08/02/2024
With all that has so far transpired with the NAR settlement this is the most clear cut statement I have read about having the compensation conversation. Copied from another agent:
Share my Dont be like Bob scenario - Have you had a conversation about them starting off casting the smallest net possible. I share a story about "Bob" frequently and how Bob listed his home with no buyer agent comp - 50 buyes agents reached out and learned he would not offer this and therefore 49 out of 50 who were already strapped for cash with downpayment and closing costs (and extra for appraisal gaps and to offer over asking in competitive market) so they skip the open house and the 1 out of 50 show up - sees no one else at open house, loses sense of urgency to make a competitive offer, no offers received. Bob casted the smallest net and caught no fish. Or Bob offers buyer agent compensation and all 50 of those buyers showed up to open house, saw how busy it was and saw it was urgent that they submit a competitive offer now and Bob receives 10 offers and accepts one within days and for 10K over asking. In the no comp scenario - Bobs house stays on the market for a month or two and people begin to ask whats wrong with it - well they are not offering buyer comp or were not open to concessions, etc, and since no offers have been submitted after a month or two now the offer he does receive is under asking price so he lost out on that money he was trying to save. I would recommend instilling the entire picture to sellers so they understand that just because the option is there does not mean its a good strategy. Dont be like Bob. 😄Hes going to UNattract people and lose more than hes trying to save to begin with so yeppp.
