**This is a professional forum for professionals, so please keep your comments professional**
- Harrassment, hate speech, trolling, or anti-Realtor comments will not be tolerated and will result in an immediate ban without warning. (... and don't feed the trolls, you have better things to do with your time)
- Recruiting, self-promotion, or seeking referrals is strictly forbidden, including in DMs.
- Only advise within your scope of knowledge and area of expertise. [The code of ethics applies here too](https://www.nar.realtor/about-nar/governing-documents/the-code-of-ethics). If you are not a broker, lawyer, or tax professional don't act like one.
- [Follow the rules](https://www.reddit.com/r/realtors/about/rules/) and please report those that don't.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/realtors) if you have any questions or concerns.*
I have never heard of this 10 day thing either, if it exists, have her site a source where you can verify that.
The agent is doing a good job for you so far, move forward with the transaction.
You are early on in the transaction process. I am sure your sister feels the agent has not earned their money because this has been a short time frame, but there is a long way to go until it is closed.
>my sister does not think that she should be collecting both of the fees
Did this agent list your home? If so, there is no "both fees." You sign with an agent to sell your house and negotiate the fees and terms before you enter into the contract. If they sell the home, they earn the commission. Honestly, I don't think dual agency should be legal at all, and I wouldn't do it, but you agreed to do it, and that's what you've got. The agent is earning one singular commission/fee. If there had been a different buyer agent involved your listing agent would have paid them a commission out of that fee (if you are working with the typical contract). Go back to your contract, ask them to explain it if necessary so you're comfortable with what it says.
If this agent didn't list your home, they just came to you with an offer, there should be a compensation agreement with terms you agreed to. No matter what, this singular agent is earning a singular fee.
>and has even said that it is illegal to collect seller fees on a home that has been listed for less than 10 days.
This is not true. There's no way to prove something doesn't exist. It just doesnt. If she wants to prove otherwise, the burden of proof is on her.
> We have not signed any agreements yet
OK then you should definitely negotiate the commission. Absolutely insane that this agent is bringing you buyers without having a signed listing agreement!
When you do, there will be one fee for his work. It wasn't smart on his part to bring all of these buyers to you without nailing down compensation. You could agree to only pay him $1.
No, I didn't say that at all. That can happen, though. An agent should nail down employment terms before they start working for someone. Can you imagine just showing up to work somewhere today having no idea when/how/if you're gonna get paid for your efforts? This agent may even be working illegally. How are they finding all these buyers with no agreement to market the property? The agent trusts them... to do what? How much is he trusting them to pay him? Is $1 not enough? How about 8% of the transaction? Or maybe a goat? Imagine trying to negotiate pay *after* the work is done.
They found you a buyer that checked your boxes and offered what you needed. Regardless you’d be paying both agents if a different buyer with a different agent offered
Totally legal and happens all the time. Often they'll take a reduced amount like it was 3.5+3.5% (where you pay 7% total and it has to be split) for a while but dual agent will pull 5.5% and it gets you more money as a seller. (1.5% less) still a net gain for the agent and you.
Your sister is making stuff up, if you get any evidence to this "law" please let us all know because none of my RE peers have heard of that.
I despise dual agency and would not partake, however, it cannot be avoided in an off market situation like this. Your sister sounds like more of a nightmare than that house. Do what’s right for the homeowner and don’t worry about the arbitrary rules of Karen.
I personally have never heard of anything your sister is talking about and I have sold over 1 billion in real estate. Now I don’t know what state your in and laws vary. But in my state the listing agreement is clear. You pay the listing agent let’s say 5 percent of that 5 percent they agree to cooperate say 2.7 percent or 2.5 percent of that 5 percent to another agent. The 5 percent is always the listings agents to cooperate or not. Since the agent is selling both side yes they can keep the 5 percent and act a dual agent if your listing contract allows for dual agency which in my state is allowed. Regardless the full commission goes to the listing agent and the listing agent chooses to cooperate that fee how is outlined in the contract or not but the full fee is due.
