5,218,588
Hi Fred... you are correct that this should have been addressed before all the documents were signed. I offer a lower commission automatically to any client who does both sides with me this way upfront so that they don't have to ask and I position the offer as something I do "specially" for them. If this is a client who will prove to be a good source of future referrals and/or repeat business, I'd adjust my commission.
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Jeff Dowler, CRS
Carlsbad, CA
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Curtis Evans
Golden Meadow, LA
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Fred Hafdelin
Mountain Lakes, NJ
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Jeffrey Jones
San Tan Valley, AZ
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John McCormack, CRS
Albuquerque, NM
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Vera Gonzalez
Sterling Heights, MI
1,085,541
"No, we won't be doing that. Do you have questions about anything else?"
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Dana Hollish Hill
Bethesda, MD
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Susan Emo
Kingston, ON
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Susan Haughton
Alexandria, VA
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Michael Scruggs
Houston, TX
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Carol Williams
Wenatchee, WA
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Frank Rubi
Metairie, LA
450,302
Would she ask the same of a dentist? Or a doctor?
Okay, maybe she would, but would they discount their prices after services were rendered?
Stay strong. Some deals move so smoothly that the clients don't understand how much work goes on behind the scenes.
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Eve Alexander
Tampa, FL
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Fred Hafdelin
Mountain Lakes, NJ
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Susan Haughton
Alexandria, VA
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Frank Rubi
Metairie, LA
4,667,826
We can discuss that upfront when you sell your next home. Any more questions?
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Katina Hargrove 352-55...
Eustis, FL
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Fred Hafdelin
Mountain Lakes, NJ
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John McCormack, CRS
Albuquerque, NM
1,027,657
She hired you to do a job and agreed to the terms. You are doing your job and there is no reason to adjust terms.
If you want to offer that "deal" upfront to clients, that's your purview, but I don't react warmly to folks who decide they want me to share my compensation.
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Sharon Altier
Elmhurst, IL
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Fred Hafdelin
Mountain Lakes, NJ
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Candice A. Donofrio
Fort Mohave, AZ
649,103
They are separate transactions and she is not paying you on the one she is Buying. Does she ask her Dentist to reduce his bill before he drills for a root canal because he just cleaned her teeth?
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Tony and Suzanne Marri...
Scottsdale, AZ
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Fred Hafdelin
Mountain Lakes, NJ
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Susan Haughton
Alexandria, VA
2,265,460
Stay strong, Fred. She is totally out of line! You are a professional. You did your job. You should get paid full compensation.
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Katina Hargrove 352-55...
Eustis, FL
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Fred Hafdelin
Mountain Lakes, NJ
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Lyn Sims
Schaumburg, IL
519,474
Fred,
I would explain it this way. I've decided to apply a new surcharge to your listing commission. She will be what, you can't charge me more than we agreed after the fact. To which you reply, of course you're right and we won't change what we already agreed to either way then.
If you don't want me to help you buy a home, that's your choice, but we are well underway and you know how good I am at representing you.
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Troy Erickson AZ Realt...
Chandler, AZ
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Fred Hafdelin
Mountain Lakes, NJ
1,472,185
She has the right to ask just as you have the right to ask for a BONUS for doing double duty and being such a professional throughout 2 different transactions. She of course has the right to say no, as do you!!
I'd cut her loose after this for fear of her referring friends and family who are just like her
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Fred Hafdelin
Mountain Lakes, NJ
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Susan Emo
Kingston, ON
3,073,563
Yes - perfectly fair. and what Buzz Mackintosh said...
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Tony and Suzanne Marri...
Scottsdale, AZ
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Fred Hafdelin
Mountain Lakes, NJ
671,290
I think everyone agrees that should have been negotiated up front.
We generally offer multi transaction discounts, and therefore would have had this discussion if we knew she was moving locally. So whats at stake here? Your listing commission is obviously safe? will she not buy through you at this point without some reduction? will she not refer you?
As a business decison we want to value of commissions and want our clients to value us also; but we have to make the best long term decision.
