Saturday, August 18, 2007

One Bad Apple Don't Spoil the Whole Bunch

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An interesting Blog came up yesterday regarding a letter from a buyer seeking advice. The advice sought was in regards to the questionable policies of an exclusive buyer's agent they claimed was found through NAEBA--which is quoted below:

"1. He stated that his commission was 4% of the total price of the house. 3% of which must be paid by the seller agent and 1% by me. And the combined should be a minimum of $10,400 (if the 3+1% of the home price doesn't come upto 10,400, I have to pay whatever is remaining). Is this the norm? Or is he asking too much?

2. He also stated that he will show only a maximum of 25 houses excluding open houses that we attend on our own. His point was that people usually choose from 10-15 houses that they see. If we do not find a suitable one within the first 25, the Retainer fee of $1,500 will have to be forfeited. Is this reasonable?I appreciate your input towards these questions. Once again, thank you very much!"

While this is certainly alarming, this in no way reflects the policies of all exclusive buyer agents. These are the questionable policies of only one person. As with everything else in life, there is good and there is also bad. This is a universal truth that applies to services in all industries. This is why it is important to open the lines of communication, so that policies can be discussed upfront and negotiated, if necessary.

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