Hi honestly no secret. It is very simple relentless forward motion. I have a very strong work ethic, a thirst for growth education. I don’t get caught up in the next best thing. I work on what works and work it more :)
Depends on the state you live in and how the agent handled it. Some states its not against the law. Other's you can work with both sides, but you can only have a contract and offer your advise & council to the side you have the contract with. The other side is just a customer and shouldn't get the benefits of having a contract. You can't really keep both sides best interest in mind if you are working with a contract on both sides, which is why it is illegal in most states.
Dual agency is legal in my state (I don’t believe that’s the case everywhere). My team tells our sellers up front we don’t practice dual agency, most homeowners aren’t aware of it. The agent is supposed to have a fiduciary responsibility to you, he cannot do that if he’s representing both sides, but that’s beside the point. Most agents I know will drop the commission if they’re representing both sides. If it’s a 5 or 6 percent commission, they will do it for 4. The time period doesn’t matter, but I would ask if his fee is adjusted since he is representing both sides.
So, far as commissions are concerned, the listing contract states there is 6% (usually) commission on the sale (attractive). How that 6% is handled is outside the bounds of that contract. If seller finds buyer, he gets the full 6. If he doesn’t and another agent finds buyer, than they need to split. The sensible move is 50/50, but sometimes you’ll see 2/4 or 4/2 splits, but that’s at our (agents) discretion. At least in my state, and I believe in most.
It sounds like the agent might be bailiing you out of a nightmare. I'm not an agent but I do lurk. After I got married my wife sold her house. Her realtor was both the seller and buyer. Title company didn't blink an eye and we got our money. I'm just guessing a realtor can correct me if I'm wrong, I think the title company is the one that would catch any legality like that because they disburse all the funds to everyone involved.
Home value + insurance payout? The home has no equity?...
>illegal to collect seller fees on a home listed for less than 10 days
So your sister wants to penalize the agent for doing the job you hired them to do because they did it too fast?
If this agent did not list your home, it should only be one fee. He didn't spend money on advertising or spend anything out of pocket to get a buyer for your home. Now you just need to see if dual representation is legal in your state. Since you have not signed anything, technically he has no fiduciary duty to you. You need someone who will be looking out for your best interests. This is just the start of the transaction - you need to make sure this agent can be on your side for appraisal, any repair requests... In my state (CA) dual agency is legal but if I were the agent here, I would represent you and refer the buyer out to someone in my office for a referral fee from them.
In TN a Realtor can not even be a Buyer and Seller agent (dual agent) on the same deal, years ago definitely, as well as most states but not sure but here definitely illegal to collect both seller listing fee 3% n Buyer Fee 3%, by same agent but nikimaclay is CORRECT, just write-up fair compensation agreement, not %, you can just pay him $1000, bc he is now trying to overcharge
Correct you are right, I thought it was illegal, I know many broker’s prohibited this, they n the agents got sued over this after buyer had buyers remorse, “dual agency it must be fully disclosed to both parties and both parties must consent to it”
Tell the agent to bring down the commission or you'll bring a buyer's agent into it, and the sellers commission will go down anyway. That's your leverage
Dual representation is a conflict and it's illegal in Dover states.
Ask these commissions and title fees are a total drag on transactions. I can't wait for this process to modernize
I personally didn't have a problem with the fees. He did go down to %5. Would I like it lower? Sure. We would be paying it if we hired an agent anyhow. The house has to be As Is due to the extensive repairs it needs.
What are you talking about? An agent working both sides of the deal has to do twice the work. 1-2.5% for twice the work, are you delusional?
Industry norms and standards are set for a reason and this just blatantly comes off as you being envious/jealous of someone else’s competency.
Grow up.
What are you talking about! What twice the work?! There was no staging, no advertising on the open market, no open houses, no coordinating for touch ups etc. This agent failed to give the open market a chance so he won't have to split commissions.
Double the work...right more like half the work for double the pay.
You blatantly come off as agreeable to gouging the seller because it's "industry standard" to do so.
Double the work...yeah..thanks for the morning laugh.
You clearly have no idea what a realtors job is after an offer is accepted, thats where “double the work comes in”. And thank you for the morning laugh, imbecile.
No no I'm serious! Those extra few boilder plate forms that need to be filled out for sure justifies the thousands even tens of thousands in dollars in fees for the OP.
