In the shocking but true story below, one listing broker in Boston went out of his way to contact us at CondoDomain (and also Redfin) to let us know he will be compensating us less if we bring a potential buyer to his property. What a smaaaat guy!
Ok, so next steps after pricing the home is to cast the largest net to attract the most buyers with some advertising, flyers, mailers, and any other marketing tools that listing agent may have at their disposal. The listing agent will also upload the property into MLS and offer a co-brokerage commission to attract buyers agents and also get exposure on all of the websites that pull a live MLS/IDX feed. Are we on the same page?
Next step, the listing agent will anxiously show the property. Sunday open houses, broker open houses and private showings. The more people who see it the better, right?
Then, the next usual step is to wait for and work for an offer. And usually it ends there … but in this particular case the listing agent went “the extra mile” (or as we believe it to be a few extra miles in the wrong direction).
Now the good (ie: bad) stuff:
This particular listing agent went out of his way to send out a letter to Redfin & contact us (CondoDomain) to let us know if we want to show the property listed on the MLS to any of our clients, they will only be offering us a 1% commission instead of 2.5% because that listing broker doesn’t believe in our business model and he “personally has a problem” with the fact that we give some of our commission back to our client.
Now this is a brilliant idea. Cut out two of the top producing real estate brokerages in the metro Boston area. (If you combined the volume of CondoDomain & Redfin in Boston for 2010 – we would have produced over $80M in sales putting us in the top 10 real estate brokerage in all of Boston in both units & sales volume.)