WHAT TO DO WHEN THEY CUT YOUR BUYER-SIDE COMMISSION - Kevin Ward
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What do you do when the listing agent wants to cut your buyer side commission?
1. Get more listings. When you focus on working with sellers, you prevent being in this dilemma because you control the market, the inventory, and your commission.
2. Get into a Buyer Representation Agreement. During the Buyer Consultation, address the issue on commission upfront and then get a Buyer-Broker Agreement signed.
3. Check the MLS for the selling agent commission. Do your research on the published commission rates even before you show the property.
4. Address it with the listing agent before showing. Talk to the listing agent about any issues on commission before showing the property.
5. Add the commission to the offer. If necessary, increase the offer price to cover the commission gap between your standard commission as a buyer’s agent and what the seller is offering.
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Kevin Ward is a real estate coach, speaker, and trainer at YESMasters.com and #1 Bestselling author of "The Book of YES: The Ultimate Real Estate Agent Conversation Guide."
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