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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.
White Plains, NY
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.
Granite Bay, CA
MIKE ROCK I charge a non-refundable retainer that is credited back at settlement. Simple and effective.
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!!!
Granite Bay, CA
I do it on occasion. I keep there initial deposit escrowed and we submit offers.
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.
I don't see a problem with this idea. I think it makes a buyer more commited to the process.
Sure. It's a plus for buyers agents and no downside for my seller or me.
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.
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.
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