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To keep the bidding equal, you don’t pay a real estate commission to agents who bring a buyer. The buyer and agent have to work that out amoungest themselves.
It’s the only way to level the playing field so all bids are equal.
At my next Highest Bidder Sale on March 27th, I’m thinking about doing one of these:
Option 1:
If prospect A submits a bid and there is no agent involved, but Prospect B submits a bid and their agent will get 3 % then the bid amount for Prospect B will either have to be deducted by 3% to the amount bid is a NET NET figure.
Option 2:
Pay the winning bidder 3% of the purchase price if they are NOT represented by an agent. I don’t know if that will even fly with the mortgage companies.
What do you think?
It’s a way to get agent participation – which has been very very low at my previous Highest Bidder Sales.
Any other suggestions?
How do you intend to work with the RE Agent regarding the contract? Will you use your selling “as is” contract or the Board of Realtor contract with your “friendly” addendum.
I like your Option 1 where you modify the NET amount as the real bid via the REA. Will have to really be watching numbers very closely during the round robin calls if more than one REA is involved.
Hank
I’d only do this if there was ONE agent involved. And I’m not thrilled about doing that. But I know from previous experience that an agent who is working with a buyer won’t even bring them to the HBS unless “I” pay their commission. Remember when you were at Lake Dillon colorado with me and we had that happen several times.
I don’t think the agents know how to ask, or explain to a buyer that their commission is paid by the buyer instead of the seller.
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