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Real Estate Fight Club

18
Jan 2021

Do You Ask The Buyers to Make Up The Difference? EP69

January 18, 2021

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are padded up for a battle today. If the sellers are offering below your accepted commission fee, do you ask the buyers to make up the difference? Warning, this one is a cage match!

Episode Highlights: 

  • Jenn is playing mind games by allowing Monica to go first.
  • There is no way that Monica is going to ask the buyers to make up the difference.
  • Monica doesn’t think that there’s any reason to pass the burden onto the buyer.
  • Respectfully, Jenn disagrees with Monica to a point, but the buyers don’t always pay for it.
  • Jenn makes sure to go draw up a buyer contract that includes the possibility that the buyer may have to pay.
  • Monica does not require her buyers to sign the contract but instead uses it as a talking point.
  • Though she doesn’t think that agents should let the contract go unsigned, Monica still does it.
  • Most agents make the mistake of skipping the consultation completely.
  • Jenn has dealt with multiple instances where her commission was higher than what the seller was offering.
  • Sometimes, it’s not even worth the trouble that you have to go through with the lender.
  • Agents may or may not be a party on the contract, depending on which contract it is you are talking about.
  • Jenn has no problem getting out of a contract if it represents enough trouble.
  • Every agent would benefit by having a buyer contract signed or at least having the conversation.
  • Jenn and Monica disagree and agree on this one in their views around the buying contract.
  • According to Jenn, the buyer is allowed to change their mind during the process as long as they sign the contract.
  • Send Jenn and Monica a message if you want to see some of their past buyer contracts.
  • This week’s tiebreaker, Alan Jacobson, has spent over 30 years in the sales coaching world and serves the Palm Beach area in Florida for REMAX.
  • Alan would never ask the buyer to make up the difference.
  • Alan always signs a contract with the seller but usually does not sign one with the buyers.
  • Camelot Management Services, Alan’s company, provides coaching and sales training to professionals from a variety of industries.
  • Almost everyone is in some sort of sales, regardless of their position, so sales training would behoove all professionals.
  • In his coaching services, Alan focuses on communication by drawing from his acting experience.

3 Key Points:

  1. By discussing the possibility of payment with the buyers in the buyer contract upfront, Jenn takes out the possibility of surprise.
  2. In certain situations, time is more important than money. Agents need to ask themselves if a week of debate is worth a couple of hundred bucks.
  3. If you are not going to make the buyer sign a contract, the least you can do is have a conversation about what could happen.

Resources Mentioned: