I made this video when I first took this listing.
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Great real estate agents are worth their commission, as they have the expertise to handle complex situations that arise during a transaction.
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In July of 2022, I met with a homeowner who wanted to sell his property. He had purchased the house recently & had already moved out due to regret purchasing the home. He had started some renovation projects, but didn’t complete them. He contacted me to see if I could list the home, but also manage getting it in better condition. He requested that I reduce my commission to match the online agencies he found.
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I explained to him that I would be unable to reduce my commission. I emphasized my stats & marketing compared those online. After a few weeks, the homeowner contacted me & agreed to hire my team. We began working on the property with our vendors by completing the repairs needed. We also staged the house & put it on the market.
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Unfortunately, the market in that neighborhood took a downturn & it remained unsold. Despite multiple open houses, we received few offers, & the homeowner was unwilling to accept any of them. This cycle of marketing, showing, & hosting open houses continued for months until we received an offer that the homeowner agreed to.
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However, another obstacle emerged when the buyer did an inspection on the property. It revealed that the roof had broken tiles & that the material was discontinued, with a class-action lawsuit. We could not find any company willing to make repairs, & the entire roof needed to be replaced.
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Given the high price & the property’s time on the market, we had a decision to make should the Buyer walk from the deal. I decided to negotiate with everyone & we all agreed to contribute a portion to a credit for the repair, with myself, the buyer’s agent, & the seller & buyer sharing the burden.
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Many agents may not discuss, & some may refuse to offer credits. However, in my experience, it is sometimes necessary to make business decisions & negotiate commissions based on those decisions. If I had negotiated my commission down in the beginning, I would not have been able to step in & offer a credit.
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Agents, thoughts?
