By: Lee Streater

Lee Streater — Wed, 30 Nov -0001 00:00:00 +0000

Your article titled, "Are you worth your commission" was clear and to the point.
I have had numerous complaints from clients and consumers who used brokers and/or agents who agreed to charge less commission to get the listing. These very clients later called me very distressed because ‘they were getting what they paid for’ and very displeased as well as feeling deceived. No matter what our business is we really need to give a full disclosure to the client of what they can and cannot expect for the level of services they are paying for. That would clear it up for them and put the ball in their court. Here is an example: I did a listing presentation for a client who who had a luxury home. She enjoyed the presentation and my level of services to offer her in the real estate industry. I told her I would need to charge her 6% commission for the listing. She phoned me three days later to ask if I could charge her 4% rather than 6% and I said "no" and explained why. She then told me she would have to go with a different company who had agreed to charge her 4% to list and sell her home. I graciously told her to do what was right for her and no hard feelings at all. Three months later this same woman called me highly distressed because she had phoned her 4% realtor and asked if they were advertising her home and when were they planing to do an open house? She stated the agent replied, well we don’t advertise except adding your listing on the MLS, realtor.com and a sign in your yard. Along with the agreement to a 4% listing they don’t do open houses either. She was unaware of this and did not know to ask these important questions before she signed on to the 4% listing agreement. She then learned that it was indeed her responsibility for having choosen that route and I told her, ‘you were getting what you were willing to pay for even though you were unaware of the lack of services involved. And the agent might have been forthright in what you could expect for the 4% listing agreement’. FSBO listings have become large in the real estate market. I have asked several of these people,"what made you choose FSBO rather than a real estate agent to help you achieve the sell of your home"? The answer is pretty much the same — I don’t want to get taken and I don’t want to pay for services I know I won’t get. Thousands of dollars in commission is on the line and I don’t trust that my best interest is put forward in an agents mind.–
To create the best interest and trust in a client realtor relationship, it is best to be honest and upfront with your services and fees even if you walk away with no listing, they will eventually learn that they can trust you in your profession.
Lee

Comments on: In case any others misunderstood my intent….

By: Lee Streater