Show notes
On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are padded up for a battle today. If the sellers are offering below your accepted commission fee, do you ask the buyers to make up the difference? Warning, this one is a cage match!
Episode Highlights:
- Jenn is playing mind games by allowing Monica to go first.
- There is no way that Monica is going to ask the buyers to make up the difference.
- Monica doesn’t think that there’s any reason to pass the burden onto the buyer.
- Respectfully, Jenn disagrees with Monica to a point, but the buyers don’t always pay for it.
- Jenn makes sure to go draw up a buyer contract that includes the possibility that the buyer may have to pay.
- Monica does not require her buyers to sign the contract but instead uses it as a talking point.
- Though she doesn’t think that agents should let the contract go unsigned, Monica still does it.
- Most agents make the mistake of skipping the consultation completely.
- Jenn has dealt with multiple instances where her commission was higher than what the seller was offering.
- Sometimes, it’s not even worth the trouble that you have to go through with the lender.
- Agents may or may not be a party on the contract, depending on which contract it is you are talking about.
- Jenn has no problem getting out of a contract if it represents enough trouble.
- Every agent would benefit by having a buyer contract signed or at least having the conversation.
- Jenn and Monica disagree and agree on this one in their views around the buying contract.
- According to Jenn, the buyer is allowed to change their mind during the process as long as they sign the contract.
- Send Jenn and Monica a message if you want to see some of their past buyer contracts.
- This week’s tiebreaker, Alan Jacobson, has spent over 30 years in the sales coaching world and serves the Palm Beach area in Florida for REMAX.
- Alan would never ask the buyer to make up the difference.
- Alan always signs a contract with the seller but usually does not sign one with the buyers.
- Camelot Management Services, Alan’s company, provides coaching and sales training to professionals from a variety of industries.
- Almost everyone is in some sort of sales, regardless of their position, so sales training would behoove all professionals.
- In his coaching services, Alan focuses on communication by drawing from his acting experience.
3 Key Points:
- By discussing the possibility of payment with the buyers in the buyer contract upfront, Jenn takes out the possibility of surprise.
- In certain situations, time is more important than money. Agents need to ask themselves if a week of debate is worth a couple of hundred bucks.
- If you are not going to make the buyer sign a contract, the least you can do is have a conversation about what could happen.
Resources Mentioned: