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Thoughts from your Boulder Realtor
Discount Brokers : Getting Nothing for Nothing
Posted on 07/01/2008I don’t want to dwell on this but it is the second time I have seen a discount broker lose their client money. And so I wonder, what are you, the buyers and sellers really saving? Not sure what I mean by discount? Real estate companies that claim to save the buyer or seller money by reducing or crediting their commission. Often they have a vowel in their names. (Help U Sell, Real A Save, etc.)
I just closed on a home where the settlement statement did not reflect the contract, due to a lender request. I represented the seller. As an agent my job is to protect my client’s interest. This did not threaten my seller’s bottom line. In fact, when I asked, the Buyer’s agent said everything was fine they had worked it out. However, the settlement was still the same. In the end, the buyer’s agent lost their client $3200. Maybe it was because the agent thought, “well I’m already reducing my commission, why fight for this?” Maybe there was a miscommunication. Maybe they just forgot. Who knows? At any rate it appears that discount brokers lose incentive to work for their clients. In fact, in my experience they seem to be giving their clients money away. Unfortunately, in the case of discount brokers, you get what you pay for.