Hmmm … a hypothetical story just came across my desk from another agent who said that, on a listing of his, two separate buyer’s agents are withholding two separate offers because the seller is offering 2.5%, rather than 3%.
In one case, an agent said his/her broker would not allow him to accept less than 3%; the other case, she demanded the seller increase the offering to the buyer-broker.
And you wonder why the Realtors’ profession gets a bad reputation? Agents and Brokers like this.
Buyers need to pay their Buyers’ Agents (no longer available) themselves. What the Seller is offering should be irrelevant.
As a buyer, when considering whom you are going to hire as your Buyer Broker – if the Realtor is hesitant to negotiate their fees with you up front, what type of negotiator will they be for you? Depending on what the Seller is offering through the MLS is a sign of a Realtor who is 1) stuck in the past and 2) not confident in their own abilities. From the Virginia Association of Realtors’ (VAR) Buyer-Broker:
Broker shall promote the interests of Buyer by (a) seeking property at a price and on terms acceptable to Buyer, (b) presenting in a timely manner all written offers or counteroffers to and from Buyer, (c) disclosing to Buyer all material facts related to the property or concerning the transaction of which Broker has actual knowledge, (d) accounting in a timely manner for all money and property received in which Buyer has or may have an interest. Unless otherwise provided by law or Buyer consents in writing to the release of the information, Broker shall maintain the confidentiality of personal information, financial information and other matters identified as confidential by Buyer if that information is received from Buyer in the course of the brokerage relationship.
I am troubled by this. Hypothetically, I would have recommended this agent file complaints locally and with the State real estate board.
Related reading:
What is the future of the MLS?
The solution to many of real estate’s problems.
The Divorced Commission and the MLS
Interested in Learning More?
Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
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