Natalia Hals

I would reccomend taking the time to interview a few other agents. See if any friends or family members have had good experiences with some one and interview them yourself. This is one of the biggest transaction you will have and you want to put into the hands of someone who you trust. Marketing a home is more than putting it on the MLS and putting a sign in the front yard (although they help). I have seen homes in bidding wars that the sign hadn't even been put out yet. Why? Because the agent is proactive with getting it sold. They didn't sit by and wait for the phone to ring, they went after the buyers. In this market that's what you need. - Mon May 19 2008, 09:51

That's a great incentive for buyers, but I tell you that a buyer will buy the home because they really like it and the incentive may push them into the final decision on your home, especially when there are so many to choose from now. As far as Buyers Agent incentive I would suggest between 2.7-3% is the going rate that I am seeing. Please keep in mind that the buyers' agent does more than bring the buyer. They have pre-qualified them as to not waste your time. There is a lot more that goes on to get the deal closed. I am attaching a link that I think you may find helpful. Your goal is to get the home sold at a fair price without as many surprises as can be prevented. A buyers agent is trained to do that. I say pay them, it's worth it. - Mon May 19 2008, 09:46

Congrats! You will start to have many Brokers knocking at your door once they get wind of a new agent. I would advice you to interview many Brokers, ask them a lot of questions about training, commission split, floor time (if necessary), etc. What's thier market share in the area. Do they have a good rep in the community that you are working. It has to be a good fit. Don't feel pressured. If you choose a company and after being there it isn't a good fit, don't stay, you won't produce like you are capable of if you don't have the support that you need. But you do not want to be hopping from Broker to Broker either. Which is why you should take the time to interview them to see if you want to be there. Remember, you are making the decision too. - Wed Apr 30 2008, 13:46

This is an interesting question. Usually when you write an offer the close date is preset and it can be between 30-45 days (sometimes more or less). I understand sometime circumstances may push the date back, sometimes it's getting all the loan paperwork done. Are you represented? If so, your agent should be on top of it, making sure everyone is doing what they are suppose to be doing and keeping you updated. I hope it closes soon, if it is the loan company you may want to consider another. - Mon Apr 14 2008, 22:32

In Minnesota as soon as you make contact with a "customer" you are suppose to disclose agency. This explains all the relationships; sellers agent, listing agent, dual agency and facilitator as well as responsibilities upon first meeting. This is suppose to help with customers/consumers assuming that an agent is working with them and working on their behalf without a signed agreement. As agents we are suppose to explain this and have you sign off that they explained it to you. This is easier said than done, especially at an open house when many people may be coming through. It is something that should be done definitely before a customer begins to reveal any confidential information that may be used against them and may weaken their ability to negotiate an offer.

When I am representing buyers one of the first things I warn them are about this very thing. If they go to an Open House, let them know you are working with an agent (a signed agreement) and they should back off with trying to get their business and get any confidential information. Do not write an offer or reveal your hand...sometimes it is just better to go with them to the open, because we can get caught up in the emotions of finding the "right one".

Your agent and the seller's agent may have to take this issue to their board out with their brokers (mini-court for Realtors) to resolve if it can't be worked out. If you didn't sign anything; purchase agreement or agreement to work with the seller's agent, I am interested to know how they feel justified with being upset and trying to lower the commission. - Mon Apr 14 2008, 22:25