Unknowledgable Buyers Agent Believes Sellers Owe Him.
I come across my fair share of unknowledgeable buyers agents. This lack of knowledge is most evident when it comes to cooperative agent compensation. Below is an actual text conversation I had with a local agent recently. It speaks volumes.
J*** L******· 10:39 AM Hi Jesus…I have some clients interested in **** ***** but our firm will charge your firm a 3% commission and my clients are aware of that in the event they like it. Should we proceed or do you want to check w/ sellers first? -J*** L******, Realtor Real Estate Sales & Luxury Property Management
Jesus Gonzalez· 10:42 AM Your commission is determined by your agency agreement with your client. What you earn has nothing to do with Liberty House Realty.
J*** L******· 10:43 AM Are you guys willing to pay a 3% commission with an acceptable offer?
Jesus Gonzalez· 10:44 AM All offers are presented to the Seller.
J*** L******· 10:44 AM I’m tempted to report you to the real estate commission. I’ve seen you list several properties like this with different owners now and wonder if you are doing some sort of disservice to your client, not to mention the damage to our industry. I’m going to check with our broker.
Jesus Gonzalez· 10:45 AM You do whatever you feel is necessary.
J*** L******· 10:48 AM Wonder what are you telling your clients to get them to agree to such terms when they list a house with you. You have to know that is hurting their chances at highest and best sales price. Ironically, your name is Jesus. Oh well…I’m sure you don’t give a shit, but it should be investigated. You pulled a fast one on a fellow agent I know. Oh well…
Jesus Gonzalez· 11:35 AM Hi J***, my sellers are well informed. I have a proven and verifiable track record that my client’s appreciate because it keeps more money in their pocket. My clients are pleased, 5-stars on Facebook, 5-stars on Google and A+ Accredited with the BBB. Not sure what my name has to do with anything. Not sure what “fast one” I pulled, co-op is disclosed upfront, transparently above board.
J*** L******· 11:38 AM As Jesus and our realtor pledge says, “Do unto others as you’d have them do unto you.” I’d never suggest to a client it’s a good idea to pay another fellow agent 1 for their sake or that of our colleagues. Hopefully our industry can sustain this race to the bottom. There’s a lot of people that depend on those commissions to feed their family and improve their clients needs + their communities. Good day to you.
Jesus Gonzalez· 11:40 AM Your compensation is determined between you and your buyer through your buyer’s representation agreement. If your buyer is not willing to pay you your % commission, why should the seller?
J*** L******· 11:43 AM Have you ever been paid a commission for representing a buyer by a seller? Or did you tell the buyer they would have to pay it? I suspect you’ve assisted buyers and taken every penny of the commission paid by the seller to your listing firm.
The day you stop accepting commission from a listing firm for representing a buyer is the day I’ll answer that question.
Jesus Gonzalez· 11:46 AM I am authorized by my buyers to work for them for a fee paid by the seller or seller’s agent. If the seller or seller’s agent does not compensate me my buyer covers it or makes up the difference. TAR Exclusive Buyer Rep Agreement, Section E lines 39-43 for your reference.
By the way, you do not need to answer, I get it, I do….and so do my clients.
J*** L******· 11:50 AM Oh I see…so you would accept a commission paid by a seller. I thought you wanted sellers to keep as much money in their pocket as possible? What would Jesus think of hypocrisy? It doesn’t matter. We’re just spinning our wheels. Hopefully our industry is durable enough to sustain bottom feeders.
Jesus Gonzalez· 11:51 AM Yes and I do. I do not see the hypcorisy you are talking about. Again, your compensation is determined by your agency agreement.