Rebate Agents ~ Please Take Note ~ Top 10 Items to Remember

By
Real Estate Agent with Preferred Home Brokers

If your chosen path in real estate is that of a rebate agent, good for you. If you work for Redfish, Zap, Rebates-R-Us, that's just fine with me. If you choose to earn one-dollar  (or whatever)...no problem here, it's okie dokie with me and the sellers I represent.

However,  if you choose to sell one of my listings in which I am representing the seller please be advised of the following:

  1. You will be expected to follow the instructions on the MLS print out and call for an appointment to show the subject property yourself.
  2. You will be expected to actually show up for the appoint to show the property yourself.
  3. In the event your buyer is interested, you will be expected to write an offer yourself using the appropriate contract,  that means the current form available,  Residential Purchase Agreement (CAR) form.
  4. You will be expect to complete all required information for a fully executed purchase agreement.
  5. You will be expected to use all applicable disclosure forms that accompany your buyer's offer to purchase.
  6. You will be expected to present your offer (through me) if requested by the seller. 
  7. You will be expected to show up for your buyer's physical inspection.
  8.  You will be expect to facilitate the transaction from the buyer's side to maintain the timelines within the contract.
  9.  In the event you choose to have a final walk-through you will be expected to be present while your buyer's are at the subject property.
  10. The buyer will be expect to close escrow on time as agreed up on the purchase agreement.

In the event you choose to represent a buyer based on the above guidelines you can expect the following from me as the listing broker representing a seller:

  1. You can expect a timely presentation of your buyer's offer to purchase.
  2. You can expect a complete and thorough evaluation of the offer based of the merits as presented..
  3. You can expect a timely response to your buyer's offer to purchase.
  4. You and your buyer can expect to receive current reports/disclosures (as applicable) in a timely manner. All reports and disclosure will be fully completed as required.
  5. You can expect me to attend scheduled appointments, appraisal, inspections, final walk-through to fully represent the seller.
  6. You and your buyer can expect to be held accountable to meet the time limits as set forth in the purchase contract.
  7. In the event your buyers  have not met the times lines (within the contract) and signed off applicable contingencies,  you can expect the seller to furnish a "Notice to Perform" and/or cancel the contract.
  8. 8. You can expect me (as listing broker) to do everything necessary to facilitate a timely closing from the seller's side of the transaction.
  9. You can expect the seller to be prepared to close escrow in a timely manner and provide possession to your buyers as agreed upon. 
  10. Provided you follow the selling agent guidelines (listed above) you can expect a smooth, pleasant transaction. One where at closing the sellers still like the buyers and vice-versa.

As I said before, I'm happy to work with each and every co-operative agent. I'd just like to be sure you do your absolute best to represent your buyers to the best of your ability. All too many times I encountered too many unrepresented buyers not fully understanding the situation.

Oh one more thing, if you plan on receiving anycommission (as a co-op agent) you must be a member of the MLS (or co-operating MLS) since this is the offer of compensation. That real estate license in your wallet is just that,...not entitlement to a commission (I'm sure it's this way in most states) in our state.

Thank you in advance for your co-operation!

For the record this is written (as a primer) in response to multiple calls I've received on current listings. Listings that are easy to see and easy to show, vacant properties with a lockbox and lights on for night showings. Listings with unobstructed showing requirements and for some reason other agents are just too busy.

 

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Show All Comments
Anonymous
Anonymous
Anonymous

Lynda,

If everyone would hold these discounters to such a standard they would be forced to give their clients the service which is expected and implied by these discounters advertising, rather than the service which is actually given.

Most of these companies fall down on the job when it comes to actually delivering on the service, it is just more difficult to do it when you are trying to deliver on a mass produced volume kind of business, and many times these discounters do not have the money or the desire to spend the money to hire quality people.

James Boyer

Aug 31, 2007 09:43 AM #86
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Susie~ Wow, thank you so much for the enthusiastic comment.

Tricia ~ Thank you for your input. One of the problem I contend with is that buyers think they have an agent at the time they write an offer, only to find out they have been abandon during the transaction. "Disclosures, what disclosures? Explain things, oh just sign here", that type of thing.

James ~ You're right, this is not an assembly-line type of business.

 

Aug 31, 2007 11:19 AM #87
Anonymous
Anonymous
Anonymous
Well put.  Too often consumers are getting discount services for discount prices.
Sep 01, 2007 07:27 PM #88
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
Todd ~ Thank you for your comment.
Sep 01, 2007 08:41 PM #89
Ambassador
2,368,044
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Gee.  How'd I miss this post??  So many posts, so little time.

I don't list often, but I listed a town home for my attorney early this year.  I got a call from a buyer who said her agent told her to get me to show her the property if she wanted the buyer rebate.  I faxed a "Commission Change Agreement" to the agent wherein they agree to a co-op of half that in the MLS. 

