In this situation, by how much should an agent reduce their commission so I can win the house for $640,000 price range?

Asked by Waywardbelle, Las Vegas, NV Tue May 7, 2013

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22
David Cooper, Agent, Los Angeles, CA
Wed May 8, 2013
I think you should ask the agent to reduce their commission by 100% so you can buy the house.
Maybe you can apply to the government for a grant to pay the commission.


David Cooper Investing in Las Vegas since 1994
http://www.lasvegaswinner.org
1 vote
Don Tepper, Agent, Burke, VA
Tue May 7, 2013
Zero. Nada. Zilch.

Your situation is YOUR situation. And your agent's commission is really none of your darn business. Your agent is being paid a portion of the commission negotiated between the seller and the listing agent.

Your agent presumably is doing a competent, professional job. That's what he/she is getting paid for. (Getting paid by the seller, not by you.) If you want the house and need to pay more, then YOU pay more. It's your house.
1 vote
Ron Thomas, Agent, Fresno, CA
Tue May 7, 2013
BOY! Am I glad you're not my Client!!!
1 vote
Alan May, Agent, Evanston, IL
Tue May 7, 2013
Since the agent isn't buying the house, nor is s/he planning on living in the house, I don't believe the agent (I'm presuming you're talking about the buyer's agent)... should reduce his/her commission a dime.

S/he has done his/her job, and will continue to do his/her job, throughout the transaction... thereby earning his/her full commission.

If you want to "win the house", bid enough to win it, or move on to other homes at lower prices.
1 vote
David Cooper, Agent, Los Angeles, CA
Fri May 31, 2013
$640,000 is a different story. There should be some flexability on the buyer agents side.


David Cooper Investing in las Vegas since 1994
FREE REO Foreclosure List http://www.lasvegaswinner.org
702.499.7037
0 votes
AL McCaw, Agent, Las Vegas, NV
Fri May 31, 2013
PLEASE READ JIM OLIVE'S BLOG ON THIS TOPIC. I HIGHLY RECOMMEND IT. CLICK:

http://www.trulia.com/blog/jim_olive/2013/01/understanding_h…
0 votes
AL McCaw, Agent, Las Vegas, NV
Fri May 31, 2013
David,

It's not $64,000. It is six hundred forty thousand ($640,000).
0 votes
David Cooper, Agent, Los Angeles, CA
Fri May 31, 2013
The commission on a $64,000 purchase is NOT a deal breaker. The agent on both side are hardly making gas money This is NOT what I consider a legitimate question.


David Cooper Investing in Las Vegas since 1994
FREE REO Foreclosure List http://www.lasvegaswinner.org
702.499.7037
0 votes
Jim Olive, Agent, Key West, FL
Fri May 31, 2013
One of my favorite questions! In fact, I like it so much I wrote a whole blog on it. Follow this link to get a good explanation of what you're asking...
http://www.trulia.com/blog/jim_olive/2013/01/understanding_h…
0 votes
AL McCaw, Agent, Las Vegas, NV
Fri May 31, 2013
If you are the buyer, then you have no say in the commission that the agents earn because it is the seller who pays the commission. The buyer pays zero and has no connection with any reduction in the price.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sat May 18, 2013
Not sure what the "situation" is you're referencing..........but, regardless............the agent shouldn't have to reduce anything so you can "win" the house...........your offer should win the house for you.......and your agent should be there to advise you and suggest what YOU can do to strengthen that offer.
0 votes
Mack McCoy, Agent, Seattle, WA
Sat May 18, 2013
Good question, 'Belle.

Brokerage fees are earned by putting deals together. The idea that they should get paid less to put deals together for clients lacking buying power isn't novel, but it is interesting - why wouldn't agents get paid MORE for this?

Think about it. If you're an easy $600,000 buyer, then an agent can put a deal together and earn their "normal" amount.

But if you're a tough $640,000 buyer, don't they deserve a premium for getting you a deal?
0 votes
Phil Scheinm…, Agent, Las Vegas, NV
Wed May 8, 2013
What is the situation? Are you listing your home or buying one? Are you far apart in purchase price?

There are so many ways to bridge the gap. I think your negotiator must have the skills to get the job

done if you are operating within the bounds of reality.

