Posted by Ed Copp (OH) on June 20, 2001 at 19:05:54:
That you will get any realtor interested in an open listing, since it offers no protection whatsoever to the listing agent. An open listing is no better than a verbal listing, or an information FAX…
Not worth the waste of my time as a real estate professional (IMHO).
FSBO’s and Realtors - Posted by Carey_PA
Posted by Carey_PA on June 19, 2001 at 18:49:02:
Hello all,
I was just wondering what is customary when I have a FSBO listed in the paper and a realtor calls me and tells me that they have a client that’s interested in purchasing the property…do I pay the realtor 3%??
I don’t mind paying, I just want to know what is normal.
Thanks,
CAREY
Re: FSBO’s and Realtors - Posted by dewCO
Posted by dewCO on June 20, 2001 at 16:34:24:
In my area it’s 2.8% for the agent with a buyer but they try to get more because they will have to do more work (with extra paper work). Usually they don’t get the extra, but it’s a n-e-g-o-t-i-a-t-i-o-n. Depends on how strong the buyer is, when they want to close and how much you are willing to pay to part with it.
Re: FSBO’s and Realtors - Posted by ScottC
Posted by ScottC on June 20, 2001 at 10:30:56:
Why not just tell him 3% is fine, and that you will add the 3% to the selling price. You get what you asked for , he gets his commission, buyer gets the house- win/win/win.
Scott
Re: FSBO’s and Realtors - Posted by Kevin Subbert
Posted by Kevin Subbert on June 19, 2001 at 22:19:44:
Happens to me all the time. I ask them when they can close and if its reasonably quick, I offer to pay 3% if their buyer can pay full price.
3% isnt alot to pay to get a qualified buyer with cash. I actually think its a bargain. If you could see some of the people that call me. I advertise “Owner finance” and some people think it means “No cash, bad credit, please come take this house for free!”
Kevin Subber
Re: NO custom… - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on June 19, 2001 at 19:15:25:
Now that said, when a realtor calls you the FSBO and indicates that they have a buyer; they may or they may not. The purpose of the call by the realtor is to list your house.
ALL commissions are negotiable, EVERY time and there is no custom that applies here. The best way to avoid any misunderstanding is to have the listing agreement in writing even if it only applies to one showing. Then everyone involved knows what the price, and the commission is.
I was thinking that myself! - Posted by Carey_PA
Posted by Carey_PA on June 19, 2001 at 23:56:14:
Oh and thank you all for your responses!
CAREY
Re: NO custom… - Posted by Mike
Posted by Mike on June 19, 2001 at 20:37:54:
I agree with all the comments made, just wanted to add that the buyer is still probably on the hook to pay the realtor, that’s why the agent is out there looking. You could reduce your price by 3% and let the agent and the buyer figure it out. When I look at FSBO houses I always take off at least 3% on the offer.
Mike
Recommendation - Posted by Lazaro
Posted by Lazaro on June 19, 2001 at 19:37:20:
I would recommend that you do an open listing if you are going to list one. This means that you do not commit yourself to a listing. You only sell when the contract is in front of you. This also means that you can have other agents sell the house and there will only one agent involved if you also did an open listing with the other agent. I can honestly tell you this from experience. IMOHO. Hope this helps.
Cordially,
Lazaro