Well I guess my recent foray into the REO market failed. I listed two bank owned properties (REOs) last week but unfortunately, today, I canceled the listings. We just couldn't seem to get on the same page. Bummer!!
It's hard for to work when everything I do is questioned. After trying my best to make things work I decided life is too short to work for folks that truly only want a "yes man". That's far from being who I am.
The last issue was about offering a selling bonus. My opinion on this has always been that it's better to increase the co-broke or better yet reduce the list price. The reason I feel this way is that I know for a fact that bonuses have a tendency of "disappearing" once the negotiations start. I'm sure you have experienced this before.
Also, bonuses only show up if the REALTOR® clicks through to read the full MLS details. This means that if they are eliminating properties with a less than adequate co-broke they may not even see that a bonus is being offered.
But of course I was willing to offer the bonus as the bank requested as long as I gave my opinion, in writing to them, which I did. So against my better judgment I placed the bonus in the REALTOR® remarks section of the MLS.
Then I get another call. Bank lady wants me to state the bonus is to be paid to the selling agent instead of the selling Broker. Well OK then…..you can't do that! The bank lady I was talking with said I could and this is the way they always do it. According to bank lady, the purpose of the bonus is to give the money directly to the agent so they don't have to split it with the Broker. Well….Ok then….AGAIN!
As hard as I tried I couldn't get bank lady to understand that you can't do this. ALL compensation related to the sale has to go through the Broker. Of course I am wrong! All of their listing agents do it this way. In fact, according to bank lady she has verified that this is perfectly legal according to the Florida Real Estate Commission(FREC). Sure it is!!
The clincher was telling me the bonus had to be in the PUBLIC remarks of the MLS. Now I don't know about your MLS system but in mine, MLXchange, this is a big no no. Of course I couldn't explain this either since ALL of their listing agents put it there. Maybe they don't see the big disclaimer that pops up when you enter the public remarks telling them this is a finable offense. Or maybe they just ignore it. Or maybe bank lady is wrong. Of course I'm sure that's not the case.
Whatever it is……..I'm done. NEXT!!!
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Licensed Florida Real Estate Broker
***The content of this blog is my opinion***