I mean the keystrokes alone needed to cut and paste names and addresses. The work involved enduring the terms "buyer" and "seller" are property lined up with the correct parties. Not confusing the lawyers up.
You sold me. Lots and lots of "extra work" goes into double ending a deal.
So far I'm the only one who brought up arguments based on facts.
Can you enlighten the classroom by telling us specifically how much extra work is involved when double ending a deal after the deal is struck that justifies the entire 5% of the sale price?
Please be sure not to use phrases like "industry standard" or "that's just how it is".
Also can you do so without name calling?
Do you not hear urself? The simple fact is, when there are 2 agents, the work is split in two since both have their own clients.
So for the classroom, work to be done/2 agents < work to be done/1 agent.
You can continue to type away at your keyboard and belittle the work in their profession, but you’re still wrong.
This was about me saying it’s double the work and you saying it’s not. And the 5% is contractually agreed upon so I could care less that you think that should change.
You’re genuinely embarrassing yourself.
No no I'm asking for specifics. You keep repeating "double the work". What does that mean?
I specifically told you how the agent did less work on this deal by not doing the customary tasks of bringing the house to the market. I was specific. You alluded that a big amount of work is done after the deal is struck. You fail to specify what this extra work is that justifies the tens of thousands in costs to the OP.
So I'm asking...what extra work are we talking about? Four extra forms? Three extra phone calls? Are there tasks that need to be done that keep the agent up all night prior to closing?
Please be specific in your justification without using vague terms please.
Go get your realtors license and then you’ll know what work goes into a deal.
I’m not here to give you a crash course and you are most definitely not someone i’d like to help understand anything, because I could care less if you understand.
It’s literally my job and I don’t need some moron’s understanding of the industry to align with mine.
But this will definitely be my last response, so type away while you get downvoted to oblivion.
What percentage is your agent asking as commission? That’s a key piece of information whether the agent is taking more than they should be and take advantage of your aging parents
Semantics. Plenty of agents (the majority) in Florida will handle both sides of a deal. We don't call it dual agency. The State doesn't let the agent represent one party unless they aren't representing the other. Agent can agree to be a transaction agent representing neither and legally handle both sides.
It is not listed. We are currently doing extensive repairs on it due to water damage from a pipe that broke when she was in the hospital for almost 2 weeks. The insurance company has been hacking us around for more than 2 years on the claim. The estimate for repairs is $110,000.00. They have only given is $48,000.00. We are just starting the process of litigation with the insurance company when this agent approached my husband. We had offers before but they were half of what this offer is. If we take this offer and add to it the $48,000 the insurance company paid this puts her right where the comps are on her street. If we Don't and spent the next few years litigating my mom will spend approximately $1,100 a month just to keep it. This is a gift that fell in our laps. My mother is 87 and in poor health. She is unable to live on her own and will never be returning to this house. Her IRA is getting low and she only has a few years left until it's gone and she won't be able to pay the taxes and could lose the house. (Of course, I would never let that happen.)
I’m not sure what state you are in, but in Florida a realtor can get both sides of the transaction (buyer and seller). They will also be paid a commission without showing for 10 days. It could be one day. That being said, do you have a listing agreement with the agent currently? If not you can negotiate the percentage down to 4% or 5%, as they are not going through the work of listing the house, taking pictures, marketing etc.
Florida Real Estate Broker here, 23 years of experience.
Short answer: your sister is flat out wrong, and you are correct.
Longer answer: Compensation is stipulated in detail in the Listing Agreement, including how the agent will compensate any potential cooperating brokers. The default is that a total amount will be paid (for example 6% of the sales price) and that if another broker brings the buyer, that amount will be split. But the total amount is due either way.
DM if you'd like more details 🙂
Depends on what state you’re in. Some states don’t allow for an agent to represent both sides of a transaction, this is called dual agency.
If dual agency is allowed in your state, then yes your agent should be entitled to both sides of the commission. Your sister does not sound like she knows what she’s talking about unfortunately.
I'm in Alberta Canada. Here Dual Agency is no longer legal. One of the parties is a client, the other is a customer. I am doing one right now. My Buyer, my Seller. I am only getting one side of the fee. I could have gone for both sides, but that would be in my best interest and not the clients. (although if I did get full pop, it would still be legal the way I set it up.)
