Home Buyer Rebates - Step 3 - HOW TO GET INTO THE HOME WISH TO SEE

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  • Home Buyer Rebates - Step 3 - HOW TO GET INTO THE HOME WISH TO SEE

Step 3 -  How To Get Into The Home You Wish To See

This is perhaps the most difficult part of earning your Home Buyer Rebate and where you earn your home buyer rebate

Remember, the listing agent works for and has a fiduciary resonsibility to the seller.  If you contact the listing agent and ask them to show you the home, that agent may consider you their prospective purchaser. Therefore, no rebate...   

Most listing agents expect the buyer's agent to schedule a showing as that is typically the job of the buyer's agent.  With our program, ideally you get in without us.
  • Politely ask if the listing agent or one of their "Team" members can quickly get you through at a convenient time for them.
  • Offer the listing agent a small amount of money say $20 if they take the time to open the home for you. This may seem odd but many will do this for a few bucks.
  • .Open houses are another way to get in. Ask if they have any open houses coming up.
        


Remember:  The listing agent works for the buyer. They are typically NOT there to show homes to buyers unless it is their buyer.    The buyers agent (us) works for you, the buyer. Typically, the buyers agent contacts the listing agent to set up a showing.

If you can imagine, if you contact a listing agent and ask them to get you into a home their typical response is, "Have your agent schedule this".

This is where the frustration begins to set in...  Having listing agents not be that helpful. We can't blame them as again they work for the seller and they expect us, the buyers agent to "Earn our half" of the commission.

What do we do? How do we get in?     Simple! We have to somehow motivate the listing agent!
 

  • Make sure you let the listing agent know you are approved to buy your next home.
  • Make sure you tell them you already have a buyers agent.
  • Let them know how much you love the home and you're ready to buy.
  • Be courteous and respectful of their time.

Other Ways to motivate the listing agent:
  • Ask the listing agent for a convenient time for them to let you in.
  • Offer to pay them like $20 or $50. (Cash is always king). If you really are serious this is a small amount relative to the entire process.
  • Offer part of our commission at closing. We coined the term, "Showing Incentive Fee".  Basically, we will give the listing agent part of our commission if they get us in the home. (Don't give away our commission though if you don't have to).  Only if you meet resistance, offer this as an incentive for them to open the home for you.
Here's the math
 
Sales price $400,000
Commission usually 6%  3% / 3% $24,000 / $12,000 to list side and $12,000 to buyers agent
  • Listing agent commission
 $12,000
  • Buyer's agent commission
 $12,000   Your rebate is based off of our commission and is typically 50% or $6,000
Your typical rebate of 50% $6,000
   
With the "Showing Incentive Fee" 5% of our total commission $12,000 x 5% = $600 (or it could be what you can negotiate with the listing agent )
NEW MATH -  Sales Price $400,000
  • Listing agent
 $12,000 + $600= $12,600  (adding our showing incentive fee)
  • Buyers agent
 $12,000 - $600 = $11,400 (less the $600 showing incentive fee)
Your rebate  $11,400 / 2 = $5,700 (This is only $300 less so not a huge difference but it works!

These are only a few ways to motivate the listing agent.  Remember, some will be happy to get you in, some will expect us, the buyer's agent to get you in. It's up to you to how to motivate that listing agent. Be courteous, respect this and their time and you'll find if you explain things and try to motivate them, they'll get you in.
 

Step 4 -  How To Make The Offer!