By Chris Nichols
About a week ago, I had a young couple looking to buy their very first home come interview me. I was quite impressed they were actually doing an in-depth interview to find the right agent to represent them in such an important transaction. It was a welcome surprise, and brought back memories of my experience with a consumer focus group that NAR had me observe. Those buyers had realized they hadn’t interviewed potential representation and had simply gone with the first agent they met.
I was really impressed with the preparation that this couple had put in to asking the right questions. We spent almost an hour together and I enjoyed every minute of it. One of their questions was of particular interest to me. They asked me if I was willing to give up some of my commission if they found the home they wanted to buy on their own and I just handled negotiations and contracts. I explained to them that I was not willing to do that. I told them that where I earn every penny of my commission is in the negotiations, the contracts and in protecting them throughout the process.
I continued by explaining that very rarely do I even get involved in the home searching process, that buyers know what they want better than I do and that using the various online tools allow the consumer to do that quickly and easily. I also made the point that someone who didn’t feel their services were worth every penny and would give up some of their commission for the most important aspects of the transaction, probably wouldn’t be the best negotiator on their behalf.
Fast forward a week… Continue reading »