Tipsters note that 1864-1868 Green Street, which was originally listed at $3.595M a year ago today and then subsequently reduced three times to $2.65M, is finally in contract (as is the infamous 142 Saturn).
And another tipster suggests that the “A” in Robert Bruss’ “Q&A” column should stand for something other than “Answer” based on his failure to call out a fellow Realtor who admits that some agents might just be putting their own self interests ahead of their clients (“Regardless of whether it’s ethical, that’s what happens”).
UPDATE (8/13/06): 1864-1868 Green Street is back on the market…
∙ Opportunity, Funk, And The Color Purple [SocketSite]
∙ Making a case for a 7% fee [SFGate]
Virtually ALL realtors put their own interests way before their clients’ best interests. This is especially so in San Francisco, where there is an unholy cabal amongts realtors who often work in collusion with one another. I have worked with many realtors (both as a seller as well as a buyer) and so far I have not come across a single realtor who put my interests ahead of their own. Sad, but true.
I agree completely with the previous commentor. Bruss’ column was right on, even though it burns me up to admit it… Realtors put their own interests first (usually) and, in a declining or softening market, adding another point to the commission will get their attention and get your property shown. Should it be that way? Of course not, it’s highly unethical of a realtor to put their interests ahead of their client’s. But does it happen? Every day.
I’d like to believe that the most successful agents are those who actually do put their clients best interests first. But I’m not sure I’m naive enough to buy that.
Realtors put their own interests before the buyer’s? Nooooooooooo …
Seller’s can pay what ever commission they want to.
But an agent representing a buyer should disclose to the buyer the unusual commission split. It would be better for that agent to credit the additional 1% to the buyer at the close of escrow.
After all the buyer is actually paying the commission, as without the buyer there is no sale.
All an agent has is his reputation!!
According to the comments above, some reputations are lacking.
Frederick
Frederick,
I would really like to know how many properties you have bought (or even how many offers you have written) and in how many of those did your agent voluntarily disclose the selling agent’s commission?
Dear “What has Frederick been smoking?”
I guess you have never bought 1 property nor written an offer on 1 property, as most purchase agreements refer to the commission paid in the agreement. It is not a secret as to what the commission is and it is always negotiable.
I have bought or sold over 1,200 properties and have written over 2,000 (and may be more) offers.
Any professional agent is not afraid to discuss the costs of the sale with either the buyer or seller.
Any Buyer or Seller can represent themselves in a real estate transaction, without a real estate agent.
Most Buyers and Sellers choose to have professional representation in a real estate transaction for many reasons and do not begrudge getting the services that agents/brokers provide.
You should try it some time.
Frederick