If the agent is already getting a cut of the commission, then what is the bonus for?
2007-09-07 15:12:23 · 5 answers · asked by S W 2 in Business & Finance ➔ Renting & Real Estate
Agent Bonus is normally paid to the selling Office/Agent on top of the agreed commission. In a Buyers Market with so many similar homes in similar price range, this extra bonus is a motivation for the "Buyers Agent" to push the property a little harder than others. Or of course to motivate the listing agent even more to push for this specific house.
I am not saying that that is the right way to go, but that is the reason it is being done.
2007-09-07 16:27:02 · answer #1 · answered by Monika Wilson 4 · 0⤊ 0⤋
I offered any agent an extra $1500 if they got a contract on my house AND it closed within 35 days. This is over and above the commission. That is an example of an "agent's bonus". I received many offers because of the fact that many agents wanted to earn that extra $1500 and brought a lot more potential buyers to see my house. I actually got a contract that I signed (and which closed) within 3 days of offering the bonus. My house had sat on the market for almost 3 months with only lukewarm interest. It was definitely worth it.
2007-09-07 22:21:59 · answer #2 · answered by Emiliam G 1 · 1⤊ 0⤋
It's totally unethical, but if sellers are desperate (and forgive me, dumb enough) to offer a bonus, then the agents won't say no. A standard contract is good for 60 days. If the agent does nothing to effectively market the house, then you can withdraw from the contract for cause and hire another agent. It is in their best interest in the first place to sell the property. If they don't sell it, they'll make nothing! zip, zilch. So offering a bonus is just throwing money out the window.
2007-09-07 22:35:46 · answer #3 · answered by scubalady01 5 · 0⤊ 0⤋
Today's real estate market is pretty much a "buyers market" in most of the United States right now. Agent are getting clever, getting "bonus's" for steering more buyers to property in an attempt to increase the chance that house will be sold.
In some state that's illegal
2007-09-07 22:30:31 · answer #4 · answered by Etta P 4 · 0⤊ 0⤋
Since neither the buyers agent nor mine got a bonus ,
I could not say ,
But , I would guess , if they did a super job for the seller ( like got them $50K over asking ) , the seller might kick in some more as a bonus .
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2007-09-07 23:16:32 · answer #5 · answered by kate 7 · 0⤊ 0⤋