Someone who will share the commission with the buyer at the closing. This seems to be the way of the future in realestate. It is happening in other markets across the country. I am looking for someone like this in Philly. If there are any brokers out there i would like to know. Thanks

I would have thought by now this post would have brought much interest from perspective buyers and outrage from old school agents.

This is a great way to handle realeste if you are a buyer who knows what they want and do not need your hand held by an agent.
Secondly for an agent to make money without much leg work at all.

Hello, is this mic on ? is anyone out there ?

I am a "new school" REALTOR, and a Buyer's Agent, and I have never heard of this. I do a lot of business, and I have never given my commissions to the buyer. I am all about giving a gift at settlement, but I work too hard to give my money away.

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"when its time to buy, I'm your guy"

www.philly-homes.com

I am suprised since you are a new school agent. This is a relatively new thing but it is catching wind everywhere. Companies like Redfin and others are popping up in a lot of big markets. Eventually it will be widespread and all agents will have some serious adjusting to it. The open minded agents will be ahead of the pack of agents who will try and supress it. It is logical and realestate evolution, inevitable. Luckily it is a win win situation for both parties.

How in the world is this a win-win for anyone? Why should the buyer earn any of the agent's fee for service? Apply that logic to any other situation in which someone gets paid to provide a service and you'll get laughed out of the joint. I think that most likely there is a puzzle piece missing in your explanation of this situation.

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-ct

Democracy is four wolves and a lamb voting on what to have for lunch.
~ Ambrose Bierce

There was a report done on this new service on one of the TV newsmagazines;however, in order for this to work, both the buyer and seller has to be working for the same internet RE agency. No one is going to independently give up their commission, ESPECIALLY a Buyer's Agent, who doesn't even charge buyers a fee, much less rebate it.

Additionally, these new agencies are NOT full service agencies in the respect that from a sellers point of view, you need to do alot of the work for the savings in commission. Additionally, there is talk in the cities that these new agencies serve to lock them out of the MLS (Obviously, the traditional RE firms want to have nothing to do with them)

I have seen articles about this going on in other markets with companies offering buyer "rebates"...particularly with the increase in new no-service/low-service brokerages. I haven't seen nor heard of it in Philly. I doubt you'll find alot of agents in the city jumping at the chance to give back a chunk of their hard earned money. I'm far from an "old school agent", but personally I think buyer's agents do ALOT of work compared to listing agents. They do more legwork, more research, spend more time with their clients, and write up ALL of the paperwork....often multiple times. I wouldn't spend 3-6 months working with a client only to give back half the money I just earned.

Plus, I don't know if a broker would "allow" an agent to do this on his/her own. I think it would have to be the "company policy" of a particular brokerage in order for that to take place.

I don't know. I'm not "opposed" to it or afraid of it, I just don't know how it would work on a large scale. I think a few people/companies may go with that strategy, but if everyone started doing it and offering more and more....the $'s would quickly disappear and the buyer agents along with them. Then the buyers would start to suffer as we would be back to a system where all the agents represent the sellers and there is no one "on the buyers' side". That is not where you want to be when making a $400,000 purchase.

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-Tim K

Licensed PA Real Estate Salesperson

MILES & GENERALIS, INC. GO REAL ESTATE
20 N. 3rd St.
Philadelphia, PA 19106
215-928-0221 (office)
215-928-0584 (fax)

www.PhillyLoftHouse.com : Loft-style living in a single-family home

www.LoftOn12th.com : A REAL loft in Center City

Ok, It is pretty simple, the deal would be done thru a broker not an agent.
An investor who does not need to be led around by an agent, a buyer/investor who knows the ropes and knows what he wants, knows how to do all his own due dilligence, knows how to do all the leg work and phone calls, comps, etc etc..
Really only needs the broker to do the legal paperwork.

Now the broker is happy to do absolutely nothing for the most part, wastes no time running around with the investor and makes a few thousand dollars easy for a fraction of the work he would have to do for a typical client. Both parties win, the investor gets a kick back to help pay closing costs and the broker makes his rent money for one month doing very little. Win Win ! It seems pretty simple.

Who would not like to make money for doing very little. I know in my business it would go without saying. The problem is no one likes change, but change is always inevitable. No one likes their racket to be changed.

I understand how an agent with a typical client would not understand this, it has nothing to do with an agent though. I also understand this is not for most brokers or buyers but for those will to do the leg work and those with enough knowlege this should be a great situation.

Isn't a broker someone with a licence who opens up an office hires agents to go out and make him or her money. Whats the difference between a hired agent or an experienced investor ?

I'm curious--do you own any real estate?

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Resident of Fishtown, Moderator of Fish/No. Libs/Kenzo forum, Real Estate Agent-Prudential Fox & Roach

Hi, The answer to that would be yes. I do own realestate, I am a go getter do it yourselfer ! Who sees the obvious advantage to this type of situation. I am by no means an expert, not by a long shot. I am really into learning and growing as an investor though.