How common is it for buyers to get part of the commission?

[Anonymous]

Very common. If you aren't getting money back, you are being scammed.

[Anonymous]

Anonymous wrote:Very common. If you aren't getting money back, you are being scammed.

This.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. Thank you for your responses (and defending me, I'm not a bad person). As a PP repeated for me, my contract with the realtor has expired. At the end of a set contract period (as with any job that has a contract period) we assess how things are going and if anything needs to change. Then, if desired, a new contract is written up.

Our realtor is nice, but he's not my friend, he's my realtor. I'm doing half the work myself finding the listings and attending open houses. My question was if others have asked for a rebate, of any amount, in their agreements. Sounds like the answer is yes... and it's not uncommon.

I would suggest that you have some backups in hand before you approach your (previous) broker. If you really prefer to work with this particular agent and s/he balks at a rebate, show that you already have someone else as a backup, and propose that you work under a similar structure. The key is to be unemotional, prepared and informed. Fwiw, I'm the poster that got 2% back on the $1 mil+ home. It's your home, it's YOUR money! Good luck!

Question: Is that 2% rebate based on a 3% commission? I have a 2% broker (who advertises as a 2% broker) who'll give 2% back only a 3%. If it's a 2.5%, he gets 1% minimum. Is this how it typically works for a 2% back broker? They do a 1% minimum? I'm talking 1.5m. Thinking of just going with an hourly broker, since I'm doing most of the work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

OP enlisted an agent's services for some period of time and now wants to change the compensation arrangement mid-stream. No harm in asking for a rebate, but that should have been done at the outset.

Are you not able to read English ??? He clearly wrote that his arrangement has expired.

Actually "at this point" our agreement has expired. So we could part ways if I chose to do that. I want to write-up and sign a new agreement with him, but this time I'm considering asking for a rebate. He still will get a substantial commission out of the deal.

I read English just fine. Are you not able to have common sense? The agent has already invested a fair amount of time in him and now he wants to reduce the compensation as a condition to continue working together. That's his right, but it's a pretty shitty thing to do and if I were the agent as a matter of principle I'd tell him to get lost and bad mouth him to all of my colleagues.

No, I'm not an agent. I'm just appalled at the OP's attitude.

But I have no patience for people who like to move goalposts. It's small.

But the agent knew that there was a timeframe as part of the agreement and didn’t deliver.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

OP enlisted an agent's services for some period of time and now wants to change the compensation arrangement mid-stream. No harm in asking for a rebate, but that should have been done at the outset.

Are you not able to read English ??? He clearly wrote that his arrangement has expired.

Actually "at this point" our agreement has expired. So we could part ways if I chose to do that. I want to write-up and sign a new agreement with him, but this time I'm considering asking for a rebate. He still will get a substantial commission out of the deal.

I read English just fine. Are you not able to have common sense? The agent has already invested a fair amount of time in him and now he wants to reduce the compensation as a condition to continue working together. That's his right, but it's a pretty shitty thing to do and if I were the agent as a matter of principle I'd tell him to get lost and bad mouth him to all of my colleagues.

No, I'm not an agent. I'm just appalled at the OP's attitude.

But I have no patience for people who like to move goalposts. It's small.

But the agent knew that there was a timeframe as part of the agreement and didn’t deliver.

And the buyer is a liar. The agent probably thinks he's already wasted enough time on him, why do more work for less comp? I'd dump OP if I were an agent and got this request. But I understand the concept of sunk costs.

[Anonymous]

Anonymous wrote:We used Paul Thistle at take two realty. We got 2 percent back and he did a good job of getting us into houses quickly, fwiw.

Paul Thistle emailed me and offered me 2% back.

Then, he switched it up when I asked about whether his advertised and professed 2% still stands based on 2.5% or 3% commission. Bait and switch. Won't be using him.

[Anonymous]

You would be a fool not to ask for at least 1 percent back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. Thank you for your responses (and defending me, I'm not a bad person). As a PP repeated for me, my contract with the realtor has expired. At the end of a set contract period (as with any job that has a contract period) we assess how things are going and if anything needs to change. Then, if desired, a new contract is written up.

Our realtor is nice, but he's not my friend, he's my realtor. I'm doing half the work myself finding the listings and attending open houses. My question was if others have asked for a rebate, of any amount, in their agreements. Sounds like the answer is yes... and it's not uncommon.

I would suggest that you have some backups in hand before you approach your (previous) broker. If you really prefer to work with this particular agent and s/he balks at a rebate, show that you already have someone else as a backup, and propose that you work under a similar structure. The key is to be unemotional, prepared and informed. Fwiw, I'm the poster that got 2% back on the $1 mil+ home. It's your home, it's YOUR money! Good luck!