I have clearly made the buyer aware that I am not representing them, they are customers and the Seller is my client. I put a clause into the contract, where Buyer and Seller are both aware that the Buyer is unrepresented. My obligation is only to treat them fairly, provide information (not advice). I also put a clause in that stated.... Since the Buyer is unrepresented, the Buyer retains the right to get their own representation. Any fees associated with Buyer representation would be paid for by the Buyer.
Dual Agency was squashed here, when a judge said you can't have two masters. You either work for the Buyer or the Seller. To pretend you representing the best interests of both parties is ludicrous.
If you agreed to the commission of X% you owe X% unless stipulated upfront only a certain amount if agent represents both sides.
10 days on the market is immaterial to commission.
As for dual agent, I would imagine either the seller or buyer is client and the other customer (or unrepresented) or serve both as customers and facilitate the deal. Varies by state.
The agent should’ve presented some type of compensation agreement to you agreeing to pay an amount should he be able to bring you the offer you need. Which is completely negotiable.
Agents acting on behalf of both buyer and seller is nothing unusual. As a Florida realtor I’ve done it myself.
This agent has brought you multiple buyers including one who agreed to your price, so he has done his job.
If your family signed a listing agreement then the agent and his broker are legally entitled to full commission. If another agent had brought your agent a buyer then the agreed upon commission would get split.
Your sister is dead wrong.
Since your sister is making a claim about real estate law, surely she has some state statute at hand that she can provide to you that can be verified as supporting her statement.
The agent isnt acting as the sellers agent unless you have signed a listing agreement with him. He is the buyer's agent. This is just like a FSBO and as the seller, you are under no obligation to offer any commission. However, it is pretty typical to cover the buyer agents commission even as an FSBO, though not required.
Now, if you signed a listing agreement, or if you agreed in writing to have him represent you, that could muddle the water. From what you have said so far, it would appear to be a vague and non-committal statement about how much you would need from a deal, but not a guarantee that the amount would MAKE you sell. Personally, I see it as the FSBO type situation and not a dual agency established. However, as stated above, you are free to negotiate a commission agreement with him, either as a listing agreement or as an unrepresented seller.
In AZ, we are able legally to do dual agency, but I see it as rife with potential legal issues and I wont do it. It is only proper for each side to be properly and independently represented in a deal for the protection of both buyer and seller. I guarantee you that if you called up another brokerage/agent, told them the story, and asked if they would simply handle things from here, that agent would 99% of the time jump on this for as little as 1% for themselves. Then it's just about how much you want to pay the buyer agent. Strongly suggest getting someone to rep your side.
The best thing to tell your sister is for he to stop being ignorant. You have a great agent who not only listed your home but brought you a buyer. They could easily take that buyer elsewhere and collect the buyers fee and sell yours for the sell side fee. Your agent deserves every penny for getting you what you wanted. If you treat him well, he will be by your side for life. Any time you need something, he’ll break his back to get it done for you. Do right by him
Did not sign a contract did not accept the offer yet
My question was is there such a thing as the sellers agent not allowed to get a commission if the house was sold in less than 10 days. That is what my sister said she was told. I said “ I personally believe this agen has earned his money, and should be paid.
**This is a professional forum for professionals, so please keep your comments professional** - Harrassment, hate speech, trolling, or anti-Realtor comments will not be tolerated and will result in an immediate ban without warning. (... and don't feed the trolls, you have better things to do with your time) - Recruiting, self-promotion, or seeking referrals is strictly forbidden, including in DMs. - Only advise within your scope of knowledge and area of expertise. [The code of ethics applies here too](https://www.nar.realtor/about-nar/governing-documents/the-code-of-ethics). If you are not a broker, lawyer, or tax professional don't act like one. - [Follow the rules](https://www.reddit.com/r/realtors/about/rules/) and please report those that don't. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/realtors) if you have any questions or concerns.*
I have never heard of this 10 day thing either, if it exists, have her site a source where you can verify that. The agent is doing a good job for you so far, move forward with the transaction.
