I made this video when I first took this listing.
Great real estate agents are worth their commission, as they have the expertise to handle complex situations that arise during a transaction.
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.
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.
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.
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.
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.
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.
Agents, thoughts?
