Either way this will cover the Realtors commission.
Since the Realtor hasn’t asked and his buyer hasn’t agreed to buy it is really a moot point but I was curious how people handled this situation in the past.