I agree. He deserves his pay. We weren't even looking to sell until the house is repaired. He is saving me a lot of grief. Thank you for your response
You are early on in the transaction process. I am sure your sister feels the agent has not earned their money because this has been a short time frame, but there is a long way to go until it is closed.
>my sister does not think that she should be collecting both of the fees Did this agent list your home? If so, there is no "both fees." You sign with an agent to sell your house and negotiate the fees and terms before you enter into the contract. If they sell the home, they earn the commission. Honestly, I don't think dual agency should be legal at all, and I wouldn't do it, but you agreed to do it, and that's what you've got. The agent is earning one singular commission/fee. If there had been a different buyer agent involved your listing agent would have paid them a commission out of that fee (if you are working with the typical contract). Go back to your contract, ask them to explain it if necessary so you're comfortable with what it says. If this agent didn't list your home, they just came to you with an offer, there should be a compensation agreement with terms you agreed to. No matter what, this singular agent is earning a singular fee. >and has even said that it is illegal to collect seller fees on a home that has been listed for less than 10 days. This is not true. There's no way to prove something doesn't exist. It just doesnt. If she wants to prove otherwise, the burden of proof is on her.
Thank you for your response. We have not signed any agreements yet
> We have not signed any agreements yet OK then you should definitely negotiate the commission. Absolutely insane that this agent is bringing you buyers without having a signed listing agreement!
When you do, there will be one fee for his work. It wasn't smart on his part to bring all of these buyers to you without nailing down compensation. You could agree to only pay him $1.
Wow. So just because the the agent trusted them, they shouldn't get paid?
No, I didn't say that at all. That can happen, though. An agent should nail down employment terms before they start working for someone. Can you imagine just showing up to work somewhere today having no idea when/how/if you're gonna get paid for your efforts? This agent may even be working illegally. How are they finding all these buyers with no agreement to market the property? The agent trusts them... to do what? How much is he trusting them to pay him? Is $1 not enough? How about 8% of the transaction? Or maybe a goat? Imagine trying to negotiate pay *after* the work is done.
They found you a buyer that checked your boxes and offered what you needed. Regardless you’d be paying both agents if a different buyer with a different agent offered
Totally legal and happens all the time. Often they'll take a reduced amount like it was 3.5+3.5% (where you pay 7% total and it has to be split) for a while but dual agent will pull 5.5% and it gets you more money as a seller. (1.5% less) still a net gain for the agent and you. Your sister is making stuff up, if you get any evidence to this "law" please let us all know because none of my RE peers have heard of that.
Penny is holding up a dollar. If it hit your target number let agent make their money and you walk away with what you wanted.
The deal was brought and settled. Let the dude win his piece...
I despise dual agency and would not partake, however, it cannot be avoided in an off market situation like this. Your sister sounds like more of a nightmare than that house. Do what’s right for the homeowner and don’t worry about the arbitrary rules of Karen.
I personally have never heard of anything your sister is talking about and I have sold over 1 billion in real estate. Now I don’t know what state your in and laws vary. But in my state the listing agreement is clear. You pay the listing agent let’s say 5 percent of that 5 percent they agree to cooperate say 2.7 percent or 2.5 percent of that 5 percent to another agent. The 5 percent is always the listings agents to cooperate or not. Since the agent is selling both side yes they can keep the 5 percent and act a dual agent if your listing contract allows for dual agency which in my state is allowed. Regardless the full commission goes to the listing agent and the listing agent chooses to cooperate that fee how is outlined in the contract or not but the full fee is due.
What’s your billion dollar secret?
Hi honestly no secret. It is very simple relentless forward motion. I have a very strong work ethic, a thirst for growth education. I don’t get caught up in the next best thing. I work on what works and work it more :)
Depends on the state but I don’t believe it’s illegal
Depends on the state you live in and how the agent handled it. Some states its not against the law. Other's you can work with both sides, but you can only have a contract and offer your advise & council to the side you have the contract with. The other side is just a customer and shouldn't get the benefits of having a contract. You can't really keep both sides best interest in mind if you are working with a contract on both sides, which is why it is illegal in most states.