Also you should be aware that realtors can not give advise or interfere with an deal in progress.

If there is a deal and it does not consummate then feel free to give me a call.
http://www.Las-Vegas-Real-Estate-Home.com

Regards,

Phil Scheinman, ABR, GRI, E-PRO

Broker * Sales Agent * Realtor
Realty One
2831 St. Rose Parkway Ste. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail: smokey25@cox.net http://www.PhilScheinman.com
0 votes
Gary Davis, Agent, Las Vegas, NV
Wed May 8, 2013
Why are you paying your buyers agent anyways??? Shouldn't have to ask anything.
0 votes
lvhomeproper…, Agent, Henderson, NV
Wed May 8, 2013
I cant even imagine why you would ask this. Is there competition for this house? As the buyer you dont pay for the agents commision anyway. Let the agent do HIS/HER job and deal with it. If you are that far apart on price, add some money to the deal.
0 votes
Phil Scheinm…, Agent, Las Vegas, NV
Wed May 8, 2013
What is the situation? Are you listing your home or buying one? Are you far apart in purchase price?

There are so many ways to bridge the gap. I think your negotiator must have the skills to get the job

done if you are operating within the bounds of reality.

Also you should be aware that realtors can not give advise or interfere with an deal in progress.

If there is a deal and it does not consummate then feel free to give me a call.

http://www.Las-Vegas-Real-Estate-Home.com

Regards,

Phil Scheinman, ABR, GRI, E-PRO

Broker * Sales Agent * Realtor
Realty One
2831 St. Rose Parkway Ste. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail: smokey25@cox.net
http://www.PhilScheinman.com
0 votes
Joseph Rados…, Agent, Las Vegas, NV
Tue May 7, 2013
I am someone who can easily see BOTH sides of the story so I UNDERSTAND why you would want a cut back of the agents commission. However I can safely and honestly tell you when a buyer focuses on finding an agent who will cut them back a piece of the commission they are always going to wind up getting an unqualified and FAR too hungry agent who does not appreciate themselves enough to feel they are worth anything.
You NEED to have an agent working for you that is at the top of their game and has the skills to get your offer accepted over the other dozen offers or more that might be on the table .... Otherwise your agent is giving you back 25 or 50% of NOTHING because they will not have the skills to get your offer accepted to even get to the finish line of splitting anything.
Let me meet or talk to you for 5 minutes and I am sure you will know why having the RIGHT agent is more important than finding the agent who is the willing to give you money back ......
0 votes
Rob Flitton, Agent, Huntington Beach, CA
Tue May 7, 2013
Retain the services of a top REALTOR and world-class negotiation expert with $250 million worth of real estate transacted and the point will be moot ... http://www.youtube.com/watch?v=oCpXWNjg7eY

http://robflitton.com/contact/about-rob-flitton/
0 votes
Curly Sue, , Texas
Tue May 7, 2013
In what situation? Why should an agent reduce their commission? I don't understand your question.
0 votes
Tim Kimball, Agent, Las Vegas, NV
Tue May 7, 2013
The commission has nothing to do with the buyer! The commission is in the listing agreement between the seller and the sellers agent if the buyers agent doesn't want all of this commission offered it doesn't mean the commission paid by the seller will be reduced. In Nevada, commission is not allowed to be addressed in the buyers purchase agreement, it has nothing to do with the buyer! Even if the listing agent is representing both sides unless he has posted in MLS that the commission is variable he can't change what is paid by the seller he must receive the full commission for both sides! When I list a property I adress this in the listing agreement that the commission will be reduced and by how much if The Kimball Team represents both the buyer and the seller.
0 votes
Jim Manes, Agent, Las Vegas, NV
Tue May 7, 2013
Why doesn't the Agent just BUY you the house. Talk about the "entitlement" generation!
0 votes
Adriana Sama…, Agent, Las Vegas, NV
Tue May 7, 2013
Let me aks you this, do you think you deserve all of your salary, or you think they pay you too much and you can share it with somebody else?
0 votes
Yes, I think I earn every penny of my commission.
Flag Tue May 7, 2013
Agree!
Flag Tue May 7, 2013
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