Sneaky Agents and a One Time Showing Commission Agreement
Have you ever received a phone call from a real estate agent claiming they have a buyer for your house?
Or you start interviewing agents to sell your house and one of them says they already have a buyer who has been looking for just this type of property?
This must be a really good agent if they have a buyer in their back pocket ready to buy your house, right?
Not necessarily. Just like any other profession there are a lot honest hard workers and there are some bad apples. One of the tricks of these sneaky agents is to claim they have a buyer for your property. It is a strategy that works. You, the seller, don't want to miss this opportunity but at the same time you don't want to be taken advantage of.
Sometimes an agent really might have a buyer for your property. Here is how you can find out right away if you are dealing with an honest hard working agent or one of those sneaky agents.
Don't Sign A Listing Agreement
The first sign that something is not right is when the agent asks you to sign a listing agreement. If the agent has a buyer then the agent doesn't need a listing agreement. They can show and sell your house to the buyer without a listing agreement. In fact, if they already have a buyer it means they are that buyer's agent.
Ask For A Commission Agreement
All they need is a one time showing commission agreement. A commission agreement will say that you agree to pay the agent a commission if they sell it during this one time showing. If they really have a buyer they only need to show it one time. Right?
Don't Pay A Full Commission
They don't need the whole commission. They only need 1/2 of the commission if they already have a buyer. There will be no marketing costs. If they find a property for "their" buyer in the MLS they will only get half of the commission.
