Mike Rock, Granite Bay Luxury New Construction...For Less (Complete Design)

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Rainmaker
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I would support that.  But, I think you are asking the wrong people.  You need to be asking buyers. The expression "why buy the cow when the milk is free" may apply here. Buyers have not had to pay squat for real estate services ... why would they start now.  Ah, maybe it will be law!  Then an entirely new vetting process would come into play, and a lot of agents would go bye-bye.

Jul 11, 2015 07:32 AM
Rainmaker
699,027
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

We just had a closing where the buyers agent (we had the seller) was paid full commission from us and another full commission from the buyer.  They have an arrangement where the buyers agent just keeps finding them properties.  Nice work if you can get it.

Jul 11, 2015 07:28 AM
Rainmaker
1,412,127
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

MIKE ROCK I charge a non-refundable retainer that is credited back at settlement. Simple and effective.

Jul 11, 2015 11:29 PM
Rainmaker
5,396,627
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

good thought.....keeps everyone honest, doesn't it.....I like it.... I usually wear a bulletproof vest.... you may want to invest in one.... mine is getting worn out!!!

Jul 11, 2015 07:28 AM
Rainer
230,824
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

Annette Lawrence , Palm Harbor, FL 727-420-4041   please elaborate exactly if you would for the others on how this happens..the (BEP)

THANKS

mike

Jul 12, 2015 12:01 AM
Rainer
150,569
Ed Macias
Real Estate Teammates - Miami, FL
Miami FL-REO Property Management Multifamily

I do it on occasion. I keep there initial deposit escrowed and we submit offers.

Jul 11, 2015 11:39 PM
Rainmaker
822,800
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Buyer Elite Plan (BEP) is exactly what you describe.

Buyers can save a giant pile of money by choosing the 'pay as you go' route. Did I mention they save a Colorado size mountain of money with this option.

However, few buyers choose this method. They want to believe making no commitment serves them better.

The buyers who have participated have become repeat buyers. With BEP, I know I'm not wasting my time (they do pay for every day of showing) and they are not wasting their money because they are REAL buyers.

Create plans that give your buyers choices. With choice, they feel they are in control and therefore invest greater trust in their agent.

Jul 11, 2015 11:02 PM
Ambassador
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I don't see a problem with this idea. I think it makes a buyer more commited to the process. 

Jul 11, 2015 01:49 PM
Rainmaker
634,116
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Sure. It's a plus for buyers agents and no downside for my seller or me.

Jul 11, 2015 12:57 PM
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I would support this and actaully like the idea. So much of what we do nevers produces fruit (a commission) so this would help alleviate that.

Jul 11, 2015 11:08 AM
Rainmaker
578,725
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

I am still trying to see what the big deal is...please enlighten me.

In the early 1990's when all listing agents were hostile towards real buyers agents, they were cooperating by offering pennies to the BA as a co-op fee.

There are many ways the Buyer agents commission can be structured that might surprise you.  What surprises me is that if a BA reduces the % because they are getting some of it from the buyer client, that balance of co-op goes back into the listing agent coffer, is does not reduce the price of the property unless the listing agent agrees.

There are smarter ways to do this.

Eve

Jul 11, 2015 08:05 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Mike,

We have a friend who has an exclusive with a prominent family.  This friend flies with the family to buy property in the US and overseas.  Their relationship is based on a retainer and the commission has nothing to do with the retainer.  The retainer is our friend's compensation for research for the type of property they want to buy.  A

Jul 11, 2015 08:02 AM