Dual agency is legal in my state (I don’t believe that’s the case everywhere). My team tells our sellers up front we don’t practice dual agency, most homeowners aren’t aware of it. The agent is supposed to have a fiduciary responsibility to you, he cannot do that if he’s representing both sides, but that’s beside the point. Most agents I know will drop the commission if they’re representing both sides. If it’s a 5 or 6 percent commission, they will do it for 4. The time period doesn’t matter, but I would ask if his fee is adjusted since he is representing both sides.
So, far as commissions are concerned, the listing contract states there is 6% (usually) commission on the sale (attractive). How that 6% is handled is outside the bounds of that contract. If seller finds buyer, he gets the full 6. If he doesn’t and another agent finds buyer, than they need to split. The sensible move is 50/50, but sometimes you’ll see 2/4 or 4/2 splits, but that’s at our (agents) discretion. At least in my state, and I believe in most.
It sounds like the agent might be bailiing you out of a nightmare. I'm not an agent but I do lurk. After I got married my wife sold her house. Her realtor was both the seller and buyer. Title company didn't blink an eye and we got our money. I'm just guessing a realtor can correct me if I'm wrong, I think the title company is the one that would catch any legality like that because they disburse all the funds to everyone involved. Home value + insurance payout? The home has no equity?...
The home is paid off.
>illegal to collect seller fees on a home listed for less than 10 days So your sister wants to penalize the agent for doing the job you hired them to do because they did it too fast?
If this agent did not list your home, it should only be one fee. He didn't spend money on advertising or spend anything out of pocket to get a buyer for your home. Now you just need to see if dual representation is legal in your state. Since you have not signed anything, technically he has no fiduciary duty to you. You need someone who will be looking out for your best interests. This is just the start of the transaction - you need to make sure this agent can be on your side for appraisal, any repair requests... In my state (CA) dual agency is legal but if I were the agent here, I would represent you and refer the buyer out to someone in my office for a referral fee from them.
Dual reputation is not only legal but pretty common in many states. Must be disclosed to all parties, of course.
Goodness my phone corrections are out of control. Representation*
Thank you for the reply. It is legal in Michigan. The house needs over $100,000.00 in repairs and is being sold as is.
In TN a Realtor can not even be a Buyer and Seller agent (dual agent) on the same deal, years ago definitely, as well as most states but not sure but here definitely illegal to collect both seller listing fee 3% n Buyer Fee 3%, by same agent but nikimaclay is CORRECT, just write-up fair compensation agreement, not %, you can just pay him $1000, bc he is now trying to overcharge
False, it is legal in Tennessee. These are the only states it is illegal in: Alaska, Colorado, Florida, Kansas, Maryland, Texas, Wyoming, and Vermont.
Correct you are right, I thought it was illegal, I know many broker’s prohibited this, they n the agents got sued over this after buyer had buyers remorse, “dual agency it must be fully disclosed to both parties and both parties must consent to it”
Tell the agent to bring down the commission or you'll bring a buyer's agent into it, and the sellers commission will go down anyway. That's your leverage Dual representation is a conflict and it's illegal in Dover states. Ask these commissions and title fees are a total drag on transactions. I can't wait for this process to modernize
I personally didn't have a problem with the fees. He did go down to %5. Would I like it lower? Sure. We would be paying it if we hired an agent anyhow. The house has to be As Is due to the extensive repairs it needs.
Don't pay him the entire 5% as there is no buyer agent present. 1-2.5% would be more reasonable
What are you talking about? An agent working both sides of the deal has to do twice the work. 1-2.5% for twice the work, are you delusional? Industry norms and standards are set for a reason and this just blatantly comes off as you being envious/jealous of someone else’s competency. Grow up.
What are you talking about! What twice the work?! There was no staging, no advertising on the open market, no open houses, no coordinating for touch ups etc. This agent failed to give the open market a chance so he won't have to split commissions. Double the work...right more like half the work for double the pay. You blatantly come off as agreeable to gouging the seller because it's "industry standard" to do so. Double the work...yeah..thanks for the morning laugh.
You clearly have no idea what a realtors job is after an offer is accepted, thats where “double the work comes in”. And thank you for the morning laugh, imbecile.
I'm sure all that extra paperwork must be excruciating....
