Industry News

Premium service deserves premium pay

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

(This is Part 2 of a two-part series. Read Part 1, "Just say 'no' to commission-cutting.") According to Consumer Reports, 67 percent of agents will reduce their commission simply because the seller asks them to do so. Do you know what to do to earn the full fee you deserve? Last week's article looked at five strategies to earn a full commission. The key point is to focus on value rather than price. After the sellers hear about the wide variety of services that you provide, they may still test you to see whether you'll lower your fee. According to the National Association of Realtors, 73 percent of sellers interview one agent and another 14 percent interview only two agents. In other words, 73 percent of the time the only person keeping you from receiving your full fee is you. Another 14 percent of the time, you have competition from only one other person. When a seller asks you to reduce your fee, it normally means that you have not illustrated your value. You...