Question: Is that 2% rebate based on a 3% commission? I have a 2% broker (who advertises as a 2% broker) who'll give 2% back only a 3%. If it's a 2.5%, he gets 1% minimum. Is this how it typically works for a 2% back broker? They do a 1% minimum? I'm talking 1.5m. Thinking of just going with an hourly broker, since I'm doing most of the work.

Yes, it was 2% back on a 3% listing. On a $1.5m home, if you are willing to do most of the work, I'd go with an hourly agent also.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We used Paul Thistle at take two realty. We got 2 percent back and he did a good job of getting us into houses quickly, fwiw.

Paul Thistle emailed me and offered me 2% back.

Then, he switched it up when I asked about whether his advertised and professed 2% still stands based on 2.5% or 3% commission. Bait and switch. Won't be using him.

What did he say? Usually discount brokers have a minimum commission amount (in dollars, not %) that is often met with the high prices around here.

[Anonymous]

Why are we all doing this little song and dance? It's inflating house prices. Why not just pay 2% less on house prices and the realtors get paid hourly like overseas? I feel like the 5-6% that realtors charge is a bubble on top of house prices. It's like if moving costs were added into your house price too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We used Paul Thistle at take two realty. We got 2 percent back and he did a good job of getting us into houses quickly, fwiw.

Paul Thistle emailed me and offered me 2% back.

Then, he switched it up when I asked about whether his advertised and professed 2% still stands based on 2.5% or 3% commission. Bait and switch. Won't be using him.

What did he say? Usually discount brokers have a minimum commission amount (in dollars, not %) that is often met with the high prices around here.

He emailed a welcome note and said he'd be happy to do a 2% commission. He advertises 2% commission all over his website, too. And he brands himself as, "take2". He does have a minimum amount, which falls *well* below the 1% he'd get from me (he knows my budget). Like I said, he switched the terms when I asked him about the 2.5 vs 3% seller commission. I also said I'd do most of the work.

[Anonymous]

Why are we all doing this little song and dance? It's inflating house prices. Why not just pay 2% less on house prices and the realtors get paid hourly like overseas? I feel like the 5-6% that realtors charge is a bubble on top of house prices. It's like if moving costs were added into your house price too.

+100000

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We used Paul Thistle at take two realty. We got 2 percent back and he did a good job of getting us into houses quickly, fwiw.

Paul Thistle emailed me and offered me 2% back.

Then, he switched it up when I asked about whether his advertised and professed 2% still stands based on 2.5% or 3% commission. Bait and switch. Won't be using him.

What did he say? Usually discount brokers have a minimum commission amount (in dollars, not %) that is often met with the high prices around here.

He emailed a welcome note and said he'd be happy to do a 2% commission. He advertises 2% commission all over his website, too. And he brands himself as, "take2". He does have a minimum amount, which falls *well* below the 1% he'd get from me (he knows my budget). Like I said, he switched the terms when I asked him about the 2.5 vs 3% seller commission. I also said I'd do most of the work.

OP. To be clear, I believe he has the right to charge anything he wants. If he wants 3%, that's his prerogative. I fully support him charging whatever he thinks he's worth - he gets to set a price on his time and his worth, not me. But I'm annoyed because he didn't tell me the terms up front when he had the opportunity. I had to ask (and I've had to because he's not the only 2% guy who switched the terms after he was emphatic that he offers 2% back). Why not just respond to inquiries: "I'm a 1% broker and you get back the rest of whatever the seller's commission is"? Doesn't that seem more reasonable and won't undermine trust with potential clients?

Anyway, I'm sure he'll be valuable to many other clients, just not me. He has about 60 Zillow reviews and people seem to be happy.

[Anonymous]

Anonymous wrote:Why are we all doing this little song and dance? It's inflating house prices. Why not just pay 2% less on house prices and the realtors get paid hourly like overseas? I feel like the 5-6% that realtors charge is a bubble on top of house prices. It's like if moving costs were added into your house price too.

+1 The Freakanomics book highlighted this. The current system benefits no one except the agents. Pay people for the time they put into your house. Hourly rate agents are the way of the future.

https://www.nachi.org/forum/f11/exerpt-freakonomics-book-regarding-real-estate-agents-57929/

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why are we all doing this little song and dance? It's inflating house prices. Why not just pay 2% less on house prices and the realtors get paid hourly like overseas? I feel like the 5-6% that realtors charge is a bubble on top of house prices. It's like if moving costs were added into your house price too.

+1 The Freakanomics book highlighted this. The current system benefits no one except the agents. Pay people for the time they put into your house. Hourly rate agents are the way of the future.

https://www.nachi.org/forum/f11/exerpt-freakonomics-book-regarding-real-estate-agents-57929/

+1000!