I would tell her I'm keeping full listing commission since the closing costs are deducible for her and offer to credit a portion of the buy transaction commission towards her closing costs. If I ever have to "GIVE" its always on the future transaction to keep them moving forward ; it also shows you negotiating from a position of strength by not renegotiating your previous agreement
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Nina Hollander, Broker
Charlotte, NC
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Troy Erickson AZ Realt...
Chandler, AZ
5,773,914
Fred,
Yes you are. One of my clients would answer, you are so lucky to have me working with you! A
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Nina Hollander, Broker
Charlotte, NC
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Fred Hafdelin
Mountain Lakes, NJ
8,042,320
I like the answer by Candice A. Donofrio.
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Fred Hafdelin
Mountain Lakes, NJ
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Candice A. Donofrio
Fort Mohave, AZ
57,189
I like Nina Hollander responce as a way to do things going forward....
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Jeffrey Jones
San Tan Valley, AZ
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Nina Hollander, Broker
Charlotte, NC
1,466,257
Fred Hafdelin I agree, it should have been discussed during the listing appointment. Since you are doing twice as much work, you deserve the fee as agreed upon in the listing agreement. Company policy to not reduce the fee after the fact.
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Nina Hollander, Broker
Charlotte, NC
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Fred Hafdelin
Mountain Lakes, NJ
74,457
You are absolutely correct. Once she has signed the listing agreement, she is obligated to the terms of the agreement.
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Nina Hollander, Broker
Charlotte, NC
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Fred Hafdelin
Mountain Lakes, NJ
1,862,412
Of course, for some reason she feels you are making more money than she imagined even though you're job is just started. You've got at least a month to close right?
She signed a contract & you both will honor it.
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Nina Hollander, Broker
Charlotte, NC
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Fred Hafdelin
Mountain Lakes, NJ
5,034,170
Unless it addressed in a listing agreement or buyer rep agreement I would tell her it's not going to happen. The better question Is she being fair?
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Fred Hafdelin
Mountain Lakes, NJ
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Lyn Sims
Schaumburg, IL
823,779
I know that I will be in the minority here, but I think it is a fair request based on her loyalty to you and your services. Should she have asked early on, absolutely, but maybe she didn't realize that you would do as much for her as she initially thought. Unfortunately, I think that if you don't do something to "value" her relationship with you, it might leave a negative feeling down the road.
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Nina Hollander, Broker
Charlotte, NC
2,233,131
It's too late ! Buy her a Gift card to Ollies .
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Fred Hafdelin
Mountain Lakes, NJ
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Frank Rubi
Metairie, LA
5,389,509
Yes. the time to negotiate, is before signing the agreement!
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Fred Hafdelin
Mountain Lakes, NJ
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Frank Rubi
Metairie, LA
921,504
THE AMBUSH!
It is always lurking.
Here dear seller is the potential cost to you for failing to execute a contract. There could be eight transactions in jeopardy for which this seller may be held accountable.
With the straightest face possible, say, "Nancy Regan provided the answer to your request. I like it a lot. NO."
Now, it is important that you recall the meet up where you had THE TALK and compensation was discussed and agreement signed.
We had THIS discussion then. This issue is settled.
When seller agrees, then you can say, "Here is what I can do......"
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Fred Hafdelin
Mountain Lakes, NJ
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Frank Rubi
Metairie, LA
1,513,143
I would say so as long as you explained the contract to her.
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Fred Hafdelin
Mountain Lakes, NJ
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Richard Weeks
Dallas, TX
5,125,532
NOt in this case - it should have been addressed up front
I follow what Nina Hollander does - it makes sense
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Nina Hollander, Broker
Charlotte, NC
979,796
Fred - I think Jeffrey Jones said it pretty well. I believe that many agents offer some sort of discount if they are helping a client sell a home and purchase another at the same time. This client probably heard about that from someone, didn't know previously, and now doesn't want what others typically get when selling and buying a new home consecutively.
If you never offer a discount when handling the sale and concurrent purchase with a client, then stick to your guns. If you typically offer a discount, then offer this client something.
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Fred Hafdelin
Mountain Lakes, NJ
5,944,341
I had that very same thing, and gave them a discount on the sale of their home. No further reduction will happen.
