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Originally Posted by Plinker
I applaud you for defining the demographic of clients you will represent. You have every right to make this decision to exclude home sellers that choose not to pay a buyer’s commission. You are correct that there will be clients that are unable to come up with the funds to pay their buyer agent and will require the seller to pay them.
Many financial planners exclude clients that do not meet their minimums. It is common to find planners that demand at least one million dollars under management or far more. Perhaps there will end up being two types of selling agents.
The first type of selling agent would concentrate on buyers that do not have the funds to pay the buyer agent fee. This would appeal to first-time buyers and others that have yet to accumulate assets. This agent would charge 5-6% to the seller. The second type of agent would market their services to all home buyers and sellers regardless of financial status. These agents would custom tailor their fees to accommodate anyone who walks in the door, regardless if they be a seller or a buyer. I agree with other posts that there will be an abundance of selling agents that will agree to 2.5 if the seller refuses to pay the buyer agent fee.
It may not be long before agents realize that fee flexibility is the key to survival and prosperity.
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Yes I agree there will be many that change their business plans.