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Over the last few days I’ve negotiated the retail sale of a nice rehab that I completed about 2 wks ago. Nothing magical about that at all, however to make the deal happen & increase my profit, I asked the Buyers agent to take a 1.5% commission vice 3% – the agent was so eager to close the sale that he immediately accepted the reduced commission to make it happen & wrote it into the final contract.
I’ve been taught that agents will take reduced commissions though I had never asked them to previously. For other new investors, it seems to me to be just like “subject to” deals, if we don’t ask, it won’t happen!! I suggest you try both “subject to” deals and “asking a Buyers agent to take a discounted commission” sometime.
Note: I don’t plan do this with the agents that I work closely with (at least not regularly) as they are too valuable an asset on a long-term basis.
Hank Baltar
Good point Hank!
You should ask for a discount on fees at the title company too – and for insurance and of course with your contractors. Title companies are hurting financially too. They will reduce their closing fees if you ask.
“Is that the best you can do?” are magic words.
Jackie
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