They showed the property.

Funny how things work out.

Love it.

Sep 02, 2007 06:08 PM #90
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Lenn ~ Now that's too funny, guess they had the time after all, didn't they? Thanks for adding your comment to the mix.

 

Sep 02, 2007 07:01 PM #91
Rainer
5,141
David Stewart
On Top of the World Communities, Inc. - Ocala, FL
WOAH! Aren't you saying, in effect, that you won't let the buyers or the rebate agent call you up and say, "Hey, it's YOUR listing and you want to sell your client's listing, don't you? Then why shouldn't you show it to the clients I'm sending over?" The nerve of telling agents that if they want to get paid as the cause of the sale they have to have some role in BEING the cause of the sale!

Seriously... if I show it, and even if the rebagent writes it up after NOT showing it, but telling the clients to "call the listing agent and ask him to show it to you, and then if you like it I'll write it up," I'm getting paid for it. I'm going to be the one with procuring cause. If they can't agree to that, they can see it some other way, or not at all. 

I have obligations to my client, and among those are showing their home to qualified buyers, not whatever stranger calls up and says they want to look at the house. 

You might want to whomp up a web page out of this and do put the URL into your agent remarks. :)
Sep 02, 2007 07:50 PM #92
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
Hi David ~ Well sort of, and it's not just about showing, it's about the whole darn picture. All too often agents who are not Thanks for your well written comment.
Sep 02, 2007 08:53 PM #93
Rainmaker
252,419
Tina Maraj
RE/MAX North Orange County - Fullerton, CA
Fullerton, California Real Estate 714-403-7901

Great Blog Lynda!

I recently warned one of those discount brokers many of the things on your list! We are the professionals not just salespeople. The standard of professional service will continue to keep  people like us in business when the rest will eventually fade away like a fad.

Happy Labor Day,

Your neighbor,

Sep 03, 2007 10:14 AM #94
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
Tina ~ You said it very well, thank you.
Sep 03, 2007 10:41 AM #95
Anonymous
Anonymous
Anonymous

Lynda,

 

Thank you for a great post!  I couldn't have said it better myself.  

 

Sep 03, 2007 11:24 AM #96
Rainer
78,048
Vicky Poe
Good Ole Rocky Top - Crossville, TN
Realtor/ Auctioneer
Excellent post.  This should apply to all agents.  Some full so called full service agents should read this.
Sep 03, 2007 04:36 PM #97
Rainmaker
233,607
Michele Connors
The Overton Group, LLC & CB First Realty - Greenville, NC
Your Eastern North Carolina Realtor
late to the post but wanted to applaud your excellent lists ! Thanks- Ive got it bookmarked~ !
Sep 03, 2007 05:16 PM #98
Rainmaker
430,548
Adam Brett
The Adam and Eric Team - Fullerton, CA
The Adam and Eric Team, Setting the New Standard
Very good post, you are a bit nicer than I when it comes to these people.  I have had a lot of calls recently from buyers wanting me to show them property but they are using Redfin.  They try to tell me I have to show them the property.  I tell them unless they sign a buyer broker they can call someone else.
Sep 03, 2007 05:27 PM #99
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Justine ~ Thanks so much!

Vicky ~ You're right and actually it does as far as I'm concerned. I've just experiened the fact that most rebate agents brag about how little time they actually spend on a transaction, (like the Refish story on 60 minutes), it's because they do so darn little and the other agents picks up the slack.

Michele ~ Thank you very much.

Sep 03, 2007 08:48 PM #100
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
Adam ~ Works for me!
Sep 03, 2007 08:59 PM #101
Rainer
232,052
BLR Guy
BLRGUY(Beach & Luxury Realty Inc) - Saint Pete Beach, FL
I have to agree with you on what you had to say.The good news is,with the way the market has been,it has helped to weed out alot of the"exotic" type realtors.Just because their service is discounted,doesn't mean everyone else's is.
Sep 04, 2007 04:30 PM #102
Rainmaker
536,368
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
BLR ~ Good point, but I wouldn't have any issue working with them, as long as they did their work! That's my issue, they can charge whatever they like, a buck as far as I'm concerned.
Sep 04, 2007 05:33 PM #103
Rainer
2,004
Missy Parker - NW Houston, TX Real Estate
EJR Realty - Houston, TX
This is a great post.  It says everything I've wanted to say and more!  I've been subjected to the discount brokers before and it can be very trying.  You just need to keep referring them back to their Realtor/representative until things are done properly.  Thank you for your thoughts!
Sep 04, 2007 08:45 PM #104
Rainer
213,039
Doreen McPherson
Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ
Phoenix Arizona Real Estate ~

I see you gave permission for use of this list.  Would that apply to all of us? 

Thanks.

Sep 10, 2007 02:42 AM #105
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Rainmaker
536,368

Lynda Eisenmann

Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
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