Let's work harder for higher commission
Letter to the Editor
By Inman News, Friday, September 11, 2009.Re: "The buyer agent's 'incentive' " (Sept. 10)
Dear Editor:
The incentive IS the commission and IF the sellers agree to a 5 percent or 6 percent commission then the incentive to a buyer's agent is either 2.5 percent or 3 percent. It's that simple ... you would think. Except that we are now dealing with more complex selling issues such as short sales, foreclosures, contingencies and the like with home sales.
Don't get me wrong -- I love this business -- but I just find it hard to believe that we are still working for small percentages. As the late, great New York economist Eliot Janeway once said to me, "The laborer is worthy of a stipend!" And I agree.
If the "incentive" is low then you might expect someone to work less hard, but the reality is that we are ALL working very hard for this small commission.
I believe that the work ethic will even increase with higher commissions and that the number should be closer to 7 percent or even 8 percent but ALWAYS split evenly. Rather than bringing the sale number down, wouldn't we be working harder to attract buyers and sellers when the "incentive" is higher?!
Stephen T. Tallon
N.T. Callaway Real Estate LLC
New Jersey
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Submitted by Susie Blackmon on September 13, 2009 - 3:56am.
If the work ethic didn't increase when the market was crazy, it isn't going to increase because we demand more commissions now, at a time when home prices are lower, etc., etc.
We need to have stricter educational/experience requirements FIRST to let the cream rise to the top, scrape off the foam, and maybe bring the word respect back to the minds of the buyers and sellers. We have cream now, and I try to read/follow as many of them as I can, but unfortunately the foam dilutes everyone.
Once there's more cream than foam... then will we be worth our weight in ... commissions.
Susie Blackmon
http://www.google.com/profiles/Susie28751#about
Submitted by Larry Whited Sr. on September 17, 2009 - 6:34am.
The last sentence of the letter states;
“Rather than bringing the sale number down, wouldn't we be working harder to attract buyers and sellers when the "incentive" is higher?!”
Does anyone really think a larger commission would cause all realtors to work harder to attract more buyers and end the housing slump?
If that were true it would be an indictment against all realtors for holding back sales now and prolonging the down turn and a violation of our fiduciary responsibility to our seller client when we signed their listing contract.
If you don’t think the commission is high enough for you to do everything you can to create a sale when you list the property you should turn down the listing. No one makes you take the listing and it is deceptive to take if you are not motivated enough to sell it.
I fear the attitude of this letter is shared by many and feeds the not so good reputation we have with consumers.
Larry A. Whited, Sr., CRB, CRS, GRI
President & Founder
www.maxUnet.com & www.WebMLS.net
A Virtual Real Estate Franchise System
** Virtual Is the Future **
P.O. Box 757
West Chester Ohio 45071
Direct - (513) 543-2727 Fax - (513) 297-7497