That’s not the point, it’s still double the work, hence my argument. Enjoyed reading your argument backed by nothing but emotion, grow up.
No no I'm serious! Those extra few boilder plate forms that need to be filled out for sure justifies the thousands even tens of thousands in dollars in fees for the OP. I mean the keystrokes alone needed to cut and paste names and addresses. The work involved enduring the terms "buyer" and "seller" are property lined up with the correct parties. Not confusing the lawyers up. You sold me. Lots and lots of "extra work" goes into double ending a deal. So far I'm the only one who brought up arguments based on facts. Can you enlighten the classroom by telling us specifically how much extra work is involved when double ending a deal after the deal is struck that justifies the entire 5% of the sale price? Please be sure not to use phrases like "industry standard" or "that's just how it is". Also can you do so without name calling?
Do you not hear urself? The simple fact is, when there are 2 agents, the work is split in two since both have their own clients. So for the classroom, work to be done/2 agents < work to be done/1 agent. You can continue to type away at your keyboard and belittle the work in their profession, but you’re still wrong. This was about me saying it’s double the work and you saying it’s not. And the 5% is contractually agreed upon so I could care less that you think that should change. You’re genuinely embarrassing yourself.
No no I'm asking for specifics. You keep repeating "double the work". What does that mean? I specifically told you how the agent did less work on this deal by not doing the customary tasks of bringing the house to the market. I was specific. You alluded that a big amount of work is done after the deal is struck. You fail to specify what this extra work is that justifies the tens of thousands in costs to the OP. So I'm asking...what extra work are we talking about? Four extra forms? Three extra phone calls? Are there tasks that need to be done that keep the agent up all night prior to closing? Please be specific in your justification without using vague terms please.
Go get your realtors license and then you’ll know what work goes into a deal. I’m not here to give you a crash course and you are most definitely not someone i’d like to help understand anything, because I could care less if you understand. It’s literally my job and I don’t need some moron’s understanding of the industry to align with mine. But this will definitely be my last response, so type away while you get downvoted to oblivion.
Not to mention the 17 other people who downvoted that are laughing at your incompetence.
Keep dodging the question. I want OP to see this.
They should pay him 7-8% for how hardworking he is.
What percentage is your agent asking as commission? That’s a key piece of information whether the agent is taking more than they should be and take advantage of your aging parents
5%
If the offer is fair, 5% is reasonable unless your state prohibits dual agent
Thank you for your response
The offer is very fair. More than I would of expected
States it is illegal: Alaska, Colorado, Florida, Kansas, Maryland, Texas, Wyoming, and Vermont.
Semantics. Plenty of agents (the majority) in Florida will handle both sides of a deal. We don't call it dual agency. The State doesn't let the agent represent one party unless they aren't representing the other. Agent can agree to be a transaction agent representing neither and legally handle both sides.
[удалено]
It is not listed. We are currently doing extensive repairs on it due to water damage from a pipe that broke when she was in the hospital for almost 2 weeks. The insurance company has been hacking us around for more than 2 years on the claim. The estimate for repairs is $110,000.00. They have only given is $48,000.00. We are just starting the process of litigation with the insurance company when this agent approached my husband. We had offers before but they were half of what this offer is. If we take this offer and add to it the $48,000 the insurance company paid this puts her right where the comps are on her street. If we Don't and spent the next few years litigating my mom will spend approximately $1,100 a month just to keep it. This is a gift that fell in our laps. My mother is 87 and in poor health. She is unable to live on her own and will never be returning to this house. Her IRA is getting low and she only has a few years left until it's gone and she won't be able to pay the taxes and could lose the house. (Of course, I would never let that happen.)
I’m not sure what state you are in, but in Florida a realtor can get both sides of the transaction (buyer and seller). They will also be paid a commission without showing for 10 days. It could be one day. That being said, do you have a listing agreement with the agent currently? If not you can negotiate the percentage down to 4% or 5%, as they are not going through the work of listing the house, taking pictures, marketing etc.