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Fred Hafdelin
Mountain Lakes, NJ
4,321,300
Fred Hafdelin I think she is already under contract and we can't change the rules of the game when the game is already on!
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Fred Hafdelin
Mountain Lakes, NJ
2,234,243
Why is it that people don't think we deserve to get paid for what we do.
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Fred Hafdelin
Mountain Lakes, NJ
2,176,993
I would not change the commission on the listing. It was negotiated and agreed upon. Regarding the seller buying a home, this transaction isn't a sure thing, I might consider a small rebate at time of closing or a home warranty if it goes through.
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Fred Hafdelin
Mountain Lakes, NJ
67,369
Yes you are being fair. If she did not want you to make 2 commission off of her she should have mentioned it at the listing appointment. Good Luck!
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Fred Hafdelin
Mountain Lakes, NJ
617,935
Fred,
Snarky answer ahead, ask her which transaction she wants to not close because if you are only going to get paid for working one transaction the other is going to fall through.
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Fred Hafdelin
Mountain Lakes, NJ
3,394,688
Absolutely yes you are being fair and honoring the agreement she signed.
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Fred Hafdelin
Mountain Lakes, NJ
6,584,857
Ask her what part of her salary she would like to refund to her employer.
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Fred Hafdelin
Mountain Lakes, NJ
4,800,232
3,986,413
Absolutely...people like these try this the time...if something comes up on her home that requires her to pay she will try and squirm her way out of it. These separate deals that have separate liabilities.
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Fred Hafdelin
Mountain Lakes, NJ
613,494
You sold her house and worked hard on that.
You helped her buy a house and worked hard at that,
2 transactions, 2 commissions. You earned both,
I remember one of my very first transactions, ( 25 years ago) I had a buyer who tried to squeeze some money out of the seller at the closing table. Seller said "No",
The buyer then asked me to step outside into the hall...he stuck his finger in my face and said "you need to cut your commission, or I won't close!" .
Really? (of course he closed...without my money)
I simply do not cut commission for any reason and have never had a deal go south because I won't contribute. Buyers and seller will always work it out.
If agents did what other professionals do...never discount services...the consumer would stop asking.
Eve
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Fred Hafdelin
Mountain Lakes, NJ
274,109
1,526,824
Yes, you are being quite fair. It is unreasonable for her to request this, period. She probably got the commission instructions and choked. That's usually when people pull stuff like this. There might be a way to address this without reducing your commission, but if you want to that is up to you.
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Fred Hafdelin
Mountain Lakes, NJ
5,583,758
you're right.... the answer is NO on that one...
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Fred Hafdelin
Mountain Lakes, NJ
2,819,618
The average aware person at some point would see this and mention it... so I have no trouble with her sound thinking. Give her $500, take her lunch or a nice gift and she will have closure or explain each hole being dug comes with its own labor
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Fred Hafdelin
Mountain Lakes, NJ
1,677,896
Absolutely not! Would she like to work for a cheaper pay rate on her job?
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Fred Hafdelin
Mountain Lakes, NJ
1,157,791
Presumably the Purchase and Sale Agreement as well as the Buyer Representation Agreement that were signed by both parties clearly addresses the issue.
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Fred Hafdelin
Mountain Lakes, NJ
4,434,227
She should have discussed it at the time of signing the listing contract.
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Fred Hafdelin
Mountain Lakes, NJ
4,442,939
Definitely should have been discussed at the beginning. Would she ask this of any other Professional?
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Fred Hafdelin
Mountain Lakes, NJ
5,180,050
This buyers timing isn't right as this should have been addressed at time of listing her home. Did you discuss you would be finding her another home and representing her? What do you normally do for clients when selling their home and finding another one? I know what my Broker would say..What is the right thing to do?
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Nina Hollander, Broker
Charlotte, NC
3,416,159
It should have been negotiated before she signed. If it happens i explain how the break down of fees works and why it is too late to negotiate that now. 1 fee is for specific duty of selling the other is for teh duty of buying, together in the same client, but yet oh so different,
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Nina Hollander, Broker
Charlotte, NC
981,212
Not much to say here but commissions are negotiable as long as they are negotiated before any transaction is conducted.
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Nina Hollander, Broker
Charlotte, NC