If offering Buyers agents 2.7% — the most common payout in the Twin Cities — will motivate them to show a “For Sale” home, will offering 3% incentivize them even more? Why not offer 4%?!? Unfortunately for would-be home Sellers, goosing the payout to Buyers agents suffers from diminishing returns — and at some point,...Read More
Realtor Typo’s — Exhibit A Notice anything amiss in the just-listed Wayzata condo? Realtors will. That’s because, instead of the standard 2.7% payout — the commission offered to the Buyer’s agent — the listing broker is promising to pay a whopping 22.7%(!!). Here’s guessing that that gets corrected in the next few hours . ....Read More
Contractual Void [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] With more listing agents incorporating “Coming Soon!” into their marketing campaigns, Buyers’ agents need to be ever-more vigilant. And...Read More
MLS Agent Remarks: “$10,000 Agent Selling Bonus!” [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] After seeing virtually no sales incentives offered to Buyers’ agents seemingly for years, I’ve now...Read More
Procuring Cause Paradox One of the more contentious, behind-the-scenes issues that can crop up in residential real estate is, “which agent is entitled to the pay-out commission?” (note: the part of the commission collected by the agent representing the Seller is called the “list-side commission”). In the vast majority of cases, it’s the Buyer’s agent....Read More
Ounces of Prevention What does the Parade of Homes — set to start this Saturday (March 4) in the Twin Cities — have to do with passing out Realtor business cards? Just this: if a Buyer you’re working with goes through a Parade home and decides to buy it, you may have a “procuring cause” issue with...Read More