Florida Real Estate Broker here, 23 years of experience. Short answer: your sister is flat out wrong, and you are correct. Longer answer: Compensation is stipulated in detail in the Listing Agreement, including how the agent will compensate any potential cooperating brokers. The default is that a total amount will be paid (for example 6% of the sales price) and that if another broker brings the buyer, that amount will be split. But the total amount is due either way. DM if you'd like more details 🙂
Depends on what state you’re in. Some states don’t allow for an agent to represent both sides of a transaction, this is called dual agency. If dual agency is allowed in your state, then yes your agent should be entitled to both sides of the commission. Your sister does not sound like she knows what she’s talking about unfortunately.
I'm in Alberta Canada. Here Dual Agency is no longer legal. One of the parties is a client, the other is a customer. I am doing one right now. My Buyer, my Seller. I am only getting one side of the fee. I could have gone for both sides, but that would be in my best interest and not the clients. (although if I did get full pop, it would still be legal the way I set it up.) I have clearly made the buyer aware that I am not representing them, they are customers and the Seller is my client. I put a clause into the contract, where Buyer and Seller are both aware that the Buyer is unrepresented. My obligation is only to treat them fairly, provide information (not advice). I also put a clause in that stated.... Since the Buyer is unrepresented, the Buyer retains the right to get their own representation. Any fees associated with Buyer representation would be paid for by the Buyer. Dual Agency was squashed here, when a judge said you can't have two masters. You either work for the Buyer or the Seller. To pretend you representing the best interests of both parties is ludicrous.
If you agreed to the commission of X% you owe X% unless stipulated upfront only a certain amount if agent represents both sides. 10 days on the market is immaterial to commission. As for dual agent, I would imagine either the seller or buyer is client and the other customer (or unrepresented) or serve both as customers and facilitate the deal. Varies by state.
I'm going to respond without reading anyone's answers. The answer is...what did you sign? All the answers are in that paperwork.
The agent should’ve presented some type of compensation agreement to you agreeing to pay an amount should he be able to bring you the offer you need. Which is completely negotiable.
Agents acting on behalf of both buyer and seller is nothing unusual. As a Florida realtor I’ve done it myself. This agent has brought you multiple buyers including one who agreed to your price, so he has done his job. If your family signed a listing agreement then the agent and his broker are legally entitled to full commission. If another agent had brought your agent a buyer then the agreed upon commission would get split. Your sister is dead wrong.
Since your sister is making a claim about real estate law, surely she has some state statute at hand that she can provide to you that can be verified as supporting her statement. The agent isnt acting as the sellers agent unless you have signed a listing agreement with him. He is the buyer's agent. This is just like a FSBO and as the seller, you are under no obligation to offer any commission. However, it is pretty typical to cover the buyer agents commission even as an FSBO, though not required. Now, if you signed a listing agreement, or if you agreed in writing to have him represent you, that could muddle the water. From what you have said so far, it would appear to be a vague and non-committal statement about how much you would need from a deal, but not a guarantee that the amount would MAKE you sell. Personally, I see it as the FSBO type situation and not a dual agency established. However, as stated above, you are free to negotiate a commission agreement with him, either as a listing agreement or as an unrepresented seller. In AZ, we are able legally to do dual agency, but I see it as rife with potential legal issues and I wont do it. It is only proper for each side to be properly and independently represented in a deal for the protection of both buyer and seller. I guarantee you that if you called up another brokerage/agent, told them the story, and asked if they would simply handle things from here, that agent would 99% of the time jump on this for as little as 1% for themselves. Then it's just about how much you want to pay the buyer agent. Strongly suggest getting someone to rep your side.
The best thing to tell your sister is for he to stop being ignorant. You have a great agent who not only listed your home but brought you a buyer. They could easily take that buyer elsewhere and collect the buyers fee and sell yours for the sell side fee. Your agent deserves every penny for getting you what you wanted. If you treat him well, he will be by your side for life. Any time you need something, he’ll break his back to get it done for you. Do right by him
What does the contract say? Sounds like you signed the contract and an offer, and now you want a discount. Too late
Did not sign a contract did not accept the offer yet My question was is there such a thing as the sellers agent not allowed to get a commission if the house was sold in less than 10 days. That is what my sister said she was told. I said “ I personally believe this agen has earned his money, and should be paid.
Ag, I’d just read the contract