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By Michelle D./ComFree Client
I would like to share an experience I had with agents calling off the ComFree sign. It speaks to the discussion of cooperating with an agent.
I suspect many (if not all) vendors selling privately have had these calls. They’re always the same. "Have you sold your home yet?" If you haven't, you begin to answer questions about the property. At some point, usually several minutes in, they admit, or you realize, they are an agent. I would respond upfront that I was not listing on the agents' listing service, but would consider paying 3% if they brought a buyer. At this point it ALWAYS starts. "We can get you more money. There are 1300 agents on the agents' listing service and they have their buyers..."
"Yes," I respond, "but how do I net more money if I’m paying 6%, 7% or even 5% commission?"
They usually don’t want to raise the listing price and, of course, if you allow that to be done, your home can sit overpriced, even if it is listed on the agents' listing service. Recently, on a snowy afternoon, I got another "why-don't-you-list,-I've-got-five-buyers-looking-for a-property like-yours" call.
"Fine", I said, "bring me an offer from a qualified buyer and I will pay 3% plus GST off the selling price."
"Well," he continued, "if you list then you have the exposure of all of the agents' listing service."
"Yes", I responded, "but if you list it for 6% (which he was willing to do) and another agent sells it, you still only get 3%."
In the end, I am not sure if it was because there was no mystery ‘buyer’ or he was hell bent on double-ending, whatever the reason, the call ended badly. After trying to get me to list for 20 minutes and spending valuable time on his car cell phone, he was visibly irritated. |
I repeated that I wasn’t going to list under any circumstances and that I truly could not understand why agents were not willing to take the glass half full instead of no glass at all.
Realizing that persistent cajoling wasn’t going to work, he lost it. "Yeah, well I’ve been listening to you for 20 minutes and the least you could do is listen to me!!"
"Well I'm not going to list with anyone, no matter how many buyers you have!"
His last words as I proceeded to hang up were, "Maybe you should get some help!!"
I admit I was quite shaken for several minutes. This last call from an agent (there have been at least five of this nature) leads me to believe that most agents are not willing to bring a buyer for a finder's fee commission, EVEN IF THEY HAVE ONE.
The present agents' listing service commission structure is a very strong monopoly and will not go quietly.
In fairness to agents, there may be some who realize that the ‘good old days’ of double-ending may be in danger, but they are either unwilling or unable (perhaps due to agreements they have with their brokers, who are taking a cut of the commission) to do anything outside the box.
In the end, this unpleasant call was a blessing. It made me realize that if agents are calling back twice, sometimes three times, it is because supply is limited. Your product, your property is in demand.
If you have a good property and it’s priced according to the market (don’t get greedy), you will sell it. Don't panic as the winter drags on and think that 'cooperating with an agent' will solve all your problems. It may be a knee-jerk decision you regret later. |
